A top-up loan and balance of transfer facility to meet your financial needs

Your only chance to reduce your debt burden

South Indian Bank Top-up and Balance of Transfer Facility on Home Loan

The SIB home loan scheme is an umbrella scheme through which the bank caters to various needs of its customers. While the top-up loan helps customers get access to funds for meeting their personal needs such as expenses related to repair, renovation or extension of the house, wedding, medical emergency, debt consolidation and so on, the balance of transfer facility allows customers to transfer their home loans to SIB.

Features of South Indian Bank Home Loan Top-up Scheme and Balance of Transfer Facility

Why this Loan?

  • The South Indian Bank Home Loan Top-up/Balance of Transfer is meant for borrowers who need financial assistance to meet expenses for a child’s wedding, higher education, domestic/overseas travel, etc. and other personal expenses. This loan can also be availed for debt consolidation
  • The bank also offers a balance of transfer facility under this scheme which means that customers can transfer their home loans from other banks to SIB

Loan Amount

  • The maximum loan amount offered by the bank is Rs. 1 crore for the balance of transfer facility and Rs. 25 lakh for top-up facility


  • The interest rate applicable to this loan is defined as the sum of Repo Rate of South Indian Bank and a spread factor ranging from 3.90% to 5.55%. As of October 2020, the repo rate is 4.00%. The effective interest rate applicable to this scheme may range anywhere from 7.90% to 9.55%


  • Balance of Transfer Facility: The repayment period of this loan is the same as the outstanding tenure of the home loan
  • Top-up Facility: As of October 2020, this information is not mentioned on the bank’s website. Please talk to a bank representative at the time of applying for this loan

Security Needed

  • The bank asks for an extension of charge on residential property funded by the home loan under this scheme

Margin Money (Borrowers Contribution to Total Cost) & Processing Charges

  • As of October 2020, this information is not mentioned on the bank’s website. We suggest talking to a bank representative before applying for this loan

Note: Margin money refers to the amount the borrower contributes to the overall amount required. The bank will cover the rest. So, if the total amount needed is Rs. 20 lakh, a 20% margin means you will have to contribute Rs. 4 lakh. The bank will provide the balance of Rs. 16 lakh.

Processing Charges

  • The bank charges 0.50% of the loan amount for processing this loan

Documents Needed

  • Loan Application Form duly filled and signed by the applicant and co-applicant, if any
  • Two Passport Size Photographs of applicant and co-applicant
  • Personal ID Proof: Aadhaar Card, PAN Card, Passport or Driving License. PAN Card / PAN Card Issuing Letter is must
  • Signature Proof: PAN Card, Banker’s Verification, Driving License or Passport
  • Residential Address Proof (Any One): Aadhaar Card, Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
  • Income/Banking Proof for Salaried Professionals: Last 3 months’ salary slip, Form 16 or income tax returns
  • Income/Banking Proof for Self-employed Professionals/Non Professionals: Computation of income of last 2 years, Balance Sheet, Profit and Loss Account, Registration Certificate, GST Return, Income Tax Challan / Form 26AS / TDS Certificate, IT Assessment, etc.

Reference Facts

  • South Indian Bank Website: www.southindianbank.com
  • Headquarters: Thrissur, Kerala
  • Call Centre Toll-free Number: 1800 425 1809, 1800 102 9408