South Indian Bank Home Loan
South Indian Bank Home Loan
South Indian Bank Home Loan
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South Indian Bank Home Loan EMI Calculator
Your Monthly EMI
₹ 77,530
Total Principal
₹ 1,00,00,000
Total Interest
₹ 86,07,174
Total Payable
₹ 1,86,07,174
South Indian Bank Home Loan Key Highlights
Loan Amount Up to 90% of the property value
Rate of Interest 8.70%
11.70% p.a.
Processing Fee 0.50% of the loan amount + GST (Rs. 5,000 min; Rs. 10,000 max)
Maximum Tenure for Repayment Up to 30 years
Rate Packages Fixed/ Floater
Charges for Prepayment/Foreclosure If closed after 2 years from own sources: Nil | If closed before 2 years from own sources: 1% of the prepaid amount | If closed through taking over by other lenders: 2% of the prepaid amount
South Indian Bank Home Loan Interest Rates in 2026
South Indian Bank home loan interest rates starting at 8.25% per annum are designed to make home ownership more accessible for borrowers. These rates may vary based on factors such as loan amount, tenure, and the applicant's credit profile.
| Loan Slab | Interest Rate for Home Loan |
|---|---|
| SIB Home Loan | 8.70% - 11.70% p.a. |
| SIB Decor | 8.70% - 11.70% p.a. |
| SIB Balance Transfer Home Loan | 8.70% - 11.70% p.a. |
South Indian Bank Home Loan Eligibility Criteria
The South Indian Bank has established an eligibility criteria for home loans to assess the creditworthiness and financial stability of borrowers, minimizing the risk of default. These criteria help ensure that the borrower can repay the loan, safeguarding both the lender's interests and the borrower's financial well-being.
Feel free to understand the South Indian Bank home loan eligibility through the given table:
For Salaried Individuals
Age Range (in years)
21 - 75
Nationality
Indian Residents/ NRIs
Minimum Income Earned
2 years
For Self-Employed Individuals
Age Range (in years)
21 - 75
Nationality
Indian Residents/ NRIs
Minimum Income Earned
3 years
South Indian Bank Home Loan Processing Fee and Charges
Like other lenders, the South Indian Bank charges a processing fee and other charges to cover the administrative costs associated with evaluating and approving loan applications. These fees help ensure that the lender can efficiently manage the loan origination process, including credit checks, documentation, and underwriting.
The table below will acquaint you with the updated details of South Indian Bank home loan processing fees and charges for 2024:
| Processing Fee | 0.50% of the loan amount + GST (Rs. 5,000 min; Rs. 10,000 max) |
| Charges for late EMI | Additional 2% interest |
| Solvency Certificate | Up to Rs. 0.25 lakh: Rs. 100 Above Rs. 0.25 lakh - Rs. 1 lakh: Rs. 250 Above 1 lakh - Rs. 5 lakh: Rs. 500 Above Rs. 5 lakh - Rs. 10 lakh: Rs. 1,000 Above Rs. 10 lakh: Rs. 100 per lakh and part thereof |
| Charges for furnishing a copy of CIBIL | Rs. 50 |
| Foreclosure/ Prepayment Charges | If closed after 2 years from own sources: Nil If closed before 2 years from own sources: 1% of the prepaid amount If closed through taking over by other lenders: 2% of the prepaid amount |
South Indian Bank Home Loan Schemes and Top Plans
Keeping in mind the varied needs of various home loan applicants, the South Indian Bank offers three popular housing loan schemes that are described below:
- Perfect home loan for purchase of ready-to-occupy property, construction of house, repairs, renovation, and improvement of a home
- Affordable rate of interest
- Maximum loan repayment tenure of up to 30 years
- A flexible top-up scheme
- Available to both new and existing home loan customers
- Maximum loan repayment tenure of up to 30 years
- A convenient way to shift outstanding home loan balance from another lender to SIB
- Affordable home loan interest rates
- Maximum loan repayment tenure of up to 30 years
* Note: All of the above home loan plans are made available to applicants solely at the discretion of South Indian Bank Home Loan, taking into consideration the earning and repayment capacity of the applicant.
Documents Required for South Indian Bank Home Loan
The South Indian Bank asks for KYC (Know Your Customer) documents from home loan borrowers to verify their identity and assess their financial credibility. This process helps mitigate risks associated with fraud and ensures compliance with regulatory requirements. Presented below is the complete list of South Indian Bank home loan documents required from salaried and self-employed applicants:
| Proof of Income |
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| Other Required Documents |
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| Proof of Income |
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| Other Required Documents |
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| Identity & Address Proof |
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| Documents Related to Property |
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Apply Home Loan Through BASIC Home Loan
South Indian Bank home loan apply procedure can be easily done with the help of the efficient BASIC Home Loan team. You can approach them online by following these steps:
Apply Now on the BASIC Website
Proceed to the 'APPLY NOW' section on the BASIC Home Loan website.
Enter Your Details and Submit
Fill in the form by entering your name, contact number, and other required details, and submit the form.
Our Expert Will Reach Out to You
A BASIC Home Loan team representative will connect with you shortly to assist you through the entire home loan application process.
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