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South Indian Bank home loans are availed for purchase of ready to occupy houses/flats or houses under construction. Less documentation required with low processing fees. No prepayment penalties are needed. Check other eligibility criteria for free on CreditMantri.
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One of the earliest banks in South India, "South Indian Bank" came into being during the Swadeshi movement. The establishment of the bank was the fulfillment of the dreams of a group of enterprising men who joined together at Thrissur, a major town (now known as the Cultural Capital of Kerala), in the erstwhile State of Cochin to provide for the people a safe, efficient and service oriented repository of savings of the community. They now operate with 851 branches, 52 extension counters, 4 service branches and 1313 branches across India.
Home Loan is offered to individuals who wish to construct or buy a house. The property bought or about to be constructed is mortgaged as collateral until the repayment of the loan is completed with full interest. The repayment of the loan generally depends on the capacity of the borrower. Normally, the home loan tenure ranges between 5 to 30 years. The borrower can opt for either floating type of interest of fixed interest rate. Home loan provides tax benefits to the borrowers.
Being one of the largest bank in India, South Indian Bank offers a wide range of services in the personal loan segment. It is one of the most preferred bank in India by all kinds of people for any financial service. Packed with exclusive benefits, South Indian Bank Home Loans are tailor made catering to the needs of various customers.
To avail the personal loan from South Indian Bank, you need to have the following eligibility criteria.
3. Next Gen
6. Senior Citizens
Prepayment Charges: Nil
Processing Fees: Maximum Rs 10000/-
Interest Rates: 9.10%
Important documents to be submitted while applying for personal loans with South Indian Bank
Your South Indian Bank personal loan can be repaid in following three ways.
Standing Instruction (SI):
If you are an existing account holder with South Indian Bank, Standing Instruction is the best mode of repayment. Your EMI amount will be debited automatically at the end of the monthly cycle from the South Indian Bank account you specify.
lectronic Clearing Service (ECS):
This mode can be used if you have a non-South Indian Bank account and would like your EMIs to be debited automatically at the end of the monthly cycle from this account.
Post-Dated Cheques (PDCs):
You can submit post-dated EMI cheques from a non-South Indian Bank account at your nearest South Indian Bank Loan Centre. A fresh set of PDCs will have to be submitted in a timely manner. Please note Post Dated Cheques will be collected non-ECS locations only.It is recommended that you opt for either the SI or ECS mode of payment for faster and less prone to error than the use of PDCs.
You can either apply online or visit a nearby South Indian Bank branch for the application. You can also download the home loan application form from the South Indian Bank official website, complete the form and submit it the bank representative.
Alternatively you can also check your eligibility for a home loan through CreditMantri and apply for it.
This is probably the only bank that provides several home loan products in India. With attractive interest rates, the bank caters to the needs of various sections of people. You can also pre-close the home loan with the prepayment for which no penalty is levied. Overall, the bank offers the best deal on home loans.
1. What are processing fees on South Indian Bank Home Loans?
Maximum of Rs. 10000
2. Is there penalty for prepaying the South Indian Bank Home Loan?
No penalty is levied for prepaying the South Indian Bank Home Loan?
3. Can I get South Indian Bank Home Loan without a Guarantor?
Guarantor is required in some cases
4. What is the maximum loan repayment period for South Indian Bank home loans?
The maximum repayment period is 30 years
5. How Can I apply for an South Indian Bank home loan?
You can either apply online or visit a nearest South Indian Bank branch and take the help of the bank’s representative.
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