South Indian Bank Home Loan Interest Rate – Private sector bank The South Indian Bank Limited is headquartered in Thrissur, Kerala, India. Over 26 Indian states and related territories are served by 802 branches of South Indian Bank. 933 ATMs have been installed by it across India. You can get temptingly calculated home loans from SIB.
Consider some of the fundamental loans listed below to learn more and find suitable solutions.
What are the interest rates for South Indian Bank home loans?
With competitive interest rates starting at 8.25% p.a., South Indian Bank offers mortgage loans for homes. In order to meet the needs of its clients, it offers home loans for a range of purposes.
Both salaried and unemployed people, residents and non-residents, can apply for a home loan.
Characteristics of the South Indian Bank’s Housing Loan The following are some possible uses for South Indian Bank home loans:
acquisition of a house or apartment that is ready to move into or a repurchase of an older than 20 year old house or apartment.
purchase of property with the intention of constructing a house on it.
purchase of a pre-construction apartment or villa in a housing project that has received bank approval.
along with a home or flat. [South Indian Bank Home Loan Interest Rate]
Renovating, building, and repairing homes and apartments
reimbursement for costs incurred on a house or villa that is still being built, as well as the purchase of a finished house or villa within two years.
the taking over of a current mortgage loan.
Margin: It must be at least 10% of the project’s total cost. A loan of up to 90% of the project cost is available. The maximum loan amount is, however, also determined by factoring in the income ratio. To increase the loan amount, a spouse with a reliable income may be added as a co-borrower.
The bank offers a 5 year minimum payback time and a 30 year maximum payback period. Before the applicant is 75, the entire amount must be paid back. The payback period could be increased if the applicant would be receiving a pension after retirement.
Processing fees range from Rs. 5,000 to Rs. 10,000 plus taxes, or 0.50% of the loan amount.
Housing loans from South Indian Bank provide interest rates as low as 8.25% p.a.
Loan amount: A loan can be for any amount between Rs. 2 lakhs and Rs. 15 crores. [South Indian Bank Home Loan Interest Rate]
Security: A mortgage on the asset used to secure the loan serves as security.
The assessment is based on the annual balance in the SB Account for the previous 12 months if income verification is not available.
Existing clients and takeover accounts are qualified for a top-up loan of up to 20% of the approved home loan, or Rs. 25 lakhs, but they must have a solid track record.
The Home Loan Processing Fee from the South Indian Bank
The home loan’s processing cost is 0.50%. (excluding the GST)
Home Loan Interest Rate for South Indian Bank in 2022
The Repo Rate, also known as the External Benchmark-based Lending Rate (EBLR), which is now at 4.40%, and South Indian Bank’s home loan interest rate are closely related. The Repo Rate plus the Spread together make up the real interest rate on a mortgage. [South Indian Bank Home Loan Interest Rate]
The interest rates provided by South Indian Bank in relation to various programmes are compared in the table below.
Home loan types from South Indian banks
There are numerous programmes to meet the various needs.
1) SIB Mortgage
This is a standard home financing programme that is available to all qualified salaried employees and independent contractors.
2) The New HL Borrowers Program
This plan is intended to cover costs associated with the acquisition of furniture, appliances, electrical products, computer equipment, modular kitchens, and other home furnishings for new residential buildings or units, or a combination of these needs.
3) Current Customer Housing Loan Program
This plan is intended to cover the expense of replacing the aforementioned items. [South Indian Bank Home Loan Interest Rate]
Who Qualifies for the Home Loan Program of the South Indian Bank?
The following people are eligible for home loans from South Indian Bank:
Paying customers: Employees of respected public and private limited corporations, MNCs, PSUs, the government, and publicly traded businesses.
Self-employed professionals (SEPs) architects, engineers, CAs, CSS, and ICWAs
Examples of self-employed non-professionals include manufacturers, wholesalers, retailers, traders, and service providers (SENP). [South Indian Bank Home Loan Interest Rate]
Senior citizens and retired farmers
Age restrictions have been placed by the bank at 21 to 75.
To apply for a home loan, the applicant must already have an account with South Indian Bank.
The borrower must make a declaration saying that they intend to use bank finance to construct a home on the relevant plot in the event that the plot is purchased and construction doesn’t start right away.
The repurchased property shouldn’t be more than 20 years old.
For paid people, professionals who work for themselves, and unemployed people, different metrics have been set forth to examine the applicant’s financial stability. Salaried employees must provide proof of employment, whereas professionals who work for themselves and business owners must have been in operation for at least two years. [South Indian Bank Home Loan Interest Rate]