South Indian Bank Home Loan

Last Updated : April 9, 2025, 5:52 p.m.

Established in 1929 and headquartered in Thrissur, Kerala, South Indian Bank is one of India’s oldest private sector banks. Known for its customer-centric services and strong presence in South India, the bank offers a wide range of financial products, including personal, corporate, and digital banking solutions. South Indian Bank offers affordable and flexible home loan solutions for individuals planning to purchase, construct, or renovate their dream homes. With competitive interest rates, simplified documentation, and repayment tenures of up to 30 years, South Indian Bank Home Loan is designed to make homeownership easier and more convenient for both salaried and self-employed applicants.

South Indian Bank Home Loan Interest Rate Details

Here are the latest South Indian Bank Home Loan Interest Rates and other home loan details -

Eligibility of South Indian Bank Home Loan

The eligibility criteria for the South Indian Bank Home loan application are mentioned below. To know more the same make sure to go through the list for each segment -

Eligible Applicants:

Resident Indians:

• Salaried Individuals
• Self-Employed Non-Professionals (SENP): Traders, Retailers, Manufacturers, Service Providers
• Self-Employed Professionals (SEP): Doctors, CAs, CS, Architects, Engineers, IT professionals, Start-ups
• Agriculturists
• Senior Citizens / Pensioners
• Non-Resident Indians (NRIs)
• Hindu Undivided Families (HUFs)

Age Criteria:

• Minimum Age: 21 years
• Maximum Age at Loan Maturity: 65 years

Loan Amount:

Minimum:

• Rs 10 Lakhs (NRIs)

• Rs 5 Lakhs (Others)

Maximum:

• Rs 1,500 Lakhs (General)

• Rs 100 Lakhs (Surrogate Program)

• Rs 50 Lakhs (Repairs & Renovation)

• Rs 100 Lakhs (NRI Business Class)

Loan Tenure:

• Minimum: 5 years
• Maximum:
• Salaried: Up to 30 years or till retirement (whichever is earlier)
• Business Class / Agriculturist: Up to 30 years or age 65 (whichever is earlier)

NRI:

• Salaried: Up to 20 years or retirement age
• Business Class: Up to 20 years or age 65
• Senior Citizen / Pensioner: Up to 20 years or age 65

Surrogate Program: Up to 20 years or age 65

Documents Required for South Indian Bank Home Loan

Here’s a concise version of the mandatory documents required for a South Indian Bank Home Loan, categorized by loan purpose:

General Requirement:

• Any additional legal documents as required by the bank’s panel advocate.

Construction of a House on Own Land:

• Approved building plan & permit
• Construction estimate
• Location sketch (village/revenue office)
• Possession certificate
• Latest land tax receipt

Purchase of Land with House:

• Sale agreement
• Approved plan
• Latest land & building tax receipts
• Location sketch
• Possession certificate

Purchase of Land & Construction Later:

• Sale agreement
• Self-declaration (estimate & proposed area)
• Location sketch
• Possession certificate
• Latest land tax receipt

Purchase of Ready-to-Occupy Flat:

• Sale agreement
• Latest building tax receipt
• Completion/occupancy certificate (if from builder)

Purchase of Flat Under Construction:

• Agreement for sale & construction
• Approved plan & permit
• Tripartite agreement (before disbursal)
• Statutory approvals (PCB, Fire, Aviation, etc.)
• NOC from project financing bank (if applicable)

Repairs/Renovation/Extension:

• Estimate for repairs
• Approved plan & permit (if required)
• Latest land & building tax receipts

Takeover of Existing Home Loan:

• Sanction letter for the existing loan
• Last 12 months’ loan account statement
• Valid approvals (under-construction) or tax receipts (completed)

Reimbursement – New House Construction:

• Occupancy certificate / Tax demand notice
• Engineer certificate (investment proof)
• Approved plan
• Location sketch
• Possession certificate
• Latest land tax receipt

Reimbursement – Renovation:

• Engineer certificate (investment proof)
• Certificate from a licensed engineer (within 1 year)
• Latest land & building tax receipts
• Location sketch
• Possession certificate

Reimbursement – House/Flat Purchase:

• Sale deed copy
• Latest building & land tax receipts

Other Required Documents

• KYC Documents of the applicant, co-applicant, and guarantor
• Two passport-size photographs of each (applicant/co-applicant/guarantor)
• Identity Proof: Aadhaar Card, PAN Card, Passport, Voter ID, or Driving License.
• Address Proof: Passport / Voter ID / Driving License / PAN Card / Aadhaar Card
• For NRI Applicants: Copy of Visa, Passport, Work Permit, and ID Card

Income Documents

Business / Self-Employed (Resident)

• Latest 2 years' ITRs with Computation of Income
• Proof of Business
• Last 6 months’ bank account statements

