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South Indian Bank Home Loan: Interest Rates, Eligibility & Details

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Looking for a South Indian Bank Home Loan? Discover details about interest rates, eligibility, loan amounts, and more for your dream home.

South Indian Bank Loan Details

Explore the comprehensive details of South Indian Bank Home Loans, including interest rates, loan amounts, processing fees, prepayment charges, maximum tenure, and available rate packages.

  • Loan Purpose South Indian Bank Home Loans cater to a variety of needs, including purchasing ready-to-occupy houses, flats, land, construction of houses, repairs, alterations, and more. Reimbursement options are also available for various scenarios.
  • Eligibility Criteria Residents, NRI, SENP, SEP, agriculturists, and senior citizens can apply. The age requirement ranges from a minimum of 21 years to a maximum of 65 years at the loan maturity date. Minimum loan amounts start at Rs.5 lakhs for certain categories.
  • Loan Tenure Loan tenures vary depending on borrower types. Salaried individuals can get up to 30 years or until retirement, while business-class borrowers and agriculturists can get up to 30 years or until 65 years of age.
  • Loan-to-Value (LTV) The loan-to-value ratio can go up to 90% based on the loan amount, subject to conditions.
  • Interest Rates Interest rates for South Indian Bank Home Loans range from 9.57% to 11.47%. Secure your dream home with competitive rates.

South Indian Bank Home Loan Interest Rates

Here’s a detailed breakdown of the interest rates offered by the South Indian Bank for home loan applicants-

SegmentLoan SlabsCibil Slab
Salaried/ SEP Up to 15 Lakhs9.87% 9.97% 10.22% 10.72%
Salaried/ SEP Above 15 Lakhs-35 Lakhs9.57% 9.67% 9.92% 10.42%
Salaried/ SEP Above 35 Lakhs-75 Lakhs9.57% 9.67% 9.97% 10.52%
Salaried/ SEP Above 75 Lakhs -150 Lakhs9.57% 9.87% 10.02% 10.67%
Salaried/ SEP Above 150 Lakhs9.87% 9.97% 10.17% 11.17%
Self-Employed Non-Professionals Up to 15 Lakhs10.12% 10.22% 10.47% 10.97%
Self-Employed Non-Professionals Above 15 Lakhs-35 Lakhs9.82% 9.92% 10.17% 10.67%
Self-Employed Non-Professionals Above 35 Lakhs-75 Lakhs9.82% 9.92% 10.22% 10.77%
Self-Employed Non-Professionals Above 75 Lakhs -150 Lakhs9.82% 10.12% 10.27% 10.92%
Self-Employed Non-Professionals Above 150 Lakhs10.12% 10.22% 10.42% 11.42%
NRI Up to 15 Lakhs10.07% 10.17% 10.42% 10.92%
NRI Above 15 Lakhs-35 Lakhs9.77% 9.87% 0.1012 10.62%
NRI Above 35 Lakhs-75 Lakhs9.77% 9.87% 10.17% 10.72%
NRI Above 75 Lakhs -150 Lakhs9.77% 10.07% 10.22% 10.87%
NRI Above 150 Lakhs10.07% 10.17% 10.37% 11.37%

South Indian Bank Home Loan EMI Calculator

Calculating your Equated Monthly Installments (EMIs) is hassle-free with South Indian Bank's EMI calculator. By inputting the loan amount, interest rate, and tenure, you can instantly determine the monthly repayment amount, helping you plan your finances effectively.

To calculate your South Indian Bank home loan EMI, use the following formula:

EMI = [P x R x (1+R)^N] / [(1+R)^N-1]


• P = Loan amount

• R = Interest rate per month

• N = Loan tenure in months

South Indian Bank Home Loan Schemes

Here’s everything you need to know about the South Indian Bank Home Loan

Loan Purposes

  • Purchase of Ready-to-Occupy House (Up to 30 years old) Secure funding for the purchase of houses up to 30 years old.
  • Purchase of Ready-to-Occupy Flat (Up to 20 years old) Avail funds for purchasing flats that are up to 20 years old.
  • Purchase of Land and Construction of House If you plan to buy land and build a house later, a declaration of intent for construction with bank finance is required.
  • Purchase of Flat or Residential Unit Under Construction Get financing for flats or units under construction in housing projects approved by the bank.
  • Additions to House/Flat/Residential Unit No restrictions on loan amount if estimates/plans/permits are available and equivalent to new construction.
  • Alteration/Repair/Reconstruction Fund alterations, repairs, or reconstruction of your property.
  • Reimbursement of Expenses Reimburse expenses within two years for flats under construction or ready-to-occupy flats/villas. Conditions apply.
  • Takeover of Housing Loans Transfer your existing housing loan to South Indian Bank.

