Yes, keeping up with the reduction in home loan rates by top lenders, South Indian Bank also has lowered its home loan rate. Established during the Swadeshi movement, the South Indian Bank is one of the top banks in South India, especially in the state of Kerala. The changing market dynamics have led the South Indian Bank to reduce its home loan rates. The bank currently provides home loans starting from 8.05% p.a. for a maximum tenure of 30 years.
Features and Benefits of South Indian Bank Home Loan
- Available to salaried/self-employed/agriculturists/senior citizens/pensioners/Non-resident Indians
- A minimum credit score of 730 is required for home loan eligibility
- The age of the borrower should be between 21 years – 75 years
- Loan repayment tenure ranging from 5 years - 30 years
- The loan amount available is between Rs. 2 lakhs – Rs. 15 crores depending on the home loan applied for and the purpose
- LTV up to 90% based on the loan value
- Processing fees is 0.50% of the loan amount (Minimum Rs. 5,000 plus Service Tax; Maximum Rs. 10,000)
- The penalty is at 2% p.a. for the defaulted loan amount for the period of default
- Collateral applied will be mortgage of land and building to be constructed/purchased
- The repayment period can be extended beyond retirement for pensioners
- Surrogate Program available
- Top-up Loan available for existing customers as well as for taking over accounts with applicable terms and conditions
Points to Remember:
South Indian Bank Home Loan rates are one of the lowest home loan rates in the market. Having a good credit score will increase the eligibility of the borrower to get South Indian Bank home loans