NRI – Salaried

• Salary Certificate and Employment Contract
• Last 1 year NRE account statement and/or spouse’s resident account statement with regular remittances
• Or, Salary credit account statement for the last 1 year

NRI – Business

• Valid Business Proof and Financials
• Bank statement of overseas personal account for the last 24 months showing consistent income.
• Last 24 months' NRI account statement with any bank in India showing remittances

Agriculturists

• Latest 2 years’ ITRs with Computation Sheet
• The latest tax receipts for agricultural land
• Last 1 year’s savings bank account statement

Senior Citizens / Pensioners

• Pension Order Copy
• Last 6 months' pension credit account statement
• Last 1 year’s savings bank account statement

Along with the above, any additional documents required for legal clearance as per the bank’s panel advocate must also be submitted.

How Can You Calculate EMI for South Indian Bank Home Loan?

A Home Loan EMI Calculator is a simple and effective online tool offered by South Indian Bank to help prospective borrowers estimate their monthly repayment amount for a home loan. It helps in planning finances and comparing different loan options by providing quick results based on key inputs.

Aarohi Menon, a 28-year-old graphic designer, wants to build a home for her family in Kochi. She requires an amount of Rs. 20 Lakhs for the same. She decides to approach South Indian Bank for a home loan. The bank checks her eligibility and finds her eligible for a home loan of Rs. 20 Lakhs. Aarohi is offered the said amount by the bank at an interest rate starting from 8.50% p.a. for a tenure of up to 25 years.

Here are her monthly EMIs for 25 years -

Fees/Charges of South Indian Bank Home Loan

The table below will show you the charges applicable to the home loan apart from the home loan interest rate .

Benefits of South Indian Bank Home Loan

Here are the best benefits of South Indian Bank's Home Loans. Make sure to go through them to know about their features -

• Affordable EMI - South Indian Bank offers affordable EMIs with competitive interest rates and flexible repayment options.
• Digital Documentation- South Indian Bank enables fully digital home loan processing—from application to automated sanction letter—allowing customers to apply from home while ensuring legal and evidentiary compliance.
• Home Insurance - In partnership with Bajaj Allianz, New India Assurance, and ICICI Lombard, South Indian Bank offers reliable insurance products to safeguard your dream home.
• Loan Protection Scheme - South Indian Bank’s housing loan protection plan covers accidental death, total disability, EMI cover, coma due to injury, education benefit for children, and ambulance services.
• Extended Repayment Period- For pensionable applicants, South Indian Bank allows repayment tenure to extend beyond retirement.
• Surrogate Program - When income documents are unavailable, South Indian Bank evaluates the average bank balance of the last 12 months (excluding the highest and lowest months) in personal accounts.
• Top-Up Loan for Existing Customers - Eligible customers with 12 months of regular repayment can get a top-up of up to 20% of their existing loan or Rs 25 lakhs—whichever is lower.
• Home Loan Overdraft Facility - South Indian Bank offers a Drop Line Overdraft facility, helping save on interest while allowing surplus funds to be parked without impacting liquidity.

Purpose of the South Indian Bank Home Loan

• Purchase of Ready-to-Occupy or Resale Flat/House (up to 20 years old
• Purchase of Land and Construction of a House
  (If construction is planned later, a declaration is required from the borrower confirming intent to build with bank finance.)
• Purchase of Flats/Villas Under Construction in Bank-approved housing projects
• Home Extension or Additions to Existing Property
  (No restriction on loan amount if estimate, plan, and permit are available — treated as new construction)
• Renovation, Alteration, or Reconstruction of a house/flat
• Reimbursement of Housing-Related Expenses
  • Within 2 years for construction-related expenses
  • Within 1 year of the handover date for ready-to-occupy flats/villas
• Balance Transfer or Takeover of Existing Home Loans from other banks or financial institutions.

Key Features of South Indian Bank Home Loan

• Loan Security : Mortgage of the land and the property being purchased or constructed.
• Post-Retirement Repayment : Repayment tenure may be extended beyond retirement age, provided the borrower is eligible for a pension.
• Surrogate Program : For applicants without income documents, eligibility is assessed based on the average bank balance of the last 12 months (excluding the highest and lowest months) in their personal account.
• Top-Up Loan Facility : Available for existing home loan customers with a consistent 12-month repayment history, subject to terms and conditions.

Summary!

South Indian Bank home loans are a reliable and affordable financing option for individuals looking to buy, build, or renovate a home. With flexible repayment tenures of up to 30 years, competitive interest rates starting from 8.50% p.a., and simple documentation processes, the bank ensures a smooth and accessible South Indian Bank journey to homeownership. Whether you're salaried, self-employed, an NRI, or a senior citizen, South Indian Bank offers the best solutions to meet diverse housing needs.