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South Indian Bank Home Loans
South Indian Bank home loans are top-notch housing finance products offered by South Indian Bank, one of the top banks in India. These home loans come with attractive rates and terms that rightly suit the budgets of the borrowers.
About South Indian Bank home loans
South Indian Bank home loans are available in India with one of the most competitive terms and conditions. The target groups for South Indian Bank home loans are individuals or individuals together with spouses. Given below are important details concerning these loans that will help you make a well-informed borrowing decision:
Purpose of South Indian Bank home loans
You can avail a South Indian Bank home loan and use it for any of the following purposes:
- Construction of house or flat for personal use
- Purchase of house or flat
- For renovation, principal repair, upgradation or extension of house or flat.
- Purchase of a plot of land and building a house thereon
- Repayment of loans already taken by the borrower given that the borrowing took place within last 12 months.
- Taking over of home loans from other banks and prestigious housing finance providers.
Amount of finance
The maximum amount of finance that you can get as a South Indian Bank home loan is Rs.1 crore.
In case of maintenance/renovation/extension/principal repair/upgradation, the maximum loan amount available is Rs.10 lakhs.
Margin for South Indian Bank home loans
In case of purchase of an old house or renovation of current house, the margin is 30% of the cost.
In case of purchase of a plot and building a house thereon or purchase of readymade flat or house or construction of new home, the margin is 25% of projected cost.
Security for South Indian Bank home loans
Land and property under equitable mortgage will work as primary security against the loan.
Repayment of South Indian Bank home loans
The minimum period of repayment of a South Indian Bank home loan is 5 years and the maximum period of repayment of this loan is 20 years. The repayment period includes repayment holidays as applicable. You can pay off the loan through EMIs (Equated Monthly Installments).
Holiday period/moratorium period for South Indian Bank home loans
The maximum moratorium period/holiday period for a home loan offered by South Indian Bank is as follows:
- In case of newly constructed homes, the maximum moratorium period or holiday period is 12 months.
- In case of readymade flat or house, the maximum moratorium period is 3 months
South Indian Bank home loans have all the features and benefits that a modern day home loan product should have. You should contact your nearest branch to get more details on these loans.
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