South Indian Bank Home Loan Interest Rate

Last Updated : Feb. 8, 2025, 12:58 p.m.

Looking to own your dream home with South Indian Bank? South Indian Bank home loan interest rates are competitive, making it a popular choice for many prospective homeowners. Whether you're buying a new house, renovating your existing property, or refinancing, their flexible home loan options come with attractive rates and terms. With easy eligibility criteria and a hassle-free application process, South Indian Bank ensures a smooth journey toward your home ownership goals.

Let’s explore the details of their home loan interest rates and the benefits that come with them.

South Indian Bank Home Loan Interest Rates March 2025

Here are the latest home loan interest rates of South Indian Bank of 2025, that might be helpful for you. Understand the table to know them -

Purpose of South Indian Bank Home Loan

Some of the purposes of South Indian Bank are mentioned below -

• Purchase of ready-to-occupy or repurchase house (up to 30 years old).
• Purchase of ready-to-occupy or repurchase flat (up to 20 years old).
• Purchase of land and construction of a house (requires borrower’s declaration for future construction).
• Purchase of flat or residential units under construction in bank-approved housing projects.
• Additions to house/flat/residential units (with available plans/permits; no loan limit).
• Alteration, repair, or reconstruction of house/flat.
• Reimbursement of expenses within two years for flats under construction or ready-to-occupy homes, with conditions:
• Reimbursement for ready homes: within 1 year from handover.
• Reimbursement for under-construction flats: within 2 years from project launch.
• Reimbursement for individual houses within one year of occupancy certificate issuance.
• Reimbursement for repairs/alterations/additions within one year.
• Takeover of housing loans.

Features of South Indian Bank Home Loan

These are some of the features of South Indian Bank Home loan -

• Security: Mortgage of land and building to be constructed/purchased.

• Repayment: Can extend beyond retirement for pensionable individuals.

• Surrogate Program: Assessment based on the last 12 months' average bank balance (excluding the highest and lowest months) if income documents are unavailable.

• Top-up Loan: Available for existing customers with 12 months of regular repayment, subject to conditions.

Target Audience Of South Indian Bank Home Loan

Below are the target customers eligible for the South Indian Bank Home Loan. Read to know more about it -

• Resident Indian

• Salaried

• SENP (Self-employed non-professionals): Manufacturers, Traders, Wholesalers, Retailers, Service Providers

• SEP (Self-employed professionals): Doctors, CA, CS, ICWA, Architects, Engineers, IT professionals, Start-ups

• Agriculturist

• Senior Citizen / Pensioner

• Non-Resident Indian (NRI)

• Hindu Undivided Family (HUF)

Eligibility Criteria For South Indian Bank Home Loan

Here is the list of who all are people eligible to apply for the South Indian Bank Home Loan -

• Age - The Minimum age should be 21 years and the maximum age at the time of maturity of the loan will be 65 Years.

• Applicants - The applicant can be salaried, self-employed, agriculturist, or a business professional.

• Nationality - The applicant can be Indian or NRI.

Calculate Monthly EMIs of South Indian Bank Loan

To calculate your South Indian Bank EMIs at various interest rates, use the online Home Loan EMI calculator for a quick and easy calculation.

You can simply put the following details -

• Loan Amount

• Tenure

• Interest Rate

For Ex: The table below displays the equal monthly payments (EMIs) for a Rs. 120,00,000 home loan with interest rates ranging from 8.70% up to 11.70% annually for terms of one to 30 years. You can change the loan amount and other details to suit your needs.

Document List For South Indian Bank Home Loan

These are the list of documents that are needed while applying for the South Indian Bank Home Loan -

For the Construction of a Residential House on Own Land

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

For the Purchase of Land with a Residential House

• Sale Agreement
• Approved Building Plan/Permit (if available)
• Latest Building & Land Tax Receipts
• Location Sketch from Village/Revenue Office
• Possession Certificate from Village/Revenue Office

For Purchase of Land & Future House Construction

• Sale Agreement
• Construction Estimate (if available)
• Self-declaration of estimated cost & proposed area
• Location Sketch from Village/Revenue Office
• Possession Certificate from Village/Revenue Office
• Latest Land Tax Receipt

For Purchase of a Ready-to-Occupy Flat

• Sale Agreement
• Approved Building Permit/NOC from Local Body
• Latest Building & Land Tax Receipts
• Completion/Occupancy Certificate (if purchasing from builder)
• Location Sketch & Possession Certificate from Village/Revenue Office.

Some Other List of Documents That are Required by Every Individual Who is Applying for a Home Loan -

KYC Documents

• Two passport-size photos of the applicant, co-applicant, and guarantor.
• Identity Proof : Passport, Voter ID, Driving License, PAN Card, or Aadhaar Card.
• Address Proof : Passport, Voter ID, Driving License, PAN Card, or Aadhaar Card.
• For NRIs : Copy of VISA, Passport, Work Permit, or ID Card.

Income Documents

For Salaried (Resident)

• Minimum 3 latest salary slips (6 if income is variable) or latest Salary Certificate.
• Latest 2 years ITR with Computation or Form 16.
• Last 6 months' bank statement with at least 5 salary credits.

For Business/Self-Employed (Resident)

• Latest 2 years' ITRs with Computation Sheet, Profit & Loss Account, and Balance Sheet.
• Proof of business ownership.
• Last 6 months' bank statement.

For NRI Salaried

• Salary Certificate & employment contract or embassy-attested salary certificate.
• Latest 1-year NRE account statement in India and/or resident spouse’s account with regular remittance.
• Salary credit account statement for the last 1 year.

For NRI Business

• Valid proof of business & financials.
• Latest 24 months' overseas personal bank account statement with regular income credits.
• Latest 24 months' NRI account statement in India with regular remittances.

For Agriculturists

• Latest 2 years' ITR with Computation Sheet.
• Latest agricultural land tax receipts.
• Last 1 year’s savings bank account statement.

For Senior Citizens/Pensioners

• Pension order copy.
• Last 6 months' pension credit account statement.
• Last 1 year’s savings bank account statement.

Other Fees/Charges of South Indian Bank Home Loan

Here are the additional fees/charges of South India Bank Home Loan which are applied while availing for the home loan apart from the interest rates. Make sure to read and go through them properly before applying for the loan -

Conclusion

Whether you're purchasing, constructing, or renovating a home, South Indian Bank provides a reliable and customer-friendly financing option to fulfill your housing needs. South Indian Bank home loan interest rates make homeownership more accessible and affordable. With flexible repayment options, attractive interest rates, and customized loan solutions for salaried individuals, self-employed professionals, NRIs, and pensioners, the bank ensures a smooth borrowing experience.