Table of Content
Minimum last 6 months bank statement with min 5 salary credits. Latest 1 year NRE a/c statement with any bank in India and/or resident accounts of spouse in which regular remittance is made OR Salary Credit account statement for last 1 year. Minimum last 6 months’ bank statement with min 5 salary credits.
South Indian bank took about a month for the disbursing the home loan . They are charging higher interest rate of 10.05% so planning to transfer the loan . The process was very difficult every time they use ask different documents. The managers and staff of South Indian bank is too good and the process was very fast. I did not get the expected amount as got only 70% because of some reasons and no issues on that as banks have their own norms.
SIB Home Loan Documents Required
You are also authorize to take the matter forward with you. The application process can be summarized in the following steps. South Indian bank is one of earliest banking institutions in the country which can trace its roots to the Swadeshi Movement of India. Operating out of its headquarters in Thrissur, Kerala, it is among the largest private sector banks in India with a wide network of over 850 branches spread all over the country. Among the redeeming features of home loan bouquet of South Indian Bank, highly competitive interest rates are offered to your benefit.
As we have seen, SIB home loans, straddle a wide canvas and this is where every possibility is factored in. The wide berth allows you to propose the loan of your choice. It gives a good opportunity to recapitulate the salient features of SIB home loan and the fee and interest rate to refresh our memory. As we are discussing the cost of capital, it is imperative to have an idea about the applicable fees and charges, some of which are applied upfront impacting your outgo.
Other Important Points of South Indian Bank NRI Home Loan
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. Purchase of ready to occupy/repurchase of flat aged up to 20 years. Purchase of ready to occupy/repurchase of house aged up to 30 years.
Different banks offer NRI home loan at different interest rate to the borrowers. You must remember that interest is the major cost of your home loan which you need to pay on your outstanding loan amount till the end of your loan tenure. The repayment option may be extended beyond your retirement, if pensionable. You can also take advantage of the top-up home loan offered by the bank.
South Indian Bank NRI Home Loan Features & Benefits
Salaried applicants are likely to get a slightly lower rate compared to the self-employed because of less risk involved. After you avail loan, you have to repay the loan along with interest in the form of Equated Monthly Instalment every month till the tenure of the loan. The EMI comprises of the principal and interest components.
Top up Loan available for existing customers with 12 months’ regular repayment track record, Subject to conditions. For purchase or construction of a house / flat / repair / renovate or alter an existing house / flat. The scheme covers both Non Resident Indians and Persons of Indian Origin . Maximum permissible age at the time of applying is 50 years & at the end of repayment period is 60 years. Bank account details for the previous 6 months overseas account showing salary and savings and Indian account if any. Home loans at SIB are very generous where loan amounts as high as Rs.1500L is offered and Loan to Value of up to 90 %.
(Legal Opinion from Advocate & Valuation of property from Engineer will be arranged by Bank at applicant’s cost). Equitable Mortgage to be registered (at Applicant’s cost) if there is a provision for the same in the State where property is located. NRIs gainfully employed with a residual contract period / service of atleast 3 more years to run. Proof of income in case of self-employed professionals/businessmen. SBI welcomes you to explore the world of premier banking in India. Our commitment to nation-building is complete & comprehensive.
The EMI amount may differ if there is a holiday period. Valid and Necessary approvals for under construction projects. Construction Estimate and area of the building proposed to construct. 20 years or 65 years of age of the borrower whichever is earlier. 30 years or till borrower attaining 65 years of age whichever is earlier.
It has been a good experience i had with this home loan where the loan amount which they had given me has been sufficient and satisfactory. I had taken this loan in the year of 2008 and the interest rate during that time has been nominal when compared with the market rate. There has not been any additional charges which they had made so far.
The tenure will depend on the number of floors in case of a township project in monthly instalments, including bank’s approved projects. Salaried buyers are required to repay the loan before retirement. Self-employed professionals and individuals before reaching 70 years of age.
If you have applied for home loan for under construction property, you have to pay interest on the portion of the loan which has been disbursed until final disbursement. It is payable every month from the date of each disbursement up to the date of commencement of EMI. Top up loan facility available for takeover of housing loans. South Indian Bank offers Loan to Value ratio up to 90% of the property value depending on the loan amount being availed. The Central Bureau of Investigation arrested former ICICI Bank MD and CEO Chanda Kochhar and her businessman-husband Deepak Kochhar on charges related to cheating and criminal conspiracy on Friday. Air Suvidha form filling to declare current health status will also be made compulsory for international passengers arriving from China, Japan, South Korea, Hong Kong and Thailand.
SIB offers home loans to NRIs also called as Non – Residential Indians with all the features in the home loans applicable to the resident Indians. Most of the NRIs view home ownership here as an investment option. Since, the norms and features of the home loan for residents and NRIs are similar they are also benefited out of the wide canvas in offer. It works both ways as their hard currency earning fetch handsome exchange value and they are able to propose high value projects. For construction of residential house on land already owned.
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