South Indian Bank Home Loan – Interest Rates 2024, EMI Eligibility Calculator
South Indian Bank Home Loans: Get Details on SIB housing loan Products, Interest Rates, Documents, Eligibility, EMI and Processing Fees. South Indian Bank Offers Home loans for NRI, Senior Citizens and SIB Shield Like Services to the Peoples.
Purpose of the loan:
✓ Purchase of Flat or House
✓ Construction of Flat for own use or House
✓ Purchasing land & constructing a House #
✓ For major repair, renovation, extension or improvement of flat or house.
✓ Takeover of Housing loans from other banks & reputed housing finance companies.
✓ Reimbursement of investments already made by the borrower provided the investment has taken place within one year.
Salient Features of South Indian Bank home loans are
✓ Same Rate of Interest. Base Rate irrespective of loan amount/age/period/purpose.
✓ No Upper Limit for Home Loans
✓ Flexible Repayment options
Margin of loan : 10 to 25 %
Repayment ( including holiday) : Minimum 5 years & Maximum 20 years by Equated Monthly Instalments(EMIs).
Holiday / Moratorium for repayment – 3 to 36 months ( as applicable)
Upfront Charges – Maximum Rs 10000/-
South Indian Bank Home Loan Interest Rates 2024
Interest Rates starts from 9.60% to 11.10%. Depends on customer cibil score.
SIB Home Loan EMI Calculator
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Here’s the example – Rs.20 Lakh Home loan @ 9.60% rate of interest for 20 years.
✓ Calculated Monthly EMI – 18,773
✓ Total Amount with Interest – 45,05,621
✓ Total Interest Amount – 25,05,621
Eligibility Crieteria or How Much Loan amount you are eligible:
Salaried Class
| Target Group | Employees of MNCs, State/Central Govt, IT Companies etc |
| Eligible Loan Amount | 60 times of Net Monthly Income |
| Period of Repayment | 30 years/Till 75 years of age |
Business Class
| Target Group | Self Employed, Business people |
| Eligible Loan Amount | 5 times of average gross income as per IT returns. |
| Period of Repayment | 30 years/Till 75 years of age |
Next Gen
| Target Group | Professionals with net monthly income of Rs 60000/- |
| Eligible Loan Amount | 75 times of Net Monthly Income |
| Period of Repayment | 30 years/Till 60 years of age |
Agriculturists
| Target Group | Persons whose main source of income is Agriculture. |
| Eligible Loan Amount | 5 times of average gross income |
| Period of Repayment | 30 years/Till 75 years of age |
NRIs
| Target Group | NRI individual/jointly with NRI or resident spouse. |
| Eligible Loan Amount | 50 times of average monthly remittance. |
| Period of Repayment | 20 years/Till 70 years of age |
Senior Citizens
| Target Group | Pensioners/HNIs without pension |
| Eligible Loan Amount | 60 times of Monthly pension/5 times of Gross total income. |
| Period of Repayment | 20 years/Till 75 years of age |
## conditions apply
Other Products of South Indian Bank:
SIB Home Loan
SIB Doctor Loan
SIB Vehicle Loan
SIB Gold Loan
SIB Flexi Loan
SIB Personal Loan
