SIB Home Loan

Enjoy the Proud Ownership of Owning a Home

Owning a home is one of life’s most rewarding milestones, and at SIB, we’re here to make that dream a reality. Whether you’re looking to buy your home in a busy city or a serene town, we offer tailored home loan solutions to help you unlock the doors to your dream home. With our wide network of approved projects in popular cities and towns, owning your home has never been more accessible or affordable.

To qualify for a South Indian Bank Home loan, you need to meet the following criteria

Criteria	Details
Age	Minimum: 21 years Maximum: 70 years (at the time of loan maturity)
Loan Amount	Minimum: Rs. 10 Lakhs (NRIs) Rs. 5 Lakhs (Others) Maximum: Rs. 1500 Lakhs (NRI Business Class: Rs. 1 crore) Rs. 100 Lakhs (Surrogate Program) Rs. 50 Lakhs (Repairs & Renovations)
Loan Tenure	Minimum: 5 years Maximum: Salaried: Up to 30 years or until the date of retirement, whichever is earlier. Business Class & Agriculturist: Up to 30 years or until the borrower reaches 70 years, whichever is earlier. NRI: Up to 20 years or until the borrower reaches 70 years (for businessmen); or up to 20 years or until the date of retirement (for salaried class), whichever is earlier. Senior Citizen/Pensioner: Up to 20 years or until the borrower reaches 70 years, whichever is earlier. Surrogate Program: Up to 20 years or until the borrower reaches 70 years, whichever is earlier.
Loan-to-Value (LTV) Ratio	Loan amount up to Rs. 30 Lakhs – Get up to 90% of the property value Loan amount between Rs. 30 Lakhs and Rs. 75 Lakhs – Get up to 80% of the property value Loan amount above Rs. 75 Lakhs – Get up to 75% of the property value
Minimum Bureau Score	Minimum credit bureau score of 700 for salaried 730 for self-employed Applicants without a track record (score of 0/-1) are also acceptable.
Employment Norms / Business Vintage	Employment: Minimum 2 years of total employment with at least 1 year in current employment. Applicants with less than 1 year in current employment are acceptable if they have over 2 years of continuous employment. Business Vintage: Minimum 3 years in current business.

Check your home loan eligibility now and take the first step toward your dream home.

Prepare the following home loan documents required for a smooth application process

Identity proof - Aadhaar Card, Passport, Voter ID, or PAN Card.
Address proof - Utility bills, Aadhaar Card, Passport, or Rental Agreement.
Income proof - Latest salary slips, Form 16, IT returns, or last six months' bank statements.
Property documents - Sale deed, approved building plan, property tax receipts.
Employment proof - For salaried, self-employed, and professionals as applicable.

For a detailed list, refer the section below.
Here’s a detailed list of KYC, income and property documents required for different types of applicants, making it easier to gather everything you need based on your employment and residency status.

Document Type	Required Documents
KYC Documents
Identity Proof	Passport, Voter ID, Driving License, PAN Card, Aadhar Card
Address Proof	Passport, Voter ID, Driving License, PAN Card, Aadhar Card
Photos	Two passport-size photos of the applicant, co-applicant, and guarantor
Additional for NRI Customers	Copy of VISA, Passport, Work Permit, or ID Card (as applicable)
Income Documents
Salaried (Resident)
Latest 3 salary slips	(6 slips if income is variable)
Form 16 or ITRs	Latest 2 years Form 16 or ITRs with Computation
Bank Statements	Last 6 months' bank statement with a minimum of 5 salary credits
Business/Self-Employed (Resident)
ITRs with Financials	Latest 2 years personal ITRs with Computation, Profit & Loss, and Balance Sheet
Proof of Business	Business registration or related documentation
Bank Statements	Last 6 months’ bank account statement
NRI Salaried
Salary Certificate	Employment Contract or Embassy-attested Salary Certificate
Bank Statements	Last 1-year NRE account statement or spouse’s resident account with regular remittance OR Salary Credit account statement for last 1 year
NRI Business
Document Type	Required Documents
KYC Documents
Identity Proof	Passport, Voter ID, Driving License, PAN Card, Aadhar Card
Address Proof	Passport, Voter ID, Driving License, PAN Card, Aadhar Card
Photos	Two passport-size photos of the applicant, co-applicant, and guarantor
Proof of Business & Financials	Valid business proof and financial statements
Bank Statements	Last 24 months’ overseas bank account statements (Personal Name) showing regular income credits and Last 24 months NRI account statement in India with regular remittances
Agriculturists
ITRs and Computation	Latest 2 years ITRs with Computation Sheet
Tax Receipts	Latest tax receipts for agricultural land
Bank Statements	Last 1 year’s SB account statement
Senior Citizens/Pensioners
Pension Order Copy	Official pension documentation
Bank Statements	Last 6 months’ Pension Credit account statement and Last 1 year’s SB account statement

Here’s a comprehensive guide to the documents you’ll need based on the type of loan you’re applying for—whether it’s for construction, purchase, renovation, or reimbursement.

