South Indian Bank Home Loan Eligibility Criteria
Your housing loan eligibility is assessed based on age, income stability, credit profile, and repayment capacity.
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Eligibility Parameter
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Details
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Age (Applicant)
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21–70/75 years (loan maturity criteria)
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Employment Type
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Salaried, Self-employed, Agriculturist, Pensioner, NRI
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Minimum Income
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Generally assessed based on applicant's income & repayment capacity
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Credit Score
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Preferably good score (higher score improves eligibility)
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Loan-to-Value (LTV)
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Up to ~90% (subject to bank terms)
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Fixed Obligation-to-Income Ratio (FOIR)
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Typically considered (max ~70%)
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Property Type
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Residential property (purchase/construct/renovation)
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Nationality
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Indian residents & NRIs eligible (with applicable docs)
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South Indian Bank Home Loan Schemes
Borrowers can compare home loan schemes India wide and choose from multiple offerings:
Standard Home Loan: For purchase, construction, or renovation of residential property with flexible tenure and competitive interest rates.
Affordable Housing Loan: Designed for affordable homes with borrower-friendly terms and easier eligibility.
Balance Transfer (Home Loan Takeover): Transfer your existing home loan from another lender to avail better interest rates and repayment terms.
Top-Up Home Loan: Additional funding over an existing home loan for renovation or personal requirements.
NRI Home Loan: Specially structured home loans for Non-Resident Indians with attractive tenure options.
Surrogate Program: Eligibility assessed based on average bank balance for borrowers with limited or no formal income proof.
Documents Required for South Indian Bank Home Loan
Understanding home loan documentation in advance ensures faster approval.
| Category |
Required Documents |
| Application & Photos |
• Completed & signed loan application • Passport-size photos of applicant(s) & co-applicant(s) |
| Identity & Address Proof |
• PAN Card • Aadhaar Card/Passport/Voter ID/Driving Licence |
| Income Proof – Salaried |
• Latest 3–6 months' salary slips • Latest 2 years' ITR/Form-16 • Last 6 months' bank statement |
| Income Proof – Self-Employed |
• ITRs (last 2–3 years) with computation • Profit & Loss account and Balance Sheet (for business) • Last 6 months' bank statements |
| Property Documents |
Last 3 months’ salary slips + Form 16 + 6 months bank statements |
Last 2–3 years ITR + CA-certified income computation + 6–12 months bank statements
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| NRI Applicants |
• Passport, Visa/Work permit • NRE account statements & salary remittance proof |
Tax Benefits on South Indian Bank Home Loan
Section 24(b): Deduction of up to ₹2 lakh per year on home loan interest for a self-occupied property
Let-Out Property: Full interest paid on the home loan may be claimed as deduction (as per tax rules)
Section 80C: Deduction of up to ₹1.5 lakh per year on principal repayment, subject to overall limits
Section 80EE / 80EEA: Additional interest deduction for eligible first-time homebuyers
Overall Benefit: Helps lower taxable income and reduces the effective cost of the home loan
(Tax benefits are subject to prevailing income tax laws and borrower eligibility.)
South Indian Bank Home Loan Processing Fees & Other Charges
South Indian Bank home loans come with a processing fee of ~0.50% of the loan amount (plus GST), subject to a minimum of around ₹5,000 and a maximum of about ₹10,000 plus taxes. Apart from processing fees, borrowers may also incur penal interest (around 2% p.a.) on overdue EMIs if payments are late. Prepayment or foreclosure charges are often nil for floating rate loans but may vary if closed from own sources before a certain period. Additionally, standard legal, valuation and documentation costs may apply as part of loan processing. Always check the bank's latest terms at the time of application.