Target Customers

South Indian Bank's home loan schemes cater to various customer segments:

  • Resident Indians, including salaried individuals, self-employed nonprofessionals (SENP), self-employed professionals (SEP), agriculturists, senior citizens, and pensioners.
  • Non-Resident Indians (NRIs).
  • Hindu Undivided Families (HUFs).

Eligibility Criteria

  • Age Minimum 21 years, maximum age at loan maturity - 65 years.

Loan Amount

  • Minimum of Rs.5 lakhs for resident Indians
  • Minimum of Rs.10 lakhs for NRIs

Maximum Loan Amount

  • Rs.1500.00 Lakhs
  • Rs. 1 Crore (In case of NRI Business Class)
  • Rs.100 Lakhs (Surrogate Program)
  • Rs.50.00 Lakhs (Repairs & Renovations)


  • Varies based on borrower type, ranging from 5 to 30 years.

Interest Rate

  • The interest rates for South Indian Bank Home Loans range from 9.57% to 11.47%.

Loan-to-Value (LTV)

  • Enjoy a loan-to-value ratio of up to 90%, based on the loan amount (conditions apply).


  • Security Mortgage of the land and building to be constructed/purchased.
  • Extended Repayment Repayment period can be extended beyond retirement for pensionable individuals.
  • Surrogate Program Assessment based on average bank balance for income evaluation when documents are not available.
  • Top-Up Loan Existing customers with a 12-month regular repayment track record can avail top-up loans.
  • Processing Fees 0.50% + GST of the loan amount.
  • Penal Interest 2% p.a. for defaulted amounts during the defaulted period.
  • Prepayment/Pre-closure Charges Nil.

Choose South Indian Bank's Home Loan Schemes to make your dream home a reality. With flexible terms, competitive interest rates, and customer-friendly features, your journey to homeownership starts here.

South Indian Bank Home Loan Eligibility Requirements

Before you embark on your journey to homeownership with South Indian Bank Home Loans, make sure you meet the eligibility criteria. These criteria are designed to help you secure the loan that suits your financial situation and aspirations.

  • Target Customers
    • Resident Indian
    • Salaried Individuals
    • Self-Employed Nonprofessionals (SENP) - Manufacturers, Traders, Wholesalers, Retailers, Service Providers
    • Self-Employed Professionals (SEP) - Doctors, CA, CS, ICWA, Architect, Engineer, IT-enabled professional services, Professional Start-Ups
    • Agriculturists
    • Senior Citizens/Pensioners
    • Non-Resident Indians (NRI)
    • Hindu Undivided Families (HUF)
  • Age
    • Minimum: 21 Years
    • Maximum: Age at the time of maturity of the loan - 65 Years
  • Financial Criteria
    • Simple assessment based on Fixed Obligation-to-Income Ratio (FOIR).
    • Maximum FOIR: 70% (FOIR measures your fixed monthly obligations as a percentage of your net monthly income.)

Documents Required for South Indian Bank Home Loan Application

To make your South Indian Bank Home Loan application process smooth, ensure you have the necessary documents ready based on the purpose of the loan and your applicant category.

Documents Based on Loan Purpose

1. Construction of Residential House in Own Land

  • Approved Building Permit
  • Approved Building Plan
  • Construction Estimate
  • Location Sketch from Village Office/Revenue Office
  • Possession Certificate from Village Office/Revenue Office
  • Latest Land Tax Receipt

2. Purchase of Land with Residential House

  • Sale Agreement
  • Approved Plan
  • Latest Building Tax Receipt
  • Location Sketch from Village Office/Revenue Office
  • Possession Certificate from Village Office/Revenue Office
  • Latest Land Tax Receipt

3. Purchase of Land and Construction of House Later

  • Sale Agreement
  • Self-Declaration with Construction Estimate
  • Location Sketch from Village Office/Revenue Office
  • Possession Certificate from Village Office/Revenue Office
  • Latest Land Tax Receipt

4. Purchase of Ready to Occupy Flat

  • Sale Agreement
  • Latest Building Tax Receipt
  • Completion/Occupancy Certificate (if applicable)

5. Purchase of Flat under Construction

  • Agreement for Sale and Construction
  • Approved Plan and Building Permit
  • Tripartite Agreement (before loan disbursal)
  • Statutory approvals (Pollution Control, Fire and Safety, etc.)
  • NOC from Project Financing Bank (if applicable)
  • RERA certificate (if applicable)

6. Repairs/Renovation/Extension

  • Repairs/Renovation Estimate
  • Approved Plan and Permit (if applicable)
  • Latest Land Tax Receipt
  • Latest Building Tax Receipt

7. Takeover

  • Sanction Order of Existing Housing Loan
  • Latest 12 months Loan account statement
  • Valid approvals for under construction projects
  • Tax paid Receipt for Completed Projects

