South Indian Bank Home Loan

Quantum of loan : Maximum Rs.1.00 crore

Interest rates :

* For reckoning end of first 18 months, end of 18 months from date of drawl of first slab of the loan will be taken into account.

# At the end of 3 years, switchover to rate of interest – fixed or floating – shall be allowed without any switching charges.

Other features:

• The scheme is not applicable for takeover loans from other banks/institutions.
• In the case of life insurance premium under the Bank’s tie-up with Kotak Mahindra Life Insurance, the one-time single life insurance premium, may be included as an additional eligible loan component.
• Security , Margin, Upfront fee, Early closing fee etc as per existing SIB – Home Loan scheme

The scheme details are furnished in brief only. For more details please contact any of the branches nearest to you.

2. Eligible loan amount : 50 times average monthly remittance made by the borrower from abroad for credit to his / her NRE account with any bank in India, for a minimum period of 12 months, excluding bulk remittances, if any. If necessary , remittances made by the NRI directly to his / her spouse’s domestic account (excluding bulk remittances) for the previous 12 months also shall be taken into account to reckon the loan amount

3. Minimum project cost : Rs.10 lacs

4. Property may be in the name of a NRI or jointly with another NRI /resident spouse.

5. Margin should be brought in by way of foreign inward remittance through normal banking channels or debit to NRE, FCNR, NRO account of the NRI.

6. Repayment of the loan shall be by way of foreign inward remittance through normal banking channels, debit of NRE, FCNR, NRO or the rental income from the house financed by us.

7. Close relatives of the borrowers in India as defined under Section 6 of the Companies Act 1956 ( given below) also are permitted to repay the loans through their bank accounts directly to the housing loan accounts of the NRIs

The list of relatives as defined in the section is given below.

a. Members of a Hindu undivided family
b. Husband and wife
c. Related to one another in the manner indicated below:
i) Father, ii) Mother (including step-mother), iii) Son (including step-son) iv) Son’s wife, v) Daughter (including step-daughter), vi) Father’s father vii) Father’s mother, viii) Mother’s mother, ix) Mother’s father, x) Son’s son, xi) Son’s son’s wife, xii) Son’s daughter, xiii) Son’s daughter’s husband, xiv) Daughter’s husband, xv) Daughter’s son, xvi) Daughter’s son’s wife, xvii) Daughter’s daughter, xviii) Daughter’s daughter’s husband xix) Brother’s wife, xx) Brother (including step-brother), xxi) Sister (including step-sister), xxii)Sister’s husband.

8. As the employment abroad may not be considered as permanent especially in gulf countries, comfort available from other sources of income in India may also be taken into account while sanctioning the loan.

9. Once the NRI customer returns to India for permanent settlement as declared by him/her, the repayment may be permitted from local sources also.

10. Copy of the employment contract, salary certificate / pay slip, current work permit, copy of identity card, copy of stamped visa, relevant pages of passport, name and full address of the employer / sponsor abroad, contact number of the NRI applicant, name, address and contact phone number of a close relative in India for local contacts etc. may be collected.

11. The number of housing loans ( both domestic and NRI) to a person can go up to a maximum of two only , subject to eligibility. The total amount sanctioned to an individual [ balance outstanding in the first housing loan plus the new (second) housing loan ] should not exceed the individual branch discretionary power for housing loans.

12. All branches can entertain NRI home loans ( except service branches and those specifically prohibited).

Features of SIB-Shield

• Cost of insurance cover is extremely competitive as it is a group insurance policy for long term.
• No medical test required for most of the customers. Only a one page DOGH (Declaration Of Good Health) form to be signed by the customer.
• For life insurance cover more than DOGH limits, the borrower does not have to bear the expenses for medical check up.
• Customized insurance cover: Ensures that the borrower pays only for the cover that he/she needs to protect the loan outstanding (for reducing covers).
• Peace of mind: Eliminates fear of any loan recovery/Asset repossession on the unfortunate death of the borrower during the tenure of the loan.
• Hassle free single premium payment which will be funded by the bank.
• In case of foreclosure, proportionate premium would be refunded.
• Liberal underwriting standards as against individual policies.
• Simplified claims procedure.

Claims procedure:

In the event of death, the legal heirs of the insured have to intimate the same to the bank within one month. The claim form has to be duly filled and to be submitted to the bank and the bank will then inform KLI about the claim raised with the support of necessary documents. KLI may call for additional information and documents required to satisfy itself as to the validity of a claim. Click here to download the claim form

Once documentation is completed at the end of KLI settlement will be done within 15 days. The claim amount will be credited to the loan a/c of the deceased borrower. Short amount if any in the loan a/c has to be paid to the bank by the legal heirs/nominees. Similarly excess amount will be paid to the legal heirs/nominees of the deceased.

Contact Details:

1. Group Operations
Kotak Mahindra Old Mutual Life Insurance Ltd.,
8th Floor, Godrej Coliseum
Behind Everard Nagar, Sion (East)
Mumbai 400 022
Phones | (D) 64511556| (B) 66215234 Fax | 66215252

2. The South Indian Bank Ltd
Marketing Dept.
Head Office
Thrissur – 680001
Phone: 0487-2444606
E-mail: ho2013@sib.co.in

DISCLAIMER: “The South Indian Bank Limited (SIB)” at any time is not liable to pay to the customer the amount claimed. It is the sole responsibility of the Kotak Mahindra Old Mutual Life Insurance Company Ltd. (KLI) who had insured the borrower accepting the insurance premiums in advance to settle the claim on time. SIB is helping the customers to facilitate the claims procedure. You may please complete all the procedures prescribed by the insurance company for timely settlement of the claims if any.

Click here for Most Important Terms and Conditions of SIB-Shield

For more details please contact your nearest SIB Branch
Or
Call their Toll Free 1800-843-1800.