South Indian Bank Home Loan
South Indian Bank offers home loans at an interest rate starting from 8.30% per year. You can borrow up to Rs. 15 crore with a repayment period of up to 30 years, making it easier to manage your finances. The bank charges a processing fee of 0.50% of the total loan amount. You can also get funding for up to 90% of your property’s value through the Loan-to-Value (LTV) option. With affordable rates and flexible tenure, South Indian Bank’s home loan is a good choice for those planning to buy or build their dream home with manageable payments.
South Indian Bank Home Loan Scheme
South Indian Bank home loans can be used for several housing purposes. You can buy or repurchase a ready-to-occupy house up to 30 years old or a flat up to 20 years old. The loan also covers the purchase of land and construction of a house, or buying a flat that is still under construction in bank-approved projects. You can also use it for adding, repairing, or reconstructing your home. The bank allows reimbursement of expenses made within one to two years for ready or under-construction flats and houses, as long as valid documents like occupancy certificates are provided.
South Indian Bank Home Loan Features
- Loan is secured by mortgaging the land and the building being purchased or constructed.
- Repayment tenure can be extended beyond retirement for pensioners.
- Surrogate program available for applicants without income proof; eligibility is assessed using the last 12 months' average bank balance (excluding the highest and lowest months).
- Top-up loans offered to existing customers with at least 12 months of regular repayments, subject to bank terms and conditions.
Compare Home Loan Interest Rates Across Different Banks
| SBI Home Loan | 7.25% p.a. to 10.50% p.a. |
| HDFC Home Loan | 7.75% p.a. onwards |
| PNB Housing Finance | 7.70% p.a. to 11.45% p.a. |
| Axis Home Loan | 8.35% p.a. to 9.35% p.a. |
| Union Bank of India Home Loan | 8.60% p.a. onwards |
| Bank of Baroda Home Loan | Floating rate: 7.45% to 9.20% per year, Fixed rate: 9.15% to 10.20% per year. |
| LIC Home Loan | 7.50% p.a. onwards |
| Kotak Mahindra Bank Home Loan | 7.99% p.a. onwards |
| Central Bank of India Home Loan | 7.35% p.a. onwards |
| Aditya Birla Housing Finance | Salaried: 8.80%–14.00% p.a. & Self-employed: 9.10%–14.75% p.a. |
| HSBC Home Loan | 7.70% p.a. onwards |
| Standard Chartered Bank Home Loan | Starting from 8.95% p.a. |
| TATA Capital Home Loan | 7.75% p.a. onwards |
| YES Bank Home Loan | 9.00% - 11.50% p.a. |
| IDBI Home Loan | 7.65% p.a. onwards |
| Bandhan Bank Home Loan | 8.14% p.a. onwards |
| Federal Bank Home Loan | 8.75% p.a. onwards |
| South Indian Bank Home Loan | 8.30% p.a. onwards |
South Indian Bank Home Loan Eligibility
To apply for a home loan from South Indian Bank, you need to meet the following basic requirements:
- Age: You must be between 21 and 75 years old.
- Employment: Both salaried and self-employed people can apply.
- Nationality: Open to Indian residents and Non-Resident Indians (NRIs).
- Credit Score: You should have a credit score of at least 730.
