South Indian Bank Home Loan Interest Rate at 9.84%-11.69%
| INTEREST RATE | 9.84%-11.69% |
| LOAN TENURE | 30 Years |
| PROCESSING FEE | 0.50% + GST of loan amount |
| GUARANTOR REQUIRED | Yes |
| PRE CLOSURE CHARGES | As per bank's discretion |
Calculate South Indian Bank Home Loan EMI Calculate EMI Now
About South Indian Bank
South Indian Bank is a private sector bank in india. South Indian Bank was founded on 1929. It provides all the financial services to its customers like saving deposit, fixed deposit, recurring deposit, home loans, personal loan, car loan, education loan, gold loan, PPF account, lockers, netbanking, mobile banking, RTGS, NEFT, IMPS, E-Wallet, Atal Pension Yojana, Pradhan Mantri Jandhan Yojana, Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana and many more.
Find details about South Indian Bank which includes South Indian Bank Official Website, South Indian Bank ATMs accross the India, South Indian Bank Branches accross the India, South Indian Bank Contact Numbers, South Indian Bank official EmailID, South Indian Bank Headquarter and South Indian Bank Headquarter Address. Find South Indian Bank Home loan purpose, Eligibility, Margin, Repayment of Home Loan ,Security, Document Required for Home Loan from below.
Why South Indian Bank Home Loan?
- South Indian Bank provides a range of Home Loan Schemes designed for different needs of customers
- Interest Rate is very competitive and affordable
- Minimal Documentation
- It provides Flexible Repayment Options to the borrowers
- Easy and fast approval & disbursal of home loans
- Has dedicated team of well-experienced employees which also offer personalised service
- 24/7 customer care service of South Indian Bank offers timely assistance to the customers
South Indian Bank Home Loan Purpose
- Purchase of ready to occupy house, flat|villas. Flat| villas under construction.
- Residential plot and construction of house.
- Construction of house in own land. Improvement |Repair|Renovation of own residential house.
- Additions| Enlargement of own residential house.
- Takeover of existing Housing Loans.
- Reimbursement of Expenses incurred for residential house.
South Indian Bank Home Loan Eligibility
- The applicant must be an Indian citizen or a fully documented NRI. He, essentially, must be a Person of Indian Origin (PIO).
- The applicant's age must be in the range of 18 years and 70 years at the time of loan maturity.
- The applicant must be salaried or self-employed with a regular income.
- The applicant must earn more than the minimum required income.
South Indian Bank Home Loan Document Required
- Duly filled and signed application form with photograph
- Identity Proof- Aadhar Card, PAN Card, Passport, Driving License, Voter id card, ID-card issued by Government
- Address Proof - Aadhar Card, Passport, Driving License, Voter id card, Electricity/ Telephone/ Post-Paid Mobile bill, Bank statement
- Age Proof - Passport, Birth Certificate, PAN card, Driving License, Voter id card, Employee ID card (only for PSU/ Government employees), School/ College leaving certificate
- Form 16
- Latest 6 months salary slips for salaried persons
- Bank Statement of last 6 months
- Income Tax Returns (ITR) of last 3 years
- Last 3 years CA Certified or Audited Balance Sheet and Profit & Loss Account
- Processing fee Cheque
- Copies of the title documents of the property and the approved plan
- For Construction/ Renovation case, cost estimate from the Architect
Tax Benefits of availing South Indian Bank Home Loan
There are two types of tax benefits associated with home loan for Resident Indians:
Repayment of the Principal Amount: One can get a Tax rebate under section 80C of the Income Tax Act on whole amount repaid by him in a financial year, maximum upto Rs. 1,50,000/- each financial year (Increased from 1 Lakh to Rs. 1.5 Lakh in Budget 2014).
Repayment of the Interest on Home Loan: Tax Benefit on Home Loan for payment of Interest is allowed as a deduction under Section 24(1) of the Income Tax Act. One is eligible for a Tax Rebate of maximum of Rs. 2 lakh per financial year for home loan interest paid by him/her during that financial year.
South Indian Bank Home Loan Amount
Minimum: Rs 5 lakhsMaximum: Rs 1,500 lakhs
Margin
10%South Indian Bank Home Loan Repayment
Flexible tenure of upto 30 yearsSecurity
Mortgage of Land and building to be constructed/ purchasedIn Case of Prepayment of South Indian Bank Home Loan, will EMI change?
One can pre-pay South Indian Bank Home Loan without any prepayment charges as it allows prepayment at nil charges in case of floating rate home loans. If the borrower makes a prepayment, the outstanding balance of principal amount of his home loan reduces. Then in that case he has following 2 options:
- He can continue with the existing and reduce the loan tenure
- He can reduce the EMI and keep the loan tenure the same
Out of above 2 options, first option is more beneficial for the borrower as he pay less interest to the bank as the pay off home loan will be faster.
How to reduce your Home Loan EMI?
- Negotiate with your banker on lower interest rate
- Apply for longer tenure
- Give maximum amount as down payment
- Pre-pay loan amount
- Switch to another bank/ FI offering lower interest rate
Contact details of South Indian Bank, South Indian Bank SMS balance check number SMS banking, South Indian Bank mobile banking, South Indian Bank toll free number,South Indian Bank toll free number 24*7, South Indian Bank miss call number.
- MISSED CALL NUMBERS - 9223008488
- CUSTOMER CARE NUMBERS - 18004251809, 18001029408
- CONTACT NUMBERS - 18004251809, 18001029408
South Indian Bank Contact Details
- BANK OFFICIAL WEBSITE - https://www.southindianbank.com
- CONTACT NUMBERS - 18004251809, 18001029408
- EMAIL ID - [email protected]
- MISSED CALL NO. - 9223008488
- CUSTOMER CARE NO. - 18004251809, 18001029408
- TOTAL BRANCHES - 1006
- HEADQUARTER - Thrissur
- BANK ADDRESS - SIB House, T.B Road, Mission Quarters, Thrissur-680001, Kerala
South Indian Bank Home Loan FAQs Home Loan Document Required
