South Indian Bank launches ‘SIB Ashirwad’, an affordable home loan for low-income families

Chennai, 27 May 2024: South Indian Bank unveiled SIB Ashirwad, an affordable home loan product designed specifically for low-income families residing in urban and rural areas of Kerala and Tamil Nadu. The Bank aims to extend this tailored home loan solution across these regions.

SIB Ashirwad is crafted to meet the needs of borrowers with a maximum household income of up to Rs. 4.8 lakhs annually, extending its support to individuals with a monthly income starting from Rs. 20,000/- onwards. The interest rates for SIB Ashirwad starts from 10 percent. Eligible borrowers can access a loan tenure of up to 25 years, contingent upon their age at the time of loan approval. The affordable EMIs begin as low as Rs. 909/- per lakh, rendering home ownership attainable for numerous aspiring families.

SIB Ashirwad comes without pre-payment charges, empowering borrowers to manage their finances with flexibility. Applicants can expect a smooth and efficient process, as the Bank is dedicated to streamlining paperwork and reducing waiting times at every stage of the loan application, processing, and approval.

Ms. Biji S S, Senior General Manager & Group Business Head, South Indian Bank said, “We are dedicated to empowering individuals from diverse economic backgrounds to achieve their dream of home ownership. This new home loan product offers unmatched benefits tailored to the needs of individuals with modest incomes. The extended loan tenure of up to 25 years ensures that our customers have sufficient time and flexibility to repay their loans comfortably. Through this product, we aim to foster greater financial inclusion by providing accessible housing finance solutions to a broader segment of the population.”

SIB Ashirwad represent South Indian Bank’s unwavering dedication to make home loan accessible for low-income families across Kerala and Tamil Nadu as first phase. Through competitive rates, flexible terms, and streamlined processes, we are committed to empowering aspiring home owners, fostering financial inclusion, and building brighter future for all.