|Syndicate Bank Loan Against Property 2020|
|Interest Rate||9.95% onwards|
|Loan Amount||Up to Rs. 10 crores|
|Loan Tenure||Up to 7 years|
|Processing Fees||1% of the loan amount + applicable taxes|
Note: The figures given in the table are indicative and are subject to change as per changes in Syndicate Bank or RBI policies.
Note: As per the notification issued by the Government of India, Syndicate Bank was amalgamated into Canara Bank w.e.f 1st April 2020. Henceforth, all branches of Syndicate Bank are functioning as the branches of Canara Bank. And, the customers of Syndicate Bank are treated as the customers of Canara Bank.
Read Also: Loan Against Property
Syndicate Bank Loan Against Property interest rate is 9.95% onwards. The loan can be availed for non-business purposes only such as for meeting any unforeseen expenses or urgent personal and medical needs. The bank finances up to 50% on the property value with a maximum of Rs. 10 crores, whichever is less. The maximum repayment period offered under the loan is up to 7 years.
Syndicate Bank Loan Against Property Features & Benefits
- Attractive interest rates starting from 9.95% onwards
- High loan value of up to 10 crores, subject to credit assessment and property value
- Maximum loan tenure of up to 7 years
- Simplified documentation
- Low processing fee
Check Also: Other Benefits of LAP
Syndicate Bank Loan Against Property Interest Rates
Syndicate bank loan against property interest rate is 9.95% onwards. Syndicate bank mortgage loan rate of interest is linked to Repo Lending Rate (RLLR) of the bank, which currently is 6.90%. Any change in the RLLR will affect the mortgage rates. Syndicate Bank Mortgage Loan rates as per the credit risk grade are:
|CIC – Risk Grade||Effective Interest Rate|
|CS : 1||9.95%|
|CS : 2||10.00%|
|CS : 3||10.50%|
|CS : 4||12.00%|
Syndicate Bank Loan Against Property Processing Fees & Other Charges
|Processing Fee||1% of loan amount with a minimum of Rs. 5,000 and maximum of Rs. 50,000|
|Documentation Charges||Rs.100 per Lakh or part thereof with minimum of Rs. 1,000 and maximum of Rs. 25,000|
|Inspection Charges||For up to Rs. 10 Lakh: Rs. 200 per inspection (maximum Rs.600 per year|
For above Rs. 10 Lakh: Rs. 300 per inspection or actual expenses incurred, whichever is higher
* All applicable taxes will be levied in addition to the mentioned charges.
Syndicate Bank Loan Against Property EMI Calculator
Syndicate bank loan against property EMI calculator facilitates the calculation of equated monthly instalments (EMIs) that a borrower has to pay towards their mortgage loan repayment. For accurate and quick results on your loan against property EMI, use Paisabazaar’s loan against property EMI calculator. The online tool is free and easy for anyone to use on the Paisabazaar website. Click to calculate your loan against property EMI.
Syndicate Bank Loan Against Property Eligibility Criteria
Mentioned below are the people that can apply for Syndicate Bank loan against property:
- Individual customers having satisfactory dealings with the bank
- New customers well introduced and credit worthy with satisfactory banker’s/ market reports on them
- NRI customers, with their resident close relatives as co-borrowers, can avail the loan
- Individuals who meet the bank’s NTH (Net Take Home) requirement, which is minimum 20% or Rs. 20,000 per month, whichever is higher after meeting the EMIs of the proposed loan
Syndicate Bank Loan Against Property Documents Required
Following is the list of documents required to apply for Syndicate Bank Loan Against Property:
- Duly filled and signed loan against property application form
- Passport size photographs of all applicants and co-applicants
- A copy of the lease deed
- Income proof of the applicant and guarantor Income Tax Assessment Order / IT Returns
- Title deeds of the property/ Encumbrance Certificate, latest tax paid receipt/ Legal Scrutiny Report
- Approved plan of building
- Certificate of balance if finance is availed against property from any other source
- Annual Financial Statements for the past 2 years (in case of persons other than salaried individuals)
How to Apply for Syndicate Bank Loan Against Property
Customers can apply for Syndicate Bank loan against property by:
- Visiting the nearest bank branch office
- Getting in touch with Syndicate Bank Customer Care
- Through its official website (www.syndicatebank.in)
Syndicate Bank Loan Against Property Customer Care
Customers can convey mortgage loan related requests, complaints and queries by getting in touch with Syndicate Bank’s customer care team. Customers can reach the bank’s customer care representatives by:
- Dialling the Syndicate Bank Customer Care Number: 080-22260281 (10.00 am to 5.00 pm on all working days)
- Sending an Email at firstname.lastname@example.org
Frequently Asked Questions (FAQs)
Q1. Who can apply for Syndicate Bank loan against property?
Only Individuals can apply for Syndicate Bank mortgage loan. NRI customers, with resident close relatives of NRI customer as co-borrowers, are also eligible to apply for the loan.
Q2. What is the prepayment period of Syndicate Bank loan against property?
The repayment period of the loan is for up to 7 years or 84 months. Very selectively, the loan period may be permitted up to 10 years or 120 months.
Q3. Is there any guarantee required to avail mortgage loan from Syndicate Bank?
Personal guarantee from person/s of adequate net worth acceptable to the Bank has to be provided. Waiver is considered selectively by the bank.