Syndicate Bank Home Loan 2020
|Interest Rate||8.00% onwards|
|Loan Tenure||Up to 30 years|
|Loan-to-Value Ratio||Up to 90% of the property value|
|Processing Charges||Up to 0.50% of the loan amount|
Syndicate Bank offers home loans at an attractive interest rate starting from 8.00%. The bank offers best housing loan schemes which can be used for distinctive purposes, such as: for purchasing a Plot for construction of a House; for purchasing/construction of a house/flat; for renovation/ repair/alteration and addition to a house/flat. Syndicate Bank also offers dedicated loan schemes for economically weaker sections in rural and urban areas.
Features and Benefits of Syndicate Bank Home Loan
- Longer repayment period of up to 30 years
- High loan-to-value ratio of up to 90%
- Speedy approval
- Home loan balance transfer facility to shift current outstanding home loan to a new lender offering lower rate
- Low processing charges
- Available to both salaried and self-employed individuals
- Tax benefits on home loan
Syndicate Bank Home Loan Interest Rates
The rate of interest offered by Syndicate Bank Home Loan is directly linked with the External Benchmark Lending Prime Rate (EBLPR), which currently stands at 7.85%. The total interest rate applicable on a home loan is the combination of EBLPR and Credit RISK Premium basis the customer’s CIBIL score. Mentioned below are the interest rates applicable to customers as per the nature of work.
|CIBIL Score||Loan Amount of up to Rs. 50 lakh||Loan Amount of Above Rs. 50 lakh|
|CIBIL-Personal Score of 750 and above||● Salaried:|
Women borrowers: 8.00%
Women borrowers: 8.05%
Women borrowers: 8.10%
Women borrowers: 8.15%
|CIBIL-Personal Score between 650 to 749||● Salaried:|
Women borrowers: 8.10%
Women borrowers: 8.15%
Women borrowers: 8.20%
Women borrowers: 8.25%
|CIBIL-Personal Score between 600 to 649||● Salaried:|
Women borrowers: 8.45%
Women borrowers: 8.50%
Women borrowers: 8.55%
Women borrowers: 8.60%
Check Also: Home Loan Interest Rates
Syndicate Bank Home Loan Processing Fee and Other Charges
|Processing Fee||0.50% of the loan amount; subject to a maximum of Rs.10,000|
|Documentation Charges||Nil (except for Home Improvement Loan and Synd Nivas Plus)|
|Inspection charges||Loan amount up to Rs.10.00 lakh: Rs. 200/- per borrower per inspection with a Maximum of Rs 600/- per year.|
Loan amount above Rs.10.00 lakh: Rs.300/- per borrower per inspection or actual expenses incurred, whichever is higher.
* Goods and Services Tax (GST) as applicable will be levied in addition to the mentioned charges.
Syndicate Bank Home Loan EMI Calculator
Check Also: Housing Loan EMI Calculator
Syndicate Bank Home Loan EMI Calculation
The table below shows Syndicate Bank home loan EMI calculation for different interest rates, loan amounts and loan tenures.
|Loan Amount||Interest Rate||EMIs as per Different Loan Tenures|
|15 years||20 years||30 years|
|Rs. 30 lakh||8.10%||Rs. 28,843||Rs. 25,280||Rs. 22,222|
|Rs. 60 lakh||8.20%||Rs. 58,034||Rs. 50,936||Rs. 44,865|
|Rs. 90 lakh||8.30%||Rs. 87,575||Rs.76,969||Rs. 67,931|
|Rs. 1 crore||8.50%||Rs. 98,473||Rs. 86,782||Rs. 76,891|
In the table above, one can notice that home loan EMIs decrease as the loan tenure increases. While choosing longer tenure reduces your monthly liability but it also increases your total interest payout. Hence, choose your home loan tenure wisely.
Syndicate Bank Home Loan Eligibility Criteria
Mentioned below is the eligibility criteria to avail home loan from Syndicate Bank.
|Eligible Profiles||Salaried employees, Professionals, Self-employed persons. Requests are also considered from NRIs, PIOs, HUF, Partnership firms and corporate.|
|Eligible Quantum of Loan||●For Salaried: 72 times of gross salary|
●For Non-Salaried: 6 times of three years’ average annual income
|Conditions||● Salaried Employees:|
For Central/State/Govt. PSUs: should be employed for at least 2 years in the current role
For others: should be employed for at least 3 years in the current role
● Self-Employed: should have a business unit or be in practice of the profession for at least 5 years
|Loan Amount||Up to 90% of the property value|
Syndicate Bank Home Loan Documents Required
Following are the documents required to successfully apply for Syndicate Bank Home Loan.
