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    Syndicate Bank Home Loan Reviews

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    Home Loan BYTES FROM OUR KITCHEN

    Syndicate Bank is one of the oldest and major commercial banks of India. At the time of its establishment, the bank was known as Canara Industrial and Banking Syndicate Limited. The bank, along with 13 major commercial banks of India, was nationalised on 19 July 1969, by the Government of India. The Bank is well equipped to meet the challenges of the 21st century in the areas of information technology, knowledge and competition.Syndicate bank makes your dream of owning a home come true by giving housing loan under SyndNivas scheme. For construction/acquisition of a house/flat or for acquiring a site and building a house thereon.For acquiring a new house or existing house not more than 20 years old.For making extensions/additions to existing house. For NRIs, loan available for acquisition of house for self-occupation on return to India.For acquisition of furniture/fixtures including air conditioners, geysers, fridge, cots,tables, sofas etc which form part of improvements to the home purchased or constructed out of the Housing Loan not exceeding of 10% total cost of the project,may be included.Take over of existing Housing loan from other banks/financial institutions in the case of salaried class are permitted.Continue reading to view more details about this loan.


     

    You’re probably eligible for an Syndicate Bank Home Loan if you are

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    Syndicate Bank Home Loan Minimum Age

    At least 21 years old

    Syndicate Bank Home Loan Maximum Age

    Less than 55 years old

    Syndicate Bank Home Loan Eligible Employment Type

    Salaried or self-employed
    with regular income

    Syndicate Bank Home Loan Minimum Income

    Earn more than the minimum
    income required


     

    Your Syndicate Bank Home Loan amount eligibility is based on these factors

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    Syndicate Bank Home Loan Minimum Salary

    Earn more than the minimum
    income required

    Syndicate Bank Home Loan Maximum Loan to property value

    Loan capped @ 80% or 90% of project cost

    Syndicate Bank Home Loan EMI

    EMIs of other loans lower
    your eligibility


     

    Increase your eligible Syndicate Bank Home Loan amount by these steps

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    Syndicate Bank Home Loan Add Spouse as Co-applicant

    Make your spouse a co-applicant,
    and her income will add
    to your eligibility

    Syndicate Bank Home Loan Maximum Tenure

    Choose longer tenure loan up to 25 years

    Syndicate Bank Home Loan Add parents as Co-applicant

    Alternatively add your parents


     

    Documentation needed to apply for an Syndicate Bank Home Loan

    • 1. Signed application form with photograph
    • 2. ID and residence proof
    • 3. Processing fee Cheque
    • 4. Latest bank statements
    • 5. Documentation for salaried applicants:
      • Last 3 years Income Tax Returns with computation of Income
      • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
    • 6. Documentation for self-employed applicants:
      • latest income tax returns
      • latest comupation of income

     

    Syndicate Bank Home Loan Interest RatesUpdated on 08 Dec 2016

    Syndicate Bank Home Loan Details
    Interest Rate 9.45%
    Processing Fees Nil
    Loan Tenure 30 years
    Guarantor Requirement Nil
    Pre-closure Charges Nil

     

    Home Loans from Syndicate Bank:

    Home loans have been, for decades, one of the most popular methods of home financing. They have served millions of people by helping them realize their dream of owning a house. Syndicate Bank, like various other banks, offers multiple options under the home loan category.

    Syndicate Bank home loans have been designed to suit varied needs of customers who may be looking to either purchase a new / existing house/flat, purchase a plot in order to construct a house or wish to take over an existing home loan. The home loans offered by Syndicate Bank include SyndNivas, SyndKuteer and SyndNivas Plus.

    Features of Syndicate Bank Home Loans:

    Different home loans by Syndicate Bank are accompanied by a distinct set of features which address different home financing needs of individuals.

    SyndNivas Housing Loan Scheme:

    Purpose:

    • For purchase of a plot for construction thereon (subject to conditions).

    • For acquiring a house site for construction.

    • For construction of a house on land that is already owned by the concerned party or held on lease for a period of 50 years or more.

    • For purchase of an existing house (must not be older than 25 years).

    • To purchase a flat constructed by a society or builder.

    • Make extensions to an existing house.

    • For repairs/renovation to an existing house/flat.

    • To takeover an existing loan taken with another bank/financial institution.

    Quantum of Loan:

    • 80% to 90% of the total cost of construction (for new construction or purchase of an already constructed flat); 70% of total cost for existing houses (not more than 5 years old).

    • Salaried applicants – Gross salary of 72 months (6 years).