8. Reimbursement in Case of Construction/Renovation

  • Relevant certificates, receipts, and documentation supporting investment made

9. Reimbursement in Case of Purchase of House/Flat

  • Sale Deed Copy
  • Latest Building Tax Receipt
  • Latest Land Tax Receipt
  • Copies of Approval

1. KYC Documents

  • Passport size photos of applicant/co-applicant and guarantor
  • Identity Proof (Passport/Voters ID/Driving License/PAN Card/Aadhar Card)
  • Address Proof (Passport/Voters ID/Driving License/PAN Card/Aadhar Card)
  • Copy of VISA, Passport, Work Permit, ID Card (for NRI customers)

Income Documents

1. Salaried Class (Resident)

  • Latest salary slips or salary certificate
  • Latest 2 Years ITR with Computation/Form 16 for the last 2 Years
  • Last 6 months' bank statement with salary credits

2. Business/Self Employed (Resident)

  • Latest two years personal ITRs with Computation, P&L account, and Balance sheet
  • Proof of Business
  • Last 6 months' Bank account statement

3. NRI Salaried

  • Salary Certificate and employment contract or embassy attested salary certificate
  • Last 1 year NRE account statement with any bank in India or spouse's resident account with regular remittances
  • Salary Credit account statement for the last 1 year

4. NRI Business

  • Valid Proof of Business & Financials
  • Latest 24 months' overseas bank account statements and NRI account statement with regular remittances

5. Agriculturists

  • Latest 2-year ITRs along with Computation Sheet
  • Latest Tax Receipts of agricultural land
  • Last 1-year SB account statement

6. Senior Citizen/Pensioners

  • Pension Order Copy
  • Last 6 months Pension Credit account statement
  • Last 1-year SB account statement

How to Apply for South Indian Bank Home Loan

Applying for a South Indian Bank Home Loan is a straightforward process, and you can even apply online through NoBroker. Follow these steps to apply:

1. Research and Planning:

a. Determine your home loan requirements, including the loan amount, tenure, and interest rate preference. b. Explore the various South Indian Bank home loan schemes and choose the one that suits your needs.

2. Document Preparation:

a. Gather all the necessary documents, including KYC, income proof, and property-related documents as mentioned in the previous sections.

3. Online Application through NoBroker:

a. Visit the NoBroker website and navigate to the South Indian Bank home loan section. b. Fill in the online application form with accurate information. c. Upload the required documents securely.

4. Verification and Processing:

a. The bank will initiate the verification process based on the provided information and documents. b. If required, a representative from the bank may get in touch for further clarifications or additional documentation.

5. Loan Approval and Offer:

a. Once the verification is successful, you will receive a loan approval offer from South Indian Bank. b. Review the terms and conditions, interest rates, and loan amount offered.

6. Acceptance and Disbursement:

a. If you are satisfied with the offer, provide your consent to proceed. b. South Indian Bank will then disburse the approved loan amount to your chosen account or the seller's account, depending on the purpose of the loan.

7. Repayment:

a. Repay the loan amount as per the agreed-upon terms and schedule.

By following these steps, you can smoothly apply for a South Indian Bank Home Loan and move closer to owning your dream home.

South Indian Bank Home Loan Customer Care

For any queries, assistance, or concerns regarding your South Indian Bank Home Loan, you can reach out to the Customer Care Centre using the following contact details:

24/7 Customer Care Centre Toll-Free Numbers1800 425 1809 or 1800 102 9408 (India)
Exclusive NRI Service Centre:+91 484 6689600, +91 484 2388555
Suspected Fraud Risk Reporting(Email):fmcell@sib.co.in
Suspected Fraud Risk Reporting(Phone):0487-2421297
Suspected Fraud Risk Reporting(Department):HO Inspection & Vigilance


In pursuit of your dream home, South Indian Bank Home Loans offer competitive rates and flexible terms. From purchasing to construction and renovations, their diverse schemes cater to your needs. Ready to embark on your homeownership journey? Contact NoBroker Home Loan Service for expert guidance and support.

1. What's the maximum loan amount for South Indian Bank Home Loan?
The maximum loan amount for South Indian Bank Home Loan varies, with options up to Rs.1500.00 lakhs, depending on the borrower's category and purpose.
2. Can NRIs apply for South Indian Bank Home Loans?+
Yes, South Indian Bank Home Loans are available for both resident Indians and NRIs with specific eligibility criteria.
3. What's the tenure range for South Indian Bank Home Loans?+
The tenure for South Indian Bank Home Loans varies, with up to 30 years for salaried individuals and business class borrowers, and shorter terms for specific categories.
4. Are there prepayment charges for South Indian Bank Home Loans?+
No, prepayment or pre-closure charges are not applicable for South Indian Bank Home Loans.
5. What documents are required for a South Indian Bank Home Loan?+
Documents required for a South Indian Bank Home Loan include KYC proofs, income documents, property-related papers, and more. Refer to our guide for a comprehensive list.
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