South Indian Bank Home Loans Rates
South Indian Bank home loans rates are one of the best rates that are offered by private sector commercial banks in India. When you’re seeking a really affordable rate home loan for purchasing your dream home, you should think about a South Indian Bank home loan.
About South Indian Bank Home Loans Rates
South Indian Bank home loans rates are one of the best rates that are available in the Indian home loan market. The table given below will give you a good idea about South Indian Bank home loans rates:
| Serial No: | Category | Rate of interest |
| 1 | Home Loan Scheme (Resident/Non Resident Indians) (Upto 30 Lakhs and upto 5 years) | Base Rate + 3.4% |
| 2 | Home Loan Scheme (Resident/Non Resident Indians) (upto 30 Lakhs and Over 5 years) | Base Rate + 3.65% |
| 3 | Home Loan Scheme (Resident/Non Resident Indians) (Over 30 Lakhs and upto 5 years) | Base Rate + 3.9% |
| 4 | Home Loan Scheme (Resident/Non Resident Indians) (Over 30 Lakhs and Over 5 years) | Base Rate + 4.15% |
| 5 | Home Loan Scheme for Senior Citizens (Upto 30 Lakhs and upto 5 years) | Base Rate + 2.9% |
| 6 | Home Loan Scheme for Senior Citizens (Upto 30 Lakhs and Over 5 years) | Base Rate + 3.15% |
| 7 | Home Loan Scheme for Senior Citizens (Over 30 Lakhs and upto 5 years) | Base Rate + 3.4% |
| 8 | Home Loan Scheme for Senior Citizens (Over 30 lakhs and Over 5 years) | Base Rate + 3.65% |
| 9 | SIB Shelter * (Upto 30 lakhs and upto 5 years) | Base Rate + 3.4%* |
| 10 | SIB Shelter# (Upto 30 lakhs and Over 5 years) | Base Rate + 3.65%# |
| 11 | SIB Shelter* (Over 30 lakhs and upto 5 years) | Base Rate + 3.9%* |
| 12 | SIB Shelter# (Over 30 lakhs and over 5 years) | Base Rate + 4.15%# |
| * In case of the first 18 months discount is 3.00%, then 18 months discount is 2.00%, there is no discount from 37th month. | ||
| # In case of the first 18 months discount is 3.25%, then 18 months discount is 2.25%, there is no discount from 37th month. | ||
The interest charged during holiday period or moratorium period can be financed or serviced at the discretion of the borrower at the time of the approval of the loan.
Processing fee on South Indian Bank home loans
You need to pay a lump sum processing fee which is 0.50% of the loan amount.
Prepayment penalty on South Indian Bank home loans
The prepayment penalty on South Indian Bank home loans will be imposed in the following manner:
- In case you prepay the loan from your own funds after a period of 2 years, you will not have to pay any prepayment penalty
- In case you prepay the loan from your own funds ahead of 2 years, you need to pay 1% of the amount prepaid as penalty.
- In case the loan is prepaid by means of take over by other banks or financial institutions, you need to pay 2% of the amount prepaid as penalty.
Penal interest on South Indian Bank home loans
You need to pay penal interest @2% on the amount that you failed to pay up during the entire period of default.
The terms and conditions of South Indian Bank are subject to change from time to time according to the discretion and specification of the bank. Interest rates can also vary without prior notification.
Last Updated On: 2011/05/04
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