    • Non-salaried applicants – 6x the average of 3 years.

    Margin:

    For loans up to Rs 20 lakh, borrower must bear 10% of the cost; for loans above Rs 20 lakh and up to Rs 75 lakh, borrower must bear 20% of the cost; for loans above Rs 75 lakh, borrower bears 25% of the cost.

    Repayment:

    Maximum repayment tenure allowed on this loan is 30 years or till the applicant turns 75, whichever occurs earlier.

    SyndKuteer Housing Loan Scheme:

    Purpose:

    • To acquire a residential site for the construction of a house.

    • Construction of a house on a pre-owned plot.

    • To acquire/purchase a new/old residential unit.

    Quantum of Loan:

    Maximum quantum of loan for applicants belonging to EWS (economically weaker sections) – Up to Rs 5 lakh; for applicants belonging to LIG (lower income groups) – Up to Rs 10 lakh.

    Margin:

    Borrower’s margin is fixed at 10%.

    Repayment:

    Maximum repayment tenure must not exceed 30 years or 75 years of borrower’s age.

    SyndNivas Plus Housing Loan Scheme:

    Purpose:

    To meet any personal/business credit need.

    Quantum of Loan:

    Maximum quantum of this loan extends to the current value of the property or value at the time of sanction minus the remaining home loan balance, subject to a maximum of Rs 3 lakh.

    Repayment:

    Extends for a maximum tenure of 60 EMIs.

    Syndicate Bank Home Loan Eligibility:

    SyndNivas:

    All resident Indians, NRIs holding an Indian passport, person of Indian origin, pensioners, Hindu Undivided Families are eligible to apply for this loan.

    SyndKuteer:

    This loan is open to individual borrowers belonging to the Economically Weaker Sections (EWS)*/Lower Income Groups (LIG) ** and members of self-help groups from metro, urban and rural areas. (Subject to conditions).

    SyndNivas Plus:

    This loan is open to all housing loan customers who hold a satisfactory repayment record for 2 or more years.

    Syndicate Bank Home Loan Interest Rate:

    Syndicate Bank currently offers the lowest interest rates on its home loans in over 25 years. Customers can now avail of interest rates as low as 9.55% on their floating rate Synd Nivas loans. This is based on the 1-year MCLR, which is the benchmark for home loans. This rate is applicable on home loans of all tenures up to a maximum period of 25 years. The Synd Nivas Plus scheme comes at a rate of MCLR plus 3.25% spread, which currently tallies to 12.8%. The base rate, which is applicable for loans taken before April 1, 2016, is 9.6%.

    Syndicate Bank MCLR Rates:

    The loan interest rates are directly linked to Marginal Cost of Funds-Based Lending Rate (MCLR) as per RBI directive, rom April 1, 2016. The latest MCLRs announced by Syndicate Bank on July 11, are given in the table below:

    Loan Tenor MCLR
    Overnight 9.4%
    1 month 9.45%
    3 months 9.45%
    6 months 9.5%
    1 year 9.55%

    Syndicate Bank Home Loan FAQs:

    1. Do I need to provide anything by way of security against my Syndicate Bank home loan?

      As security against your Syndicate Bank home loan, you are required to provide the mortgage of the house/flat/plot to be constructed / purchased.

    2. Are there any prepayment charges levied on foreclosure of the SyndNivas home loan?

      No, all pre-payment charges applicable on the SyndNivas home loan have been waived.

    3. Do I need to provide a guarantor if I wish to take a Syndicate Bank home loan?

      For the SyndNivas home loan, you need not provide any guarantor in order to apply for the loan; for the SyndKuteer home loan, requirement of a third party guarantee has been waived by the bank.

    News About Syndicate Bank Home Loan

    • Syndicate Bank MCLR Brought Down, Base Rate At 9.6%

      Syndicate Bank has cut down its Marginal Cost of Funds-based Lending Rate (MCLR) and base rate. The base rate now stands at 9.6%, down 10 basis points (bps), compared with State Bank of India’s current base rate of 9.3% and IndusInd Bank’s rate of 10.6%.

      The new MCLR rates applicable are: 9.55% for 1 year, 9.5% for 6 months, 9.45% for 3 months as well as 1 month, and 9.4% for overnight. The bank will also add a “strategic premium” of 25 bps to the MCLR on certain retail loans.

      The MCLR system, brought into effect by the RBI from April 1, 2016, forces banks to review their interest rates regularly and pass on the repo rate cuts instituted by the central bank.

      27th July 2016

       
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