South Indian Bank - 7.75% for Home Loan - New Purchase Home Loan

South Indian Bank:

South Indian is a large private-sector bank with the lowest home loan percentage rate in India.

Currently, the bank offers home loans starting from the 7.75%-12.60% p.a.* with quick approval and easy process.

Home Loan in south Indian bank is quite popular with its special features and attractive rates

Under the various South Indian home loan schemes for the different income and occupation Groups.

Interest Rate	7.75%-12.60% p.a.*
Processing Fee	0.50% + GST of loan amount
Repayment tenure	Up to 30 years
Benchmark Rates	RLLR

 

Key Features of South Indian Bank Home Loan:

1. Loan available for both salaried and self-employed.

2. Special rates for women borrowers.

3. Loan-to-value ratio of 90%.

4. Borrowers between the age of 21 and 65 years.

5. Security: Mortgage of property you are planning to purchase, renovate, or construct.

 

South Indian Bank loan interest depends upon:

1. Your Salary:

Income helps you identify your rate of interest.

The bank's rate varies with your monthly income. The higher the income, the lesser will be the rate

 

2. Type of loan opted for:

South Indian Bank also offers differential rates for women borrowers and also under their fixed and floating rate schemes.

The rate of interest may be higher or lower under their special or popular loan product offers.

 

3. Existing bank customers:

South Indian Bank offers one of the lowest home loan rates to its existing bank account customers given their past relationship with the bank.

 

South Indian Bank Home Loan:

Apply

If you want to get a housing loan from South Indian Bank, the process to get the loan is fairly easy.

All you need to do is apply for a home loan at APNARUPEE.COM we are a channel partner of all top banks in India including HDFC, SBI, Axis Bank, etc.

Your loan application will be processed South Indian Bank representatives will get in touch to begin the process of getting a home loan.

You will also be assisted by an APNARUPEE.COM housing loan advisor to ensure that the entire lending process is smooth, and quick and you get the best house loan from South Indian bank.

You can also do a comparison of South Indian Bank Home Loan Interest rates and other charges using the APNARUPEE.COM comparison tool.

Once you apply online, you can check the real-time status of your home loan application in your customer account section of APNARUPEE.COM.

 

South Indian Bank Home Loan Documents:

For Salaried employees:

1. Filled up the loan application form.

2. Two passport-size photos.

3. ITR of last 2 years.

4. Identity Proof - Passport/ Driving License/ Voter ID/ PAN.

5. Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport.

6. Income Documents – 6 months’ pay slip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit.

7. Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension.

 

For Self-Employed:

1. Filled up the loan application form.

2. Two passport-size photos.

3. Identity Proof - Passport/ Driving License/ Voter ID/ PAN.

4. Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport.

5. Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof, profit and loss account and balance sheets certified by CA, copy of partnership deed, and proof of business existence and business profile.

6. Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension.

 

South Indian Bank Home Loan Schemes:

1. SIB Home Loan: 

This is a regular housing loan scheme available to all eligible salaried and non-salaried individuals.

The loan can be used for:

Purchase of ready-to-occupy/repurchase of flat/house aged up to 20 years

Purchase of land and construction of the house (in cases where the plot is purchased and construction is undertaken at a later stage, a declaration has to be obtained from the borrower that he intends to construct a house on the said plot with the help of bank finance)

Purchase of flats or villas under construction in housing projects approved by the bank

Extension of the house/flat

Alteration/repair/reconstruction of the house / flat

Reimbursement of expenses incurred within two years for flats/villas under construction, and purchase of ready to occupy flats/villas

Takeover of housing loans

 

2. SIB Decor: 

This scheme is a top-up scheme available to both new and existing home loan customers.

It can be used for: 

New HL Borrowers:

Meeting expenditures like the purchase of household articles, white goods, electronic items, computer equipment and peripherals, furnishings such as modular kitchen, furniture, etc.,

or a combination of these requirements in a new residential building/unit.

Existing Housing Loan Customers:

Meeting expenditure for replacement of the above-mentioned items.

Here are some of the key details regarding the SIB Decor Home Loan.

 

Frequently Asked Questions:

Q1. What is the minimum loan amount available under the SIB Home Loan scheme?

The minimum loan amount available under the SIB Home Loan scheme is Rs. 2 lakh.

 

Q2. Is there any restriction on the number of properties an NRI can acquire?

No. There is no restriction on the number of properties for an NRI to purchase.

 

Q3. What is the security required by the bank for a home loan?

The security required to avail of a home loan is an Equitable/legal Mortgage of the property for which the loan is availed.