Who Can Apply:
- Salaried employees
- Self-employed professionals like doctors, engineers, architects, CAs, or IT professionals
- Business owners such as traders, manufacturers, or service providers
- Agriculturists
- Senior citizens or pensioners
- NRIs
- Hindu Undivided Families (HUFs)
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South Indian Bank Home Loan – Documents Required
| Purpose of Loan | Documents Required |
|---|---|
| Construction of House on Own Land | Approved building plan and permit Construction estimate Location sketch and possession certificate from Village/Revenue Office Latest land tax receipt |
| Purchase of Land with House | Sale agreement Building plan/permit (if available) Latest building and land tax receipts Location sketch and possession certificate |
| Purchase of Land and Later Construction | Sale agreement Construction estimate or self-declaration about proposed house Location sketch and possession certificate Latest land tax receipt |
| Purchase of Ready-to-Occupy Flat | Sale agreement Building permit or NOC from local body Completion/occupancy certificate (if from builder) Latest building and land tax receipts Location sketch and possession certificate |
| Purchase of Flat Under Construction | Registered sale and construction agreements Building permit/NOC Tripartite agreement (before disbursal) Statutory approvals (Pollution, Fire, Aviation, etc.) RERA certificate, NOC from financing bank, builder approval Latest tax receipts, location sketch, and possession certificate |
| Repairs / Renovation / Extension | Estimate for repair/renovation Approved plan and permit (if applicable) Latest building and land tax receipts Location sketch and possession certificate |
| Takeover Loans | Sanction order of existing loan Last 12 months’ loan account statement Valid approvals for under-construction projects Tax receipts for completed projects |
| Reimbursement – New House Construction | Occupancy certificate or tax demand notice Engineer’s certificate and estimate Approved plan and permit Location sketch, possession certificate, and latest tax receipts |
| Reimbursement – Renovation | Renovation estimate Engineer’s certificate (within one year) Approved plan and tax receipts Location sketch and possession certificate |
| Reimbursement – Purchase of House/Flat | Sale deed copy Approved plan, permit, or NOC Latest building and land tax receipts Copies of approvals Note: Reimbursement allowed within two years for under-construction flats/villas |
Additional & KYC Documents
| Category | Documents Required |
|---|---|
| KYC Documents | Two passport-size photos of applicant/co-applicant/guarantor Identity proof – Passport, Voter ID, PAN, Driving License, Aadhaar Address proof – Passport, Voter ID, PAN, Driving License, Aadhaar For NRIs: Copy of visa, passport, work permit, or ID card |
| Salaried (Resident) | Last 3 salary slips (6 if variable income) or salary certificate ITR/Form 16 for last 2 years Last 6 months’ bank statement with salary credits |
| Self-Employed (Resident) | Last 2 years’ ITR with computation, P&L, and balance sheet Business proof Last 6 months’ bank statement |
| NRI Salaried | Salary certificate and employment contract (or embassy attested) 1-year NRE account or salary credit account statement |
| NRI Business | Business proof and financials 24 months’ overseas and NRI bank statements showing income/remittances |
| Agriculturists | Last 2 years’ ITR with computation Latest tax receipts of agricultural land Last 1-year savings account statement |
| Senior Citizens / Pensioners | Pension order copy Last 6 months’ pension credit account statement Last 1-year savings account statement |
Note: Additional documents may be required for legal clearance as advised by the Bank’s legal panel.
How can I apply for a South Indian Bank Home Loan?
You can apply easily by visiting your nearest South Indian Bank branch or filling out an online application on the official website.
What types of home loans does South Indian Bank offer?
You can get a loan for buying a new flat, house, or villa, constructing a home on your own land, purchasing land and building a house, or for repairing, renovating, and expanding your existing home.
How is home loan eligibility decided?
Your eligibility depends on your income, repayment capacity, and existing financial commitments. The bank uses a Fixed Obligations to Income Ratio (FOIR), usually up to 70% of your net income, to calculate how much EMI you can afford.
How much loan can I get and what is the required down payment?
You can get up to 90% of the property value as a loan. The rest is your down payment, which depends on your eligibility, property type, and bank valuation.
What is the minimum loan amount and credit score required?
The minimum loan amount is Rs. 2 lakh, and you should have a CIBIL score of 600 or above to qualify.
What is the difference between a home loan and a mortgage loan?
A home loan is used to buy or build a house, while a mortgage loan can be taken for any purpose by keeping your property as security. So, a home loan is actually a type of mortgage loan.
What is a Home Loan Balance Transfer?
It lets you move your existing home loan to another bank that offers lower interest rates or better repayment terms, helping you save on interest payments.
What happens if I delay or miss an EMI payment?
If you miss your EMI, the bank charges a penalty of 2% per annum on the overdue amount until it’s cleared.