Loan Purpose	Required Documents
Construction of Residential House on Own Land	Approved Building Permit Approved Building Plan Construction Estimate Location Sketch (Village Office/Revenue Office) Possession Certificate (Village Office/Revenue Office) Latest Land Tax Receipt
Purchase of Land with Residential House	Sale Agreement Approved Building Plan/Permit (if available) Latest Building Tax Receipt Location Sketch (Village Office/Revenue Office) Possession Certificate (Village Office/Revenue Office) Latest Land Tax Receipt
Purchase of Land and Construction of House Later	Sale Agreement Construction Estimate from Engineer (if available) Self-Declaration from Applicant (approx. construction estimate and proposed area) Location Sketch (Village Office/Revenue Office) Possession Certificate (Village Office/Revenue Office) Latest Land Tax Receipt
Purchase of Ready-to-Occupy Flat	Sale Agreement Approved Building Permit/NOC from Local Body Latest Building Tax Receipt Latest Land Tax Receipt Completion/Occupancy Certificate (if purchased from builder) Location Sketch (Village Office/Revenue Office) Possession Certificate (Village Office/Revenue Office)
Purchase of Flat Under Construction	Registered Sale Agreement Construction Agreement (if applicable) Approved Building Permit/NOC from Local Body Tripartite Agreement (before loan disbursal) Statutory Approvals (e.g., Pollution Control, Fire and Safety, Aviation Clearance) NOC from Project Financing Bank (if applicable) RERA Certificate (if applicable) One-Time Builder Approval Latest Land Tax Receipt Location Sketch (Village Office/Revenue Office) Possession Certificate (Village Office/Revenue Office)
Repairs/Renovation/Extension	Repairs/Renovation Estimate Approved Plan and Permit/NOC from Local Body (if applicable) Latest Land Tax Receipt Latest Building Tax Receipt Location Sketch (Village Office/Revenue Office) Possession Certificate (Village Office/Revenue Office)
Takeover of Existing Housing Loan	Sanction Order of Existing Housing Loan Latest 12 Months Loan Account Statement Valid Approvals for Under-Construction Projects Tax Paid Receipt for Completed Projects
Reimbursement for Construction of New House	Occupancy Certificate/Tax Demand Notice (Local Govt. Body) Engineer Certificate (investment verification) Construction Estimate from Engineer Approved Building Plan/Permit Location Sketch (Village Office/Revenue Office) Possession Certificate (Village Office/Revenue Office) Latest Land Tax Receipt Latest Building Tax Receipt
Reimbursement for Renovation	Repairs/Renovation Estimate Certification by Licensed Engineer (renovation within the past year) Approved Building Plan and Permit/NOC from Local Body (if available) Latest Land Tax Receipt Latest Building Tax Receipt Location Sketch (Village Office/Revenue Office) Possession Certificate (Village Office/Revenue Office)
Reimbursement for Purchase of House/Flat	Sale Deed Copy Approved Building Plan and Permit/NOC from Local Body (if available) Latest Building Tax Receipt Latest Land Tax Receipt Copies of Approval Reimbursement allowed for Flats/Villas under construction for expenses incurred within two years

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Interest Rates

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Additional Charges

Processing fees - 0.50% +GST of the loan amount, subject to a minimum amount of Rs.10000.00 + GST
Penal Interest - 2% p.a. for the defaulted amount for the defaulted period.
Prepayment / Pre-closure charges - Nil

Click here for Service Charges

Fill in your details here and we will help you
OR

Submit application - Visit your nearest South Indian Bank branch to fill out the application form.
Verification and approval - Our team will review and approve your application.
Disbursement - Receive the loan amount to finance your home decor.

Use our Home loan EMI Calculator to estimate your monthly payments and effectively plan your finances.

With competitive rates, minimal charges, and flexible terms, South Indian Bank’s home loan is crafted to support you every step of the way. Explore these features and take the first step towards owning your dream home today.

Frequently Asked Questions

To get answers to the frequently asked queries

You can apply for a home loan by visiting the nearest South Indian Bank branch or click here to apply online.

Your home loan eligibility assessment is based on the FOIR concept (fixed obligations to income ratio). The maximum FOIR @ 70% will be applied on your net salary for arriving the permissible obligation and existing obligation if any will be excluded for arriving at your home loan EMI .

Applicable for old tax regime & not for new tax regime
There are tax benefits for the principal amount and the interest paid on a home loan.
Principal Amount: You can avail a maximum deduction of Rs 1.5 lakh under Section 80C of the Income Tax Act. This applies to the repayment of the principal amount on your home loan.
Interest Paid on Home Loan: Section 24B of the Income Tax Act allows you to claim a deduction of up to Rs 2 lakh on the interest paid for your home loan.

Deductions	Section	Maximum Deduction (INR)	Conditions
Principal	80c	1.5 Lakh	House property should not be sold within 5 years of possession.
Interest	24b	2 Lakh	The loan must be taken for the purchase/construction of a house, and the construction must be completed within 5 years from the end of the financial year in which the loan was taken.
Stamp Duty	80c	1.5 Lakh	It can be claimed only in the year these expenses are incurred.

You can avail of loans for the

Construction of a new house in already owned plot
The purchase of a flat/house/villa
Purchase of land & construction

Additionally, you can avail a loan for

Repairs & renovation/extension of the home

Here are the documents required to apply for a home loan
KYC Documents:

Two passport-size photos of the applicant/co-applicant and the guarantor.
Identity Proof – Passport/Voters ID/Driving License/PAN Card/ Aadhar Card.
Address Proof - Passport/Voters ID/Driving License/PAN Card/ Aadhar Card.
Copy of VISA, Passport, Work Permit, ID Card (Applicable for NRI customers).

Income Documents
Salaried Class (Resident)

Min 3 latest salary slips (min 6 pay slips in case monthly income is variable) / Latest Salary Certificate.
Latest 2 Years ITR with Computation/ Form 16 for the last 2 Years.
Minimum last 6 months’ bank statement with a minimum of 5 salary credits.

Business/Self Employed (Resident)

Latest two years personal ITRs supported by Computation sheet, Profit & Loss account and Balance sheet.
Proof of Business.
Last 6 months Bank account statement.

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