South Indian Bank home loan interest rate:

South Indian Bank home loan rate offered is variable at  different amounts of loan disbursed.

South India Bank Home Loan Interest Rate Is As Below Depending On Customer Type And Tenure:

• South Indian Bank home loan rate Interest Rate for Indian/NRI for amount upto 30 lacs for upto 5 years-Base Rate+3.40%
• South Indian Bank home loan rate Interest Rate for Indian/NRI for amount upto 30 lacs and above 5 years-Base Rate+3.65%
• South Indian Bank home loan interest rateInterest Rate for Indian/NRI for amount above 30 lacs and upto 5 years-Base Rate+3.90%
• South Indian Bank home loan interest rate Interest Rate for Indian/NRI for amount above 30 lacs and above 5 years-Base Rate+4.15%
• South Indian Bank home loan rate for Senior Citizen-Upto 30 lacs for 5 years-Base Rate+2.90%
• South Indian Bank home loan rate for Senior Citizen-Upto 30 lacs and above 5 years-Base rate+3.15%
• South Indian Bank home loan rate for Senior Citizen-Above 30 lacs and upto 5 years-Base Rate+3.40%
• South Indian Bank home loan rate for Senior Citizen-Above 30 lacs and above 5 years-Base Rate+3.65%

South Indian Bank Home Loan Criteria:

South Indian Bank Home Loan Eligibility Criteria :

As per the South Indian Bank home loan review an individual or an individual with his spouse can apply for the loan. South Indian Bank home loan applicant would need to invest 25% of the estimated cost of the house as margin money. As per the South Indian Bank home loan eligibility a customer can go ahead and avail a loan for the construction of a house, or for the purchase of a ready house. There have been no such eligibility criteria which have been specified by the bank. It would be best to get in touch with the bank officials to get to know the exact criterion for the loan.

South Indian Bank Home Loan Eligibility Amount :

South Indian Bank home loan review shows the customer can avail a maximum of Rs. 1 crore for the purpose of purchase or construction of a house.   As per the South Indian Bank home loan eligibility an applicant can take up to Rs.10 lakh for the purpose of  home renovation.

Criterion's and documents required for salaried and self employed

Common Documents For All India Overseas Bank Home Loan Customers

Duly Filled Application Form

Sale Agreement Copy Of House / Flat

Co- operative or societies membership proof

Valuation report for construction

South Indian Bank home loan Documents For Salaried People

Salary Certificate as an income proof

South Indian Bank home loan Documents For Self Employed

Proof of income

Proof of experience for professionals or self employed

( Details of documents need to be verified from the banking officials)

Procedure And Options To Apply For The Loan:

The customer needs to submit duly filled form and attach related documents and submit it to the bank authorities for processing. The form is available at the branches or can be downloaded from the official website of the bank.

Maximum And Minimum Tenor Of The Loan:

According to the South Indian Bank home loan review the loan is provided for a minimum period of 5 years and for a maximum period of 20 years in case of payment in equated monthly installments.

What would be the repayment options/facilities?

The customer can pay back his loan in equated monthly installments.

Pre Closure Process: In case a customer of South Indian Bank home loan wishes to close his loan before the agreed period or term is termed as pre closure. In this case the bank charges a nil penalty in case if the loan is being closed through own resources after two years. If closed through own resources within two years a 1% pre penalty of the pre paid amount is charged. If the loan is being taken over by any other financial institution. 2% of the pre paid amount is charged.

Tax Benefits: One can get tax benefits on the principal and the interest paid according to the Income Tax Act 1961 which varies yearly according to the changes made by the Government.