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South Indian Bank Limited (SIB) is a leading private sector bank headquartered in Thrissur, Kerala state, India, providing financial services to customers with branches spread across India, SIB is considered as one of the most conveniently active banks in India, being an efficient technology savvy bank with experts in the key area of customer services, South Indian Bank offers a wide range of personal banking services in consumer banking such as deposit, home loan, demat services, credit card, debit card etc.
South Indian Bank Home Loan
South Indian Bank offers a variety of home loan schemes designed to suit the various needs of its customers, Bank gives home loan on properties like ready to move independent house, flat or villa purchase and under construction villas, residential plots and house construction, house construction on own land, etc.
South Indian Bank home loan interest rate is very competitive and affordable, having a dedicated team of well experienced employees who provide personalized service for easy and fast approval of home loans with minimum documentation. Check below for more details regarding SIB Home Loan.
SIB Home Loan Eligibility
Are you thinking about buying your own home, why pay rent for a house when you can buy your own place, SIB offers attractively rated home loans for you, with many options available for home loan, it takes less time than any other bank to buy a home.
South Indian Bank offers home loan estates, private plots, development, remodeling, takeover loans of existing loan, While buying a house with the help of South Indian Bank Home Loan, you need to know the eligibility criteria, for example, CIBIL Score, Processing Fee, other financing costs and various incidental charges.
The bank issues home loans with low SIB home loan loan fees, simple documentation and an active endorsement process, SIB offers simple home loans to each of its clients, hence the place they have always wanted or empowers them to buy a house, Buying a home requires extreme commitment and quick money planning, following are the various criteria to qualify for a home loan from South India Bank to get an attractive interest rate.
|Eligibility||Resident Indians and Non Resident Indian|
Salaried – Only employees of reputable organizations in the public, government, and private sectors are eligible.
Self-Employed Professionals (SEP) – Professionals such as doctors, lawyers, chartered accountants, architects, and engineers, among others.
Self-Employed Non Professionals (SENP) – The following groups may benefit from our services: manufacturers, traders, businessmen, agriculturists, senior citizens/pensioners, non-resident Indians, salaried individuals, businessmen, and non-professionals.
|Age||Minimum – 21 years|
Maximum – 75 years
|Loan Amount||Minimum – Rs.2L|
Maximum – Rs1500L
|Tenure||Minimum – 5 years|
Maximum – The earlier age between 30 and 75 will be considered.
|loan amount||80% of the property value is given|
|Security||The property that was purchased or built has an equitable mortgage attached to it, along with the original title deeds.|
|CIBIL Score||Minimum 650|
Documents Required for Home Loan South Indian Bank Home Loan
An applicant for a home loan from South Indian Bank should submit the required documents hassle-free, as these Home Loan Required Document are indicators of your financial stability and creditworthiness, the bank will strictly consider the documentation while approving your loan application.
Documents are one of the most important requirements for home loan, South Indian Bank takes home loan documents process very seriously, many times applicants face difficulties in not knowing what documents to provide while submitting documents for home loan.
South Indian Bank makes the home loan documents process very streamlined and transparent right from the start, see below which home loan documents are required to pass your home loan application in detail
- Two Passport Size Photos of the applicant/co-applicant and the guarantor.
- Identity Proof – Passport/Voters ID/Driving License/PAN Card/ Aadhar Card.
- Address Proof – Passport/Voters ID/Driving License/PAN Card/ Aadhar Card.
- Applicable for NR – Copy of VISA, Passport, Work Permit, ID Card.
Salaried Class (Resident)
- Min 3 latest salary slips (min 6 pay slips in case monthly income is variable) / Latest Salary Certificate.
- Latest 2 Years ITR with Computation/ Form 16 for the last 2 Years.
- Minimum last 6 months’ bank statement with min 5 salary credits.
Business/Self Employed (Resident)
- Latest two years personal ITRs supported by Computation sheet, Profit & Loss account and Balance sheet.
- Proof of Business.
- Last 6 months Bank account statement.
- Salary Certificate and employment contract / embassy attested salary certificate.
- Latest 1 year NRE a/c statement with any bank in India and/or resident accounts of spouse in which regular remittance is made OR Salary Credit account statement for last 1 year.
- Valid Proof of Business & Financials.
