At South Indian Bank, we provide hassle-free Home Loans enabling you to achieve your dream home. Whether you are buying, constructing, or renovating, we offer the best financing solutions made just for you.
Discover more about the benefits of SIB Home Loan
SIB brings you exciting offers on interest rates, processing fees, and payment
options for your Home Loan. Watch this space for more.
SIB offers affordable EMI plans with a reasonable interest rate and flexible repayment options
SIB is one of the first lenders to offer digital documentation to customers so they can apply for Home Loans from the comfort of their homes. This includes automated sanction letter and end-to-end digital documentation complying with all legal and evidentiary requirements
SIB has tied up with 3 power houses in general insurance - Bajaj Allianz General Insurance Company, New India Assurance Company and ICICI Lombard General Insurance Co. Ltd, to bring you the safest insurance products to protect and preserve your dream home
The loan protection scheme for housing loan account holders at SIB covers accidental death, permanent total disability, loan protection cover, EMI payment option, coma due to accidental bodily injury, children’s educational benefit, air ambulance and road ambulance facility
If pensionable, SIB extends the repayment period beyond retirement
In case income documents are not available, SIB assesses the average bank balance of the last 12 months (excluding months with the lowest and highest average bank balances) in the personal account
SIB provides 20% of the existing loan amount (at the time of sanction) or 25 lacs, whichever is lower, to regular customers or ones with a regular repayment track history for at least 12 months
The home loan facility will be offered as Drop Line OD to offer more interest saving to the client in comparison to the term loan format even under normal course, in addition, interest expense can be further saved by parking the surplus fund in the account without affecting liquidity.
The EMI amount may differ if there is a holiday period.
40,280
46,67,118
96,67,118
Of course. We have a home loan scheme for retired senior citizens (selected categories). The target group is senior citizens drawing monthly pension. You can also take full benefit of the income tax rules by availing loan under this scheme.
You can click here to view SIB’s housing loan interests. The interest is worked out on the reducing balance. The option once exercised between floating and fixed rate cannot be changed.
Yes, you can avail loans for flats under construction wherein the project may be approved by the bank.
Resident Indians:
Non-Resident Indians
21 years
65 years
30 years; subject to conditions
730 CIBIL
Score 0/-1 (without any track record may be considered subject to conditions)
The Pradhan Mantri Awas Yojana (PMAY) (URBAN) - Housing for All was a mission that was launched by the Government of India with the aim of boosting home ownership. The PMAY scheme caters to the Economically Weaker Section (EWS)/Lower Income Group (LIG) and Middle Income Groups (MIG) of the society, given the projected growth of urbanization and the consequent housing demands in India
Benefits:
Credit Linked Subsidy Scheme (CLSS) under PMAY makes the Home Loan affordable as the subsidy provided on the interest component reduces the outflow of the customer on the Home Loan. The subsidy amount under the scheme largely depends on the category of income that a customer belongs to and the size of the property unit being financed
Yes. Holiday period may be allowed by bank subject to following conditions:
For ready to occupy – Maximum 3 months
For individual Houses under construction – Maximum 18 months
Yes, you can avail loan for purchase of land and construction subject to following conditions:
After purchase of land, an approved plan and permit for construction is to be submitted within 6 months. Construction to start within 12 months from the date of availing the loan for purchase of plot. Maximum allowed holiday period is 18 months from the date of availing loan for purchase of plot.
There is an option for borrowers to service interest during holiday period or fund the interest during holiday period
In addition to the below documents, all other documents for legal clearance as required by the bank’s panel advocate
*Reimbursement of Expenses incurred within two years for Flats/Villas under Construction are also allowed
Salaried Class (Resident)
Business/Self Employed (Resident)
NRI Salaried
NRI Business
Agriculturists
Senior Citizen/Pensioners
In addition to the above documents, all other documents for legal clearance as required by the bank’s panel advocate
SIB partners with developers and constructors to verify and approve projects to provide easy and simple loan processing.
Thrissur, Kerala
Kochi, Kerala
Kuriachira, Thrissur