|Salaried Individuals||Self Employed Individuals|
|Duly filled in and signed the application form with photographs||Duly filled in and signed application form with photographs|
|Identity, address and age proof||Identity, address and age proof|
|Salary slip of last 3 months||ITR and financial statements, including balance sheet, profit & loss account, schedules. (documents must be certified by a CA)|
|Bank statement of the past 6 months||Bank statement of the past 12 months|
|Form-16 and Income Tax Returns (ITR) details||For partnership firms: Latest partnership deed|
For companies: Latest Memorandum and Articles of Association (CA certificate on profit sharing ratio/list of directors/shareholding partnership)
For Limited Liability Partnership: LLP Agreement
|Title documents of the property||Title document of the property along with business address proof|
Syndicate Bank Home Loan Schemes
Considering the distinct requirements of a varied customer base, Syndicate Bank offers customized home loan schemes to suit the needs of every applicant.
|Synd Nivas||Synd Nivas-CRE|
|Synd Kuteer||Synd Nivas Plus|
|Pradhan Mantri Awas Yojana CLSS|
- Synd Nivas: This scheme is available to all eligible Salaried/Non-Salaried, Resident and Non-Resident customers. Pensioners and HUFs can also apply for this scheme. It can be used for various purposes such as:
- To purchase/construct house/flat
- To renovate/extend/repair existing house/flat
- To purchase a plot of land for construction of a house
- Synd Nivas-CRE:This scheme can be availed by Resident/Non-resident Indians, Pensioners and HUF applicants of not more than 55 years of age. This scheme can be used for It can be used for various purposes such as:
- To purchase more than two housing units for the purpose of renting out
- Takeover of housing loan from other financial institutions
- To purchase a flat to be constructed by the society/builder
- Synd Kuteer: This is an affordable housing scheme available to households in rural, urban and metro areas having annual incomes of up to Rs. 3 lakh. The maximum loan amount available under the scheme is limited to Rs. 10 lakh.
- Synd Nivas Plus: This is a top-up home loan scheme available to existing housing loan customers with a successful repayment record of at least 2 years. The scheme can be availed to meet any personal or business credit needs. Customers can avail Synd Nivas Plus at an interest rate starting from 11.70%, and with no processing fee.
- PMAY:Pradhan Mantri Awas Yojana (PMAY) is a government scheme launched to provide housing to all urban and rural poor across India. Under the scheme, the government offers interest subsidy of up to Rs. 2.67 lakh on home loans availed for buying, constructing, extending or renovating homes. Syndicate extends the affordable housing benefits of Pradhan Mantri Awas Yojana Credit Linked Subsidy Scheme (PMAY CLSS) to all the customers eligible for this scheme. Click to learn more about PM Awas Yojana.
Apply for Syndicate Bank Home Loan on Paisabazaar.com
Customers can apply online for Syndicate Bank Home Loan through Paisabazaar.com by simply following the below-mentioned steps.
- Follow the link: https://www.paisabazaar.com/home-loan/
- Fill the form by providing relevant details like the loan amount, city of the property, tenure, etc.
- On filling all the required details, click on the ‘Proceed’ button
Soon, a representative from Paisabazaar will contact you on the provided contact number to process your home loan application.
Syndicate Bank Home Loan Customer Care Details
Customers can reach out to Syndicate Bank on the below-mentioned contact numbers to get their home loan-related queries addressed.
- 1800 3011 3333 &1800 208 3333 (Tollfree)
- (+91) 022-2218 9606 / 022-2218 1780 (for NRI customers)
Q1. What is the maximum loan amount offered by Syndicate Bank?
For salaried customers, the maximum loan amount is less than or equivalent to 72 times of gross salary, whereas, for non-salaried customers, maximum loan amount may go up to 6 times of three years’ average annual income
Q2. Is insurance of the property mandatory?
Yes. The property acquired/constructed must be insured in the joint names of the bank and the applicant. It is important to note that the Premium of the insurance shall be borne by the applicant.
Q3. Is it mandatory for an NRI customer to have a co-applicant to apply for a home loan?
Yes. For NRI applicants, co-applicant also could be a resident Indian in which case his/her income also could be considered for calculation of quantum of loan /repayment capacity. Foreign national of non-Indian origin cannot be included as a co-owner or co-borrower.
Q4. What is the maximum repayment tenure?
The maximum repayment tenure is 30 years or up to the age of 75 years of the applicant, whichever falls earlier.
Check Also: Home Loan Prepayment Calculator