- Latest 24 months’ overseas bank account statements in Personal Name in which regular income is credited and Latest 24 months NRI account statement with any bank in India in which regular remittances are being made.
- Latest 2 year ITRs along with Computation Sheet.
- Latest Tax Receipts of agri. land.
- Latest 1year SB a/c statement.
- Pension Order Copy.
- Latest 6 months Pension Credit a/c statement.
- Latest 1 Year SB a/c statement.
South Indian Bank Home Loan CIBIL Score
A credit score is a numerical expression based on a level analysis of a person’s credit files to indicate a person’s creditworthiness, a credit score is primarily based on a customer’s credit report,
Good Credit Score for a Home Loan to Buy a Home To increase your odds of approval and qualify for a low-rate mortgage, you should aim to have a credit score in the good range.
The minimum credit score required to buy a home ranges from 500 to 700, but ultimately depends on the type of mortgage loan you are applying for and your lender, generally home loan lenders consider a score below 600 as low, banks want a minimum CIBIL score of 700 to 750 for home loan sanction.
|Eligibility||Minimum credit score ranges from 550 to 700|
South Indian Bank Home Loan EMI Calculator
As your monthly installment amount depends on multiple parameters including loan amount, tenure and interest rate, pre-calculation also helps you to compare different home loan schemes offered by different financial institutions.
If you are confused about how much EMI to pay if you apply for a home loan in South Indian Bank, you can use the South Indian Bank Home Loan Calculator.
SIB Home Loan Interest Rate Calculator is an online tool that anyone can use, users who use this calculator are not charged in any way and can use the calculator as many times as they want.
All you have to do is enter the relevant details of your loan including loan amount, tenure, interest rate and processing fee, press the “Click Here” button to check your EMI and processing fee.
South Indian Bank Home Loan Processing Fee
When you apply for a South Indian Bank home loan, the bank charges a certain amount for the services they provide you, this amount is called Home Loan Processing Fee.
South Indian Bank Home Loan Processing Charges is 0.50% + GST of loan amount of the total home loan amount you are applying for, if the application is rejected the amount will not be refunded to you.
Applicants should remember that SIB home loan processing fee is not the only amount you have to pay, there are other charges too, so it is better to know the processing fee details in advance.
|Processing fees||0.50% + GST of loan amount|
|Penal Interest||2% p.a. for the defaulted amount for the defaulted period.|
|Prepayment / Pre-closure charges||Nil|
South Indian Bank Home Loan Interest Rate
It is very important to know the interest rate when you apply for South Indian Bank Home Loan, the home loan interest rate affects the amount of EMI you pay on how much SIB Home Loan you take, so keep the interest rate in mind whenever you apply for a South Indian Bank Housing loan, Well, here are more home loan interest rate.
|Segment||Loan Slabs||Cibil Slab|
|Salaried/ SEP||Up to 15 L||9.87%||9.97%||10.22%||10.72%|
|Above 15-35 L||9.57%||9.67%||9.92%||10.42%|
|Above 35-75 L||9.57%||9.67%||9.97%||10.52%|
|Above 75-150 L||9.57%||9.87%||10.02%||10.67%|
|Above 150 L||9.87%||9.97%||10.17%||11.17%|
|SENP||Up to 15 L||10.12%||10.22%||10.47%||10.97%|
|Above 15-35 L||9.82%||9.92%||10.17%||10.67%|
|Above 35-75 L||9.82%||9.92%||10.22%||10.77%|
|Above 75-150 L||9.82%||10.12%||10.27%||10.92%|
|Above 150 L||10.12%||10.22%||10.42%||11.42%|
|NRI||Up to 15 L||10.07%||10.17%||10.42%||10.92%|
|Above 15-35 L||9.77%||9.87%||10.12%||10.62%|
|Above 35-75 L||9.77%||9.87%||10.17%||10.72%|
|Above 75-150 L||9.77%||10.07%||10.22%||10.87%|
|Above 150 L||10.07%||10.17%||10.37%||11.37%|
NOTE – South Indian Bank home loan rate vary according to the bank’s discretion, the information given here is only the current interest rates given by the bank, when you want to take a home loan in the bank, you should visit the https://www.southindianbank.com/content/personal-banking/home-loan/749 bank’s official website and confirm.