Syndicate Bank Home Loan

Apply for a home loan with Syndicate Bank and choose between different types of housing loan to suit your needs. Avail up to 75% of the project cost for new constructions or purchase a ready built house or flat.

Syndicate Bank Home Loan Schemes

Syndicate Bank offers various types of housing loans catering to different needs of the customers. Below are the types of home loans offered by Syndicate Bank:

1. Synd Nivas Home Loan

   Key Highlights:

   • For the purpose of purchasing a plot and constructing a house thereon.
   • For the construction of the house on the plot-already owned by you.
   • For purchase of a ready built flat/house of not more than 25 years old.
   • For purchase of flat to be built by the Society or Builders.
   • For making additions or extensions (vertical or horizontal to the existing house).
   • For the purpose of repair or renovations to your existing house or flat.
   • Balance transfer of your existing home loan availed with a different bank to Syndicate Bank.

   Interest Rate	8.65% p.a.
   Processing Fee	Up to Rs.25 lakh: 0.125% of the loan amount subject to a minimum of Rs.500 and a maximum of Rs.2,500.
   	Above Rs.25 lakh and up to Rs.75 lakh: 0.125% of the loan amount subject to a maximum of Rs.3,250.
   	Above Rs.75 lakh: Rs.5,000 flat.

2. Synd Nivas Plus Home Loan

   Key Highlights:

   • To meet any business or personal credit requirement.
   • Offered to housing loan customers of the bank with a satisfactory repayment record of two years or more.
   • The loan amount is the value of the property at the time of sanction or present value (whichever is lower) less outstanding home loan subject to a maximum of Rs.3 lakh.
   • Repayment of up to 60 EMIs.
   • No Processing fees.

   Interest Rate	11.90% p.a. (monthly compounding)
   Processing Fee	Nil

3. Synd Kuteer Home Loan

   Key Highlights:

   • For individual borrowers in EWS/LIG categories and member of a self-help group in rural, urban and metro areas.
   • For the purpose of a residential plot and constructing a house or purchase of new or old houses.
   • For the purpose of constructing a house on already owned plot or land.
   • Loan amount of up to Rs.5 lakh for EWS and up to Rs.10 lakh for LIG.
   • Repayment tenure of up to 30 years or 75 years of age (whichever is earlier).

   Interest Rate	8.65% p.a.
   Processing Fee	Nil

4. Synd Delight Home Loan

   Key Highlights:

   • For existing housing loan customers.
   • Home loan customers who have a satisfactory repayment record of 3 years or more.
   • The loan amount of up to 20% of the home loan or actual amount extended (whichever is lower), subject to a minimum of Rs.50,000 and maximum of Rs.20 lakh.
   • Repayment period of not more than 84 EMIs.

   Interest Rate	11.5% p.a.
   Processing Fee	Rs.500 per lakh

5. Synd Vishranthi Home Loan

   Key Highlights:

   • Reverse mortgage loan offered to senior citizens of India who own a house in India.
   • Supplementing income, any house repairs, personal expenses, etc.
   • The loan can be availed as a single or jointly with spouse subject to a maximum of two borrowers.
   • The first borrower’s age should be above 60 years.
   • Life of property should be at least 20 years in case of the single borrower and 25 years in case of the spouse being less than 60 years of age.
   • Loan tenure of a minimum of 10 years and maximum of 15 years or till death of the borrower (s), whichever is earlier.
   • Payments in monthly or quarterly by a credit to savings account in the joint names of borrowers.
   • 20% of the loan amount, with a cap of Rs.15 lakh, can be availed in lumpsum once during the loan tenure.
   • Loan amount of up to 75% of the assessed value of the property with a minimum of Rs.5 lakh and a maximum of Rs.1 crore for the independent house and Rs.50 lakh in case of a flat.

   Interest Rate	12.25% p.a. (fixed)
   Processing Fee	0.50% of the loan amount (maximum of Rs.10,000).

Syndicate Bank Home Loan EMI Calculator

Calculate the equated monthly instalments (EMIs) payable towards your home loan using the Syndicate Home Loan EMI calculator. The minimum EMI per lakh stands at Rs.834.

Enter the required information such as loan amount, interest rate, tenure and the processing fee on the BankBazaar Home Loan EMI Calculator and select ‘Calculate’. You'll be able to view the break-up of the total amount payable and the total interest due as well as the EMIs payable during the loan tenure.

Syndicate Bank Home Loan Eligibility Criteria

Documents Required for All Home Loan Applications Under Syndicate Bank

Below are the details of the documents required to apply for a Syndicate Bank home loan:

For Salaried:

• PAN card copy.
• Proof of address (utility bills, voter ID, Driving License, etc.)
• Passport copy.
• Employee ID.
• Last six-month salary slips.
• One-year bank statement of account where your salary is being credited.
• Copies of ITAO and Income Tax Return or Form 16 for the last three years.
• Previous and present employment information of the applicant along with proof.

For Self-Employed:

• PAN card copy.
• Proof of address (utility bills, voter ID, Driving License, etc.)
• Passport copy.
• 1-year statement of accounts.
• 3 years IT returns with the statement of income.
• Copies of audited balance sheet or profit and loss account.
• Proof of business (VAT/GST registration copy, etc.)

For NRIs/PIOs:

• Copies of passport or visa.
• Work permit/appointment order/job contract.
• Special power of attorney as per bank format duly executed in the presence of the Embassy officials and adjugated in India.
• Latest three months' salary certificate along with deductions/ITR for 3 years.
• Savings bank account statement for the last two years.
• F/C account statement for the last two years.
• Proof of margin money from NRE/NRO account.
• A declaration that the flat/house shall be used for own use on upon return to India.
• A declaration regarding the proposed period of stay abroad to be submitted.

For Purchase of Plot/Ready Built House:

• Mother/prior title deeds and documents: Sale deed/partition deed/gift deed/settlement conveyance deed/lease deed (certified copies if the original is not available).
• Khatha certificate/Record of Rights (RTC) extract from competent authorities.
• Encumbrance certificate from sub-registrar office.
• Conversion order, Betterment Tax paid receipt.
• Approved plan and license/blueprint and commencement certificate issued by the competent authority.
• Latest land/building tax paid receipt.
• Detailed estimation of the cost the property from a Licensed Engineer in case of construction, repairs or renovation.
• Original sale agreement duly stamped.

For Purchase of Flats from Developers:

• All documents related to the ownership of the property (sale deed, sale agreement, ECs, Power of Attorney, Khatha extract, etc., approved plan given by the developer.
• Copy of the agreement between you and the builder/developer.
• NOC from the financing bank for the release of their charge on the flat.
• The tripartite agreement between builder/bank/applicant wherever necessary.

For Plots Allotted by Development Authority:

• Allotment letter issued by the Development Authority.
• Approved Plan and license or blue print and commencement certificate.
• Estimation from the licensed engineer.
• Latest land/building tax paid receipt.
• Absolute deed and or conditional auction/sale, lease-cum-sale/sale deed by the Development Authority.
• Layout plan copy.
• Encumbrance certificate from the date of allotment or for the last 13 years (whichever is later).
• Possession certificate issued by the Development Authority.
• NOC from Development Authority to mortgage the property in the bank’s favour.

For Takeover or Balance Transfer from Other Financial Institutions:

• Presently applicable only for salaried class.
• For self-employed class, RO permission to be obtained.
• Spouse’s income, who is an income tax payee alone can be accepted.
• Copy of the sanction letter and home loan account statement since the start.
• NOC from the financial institution mentioning the account is regular, balance outstanding as on date, closure and other charges (if any) and their willingness to hand over the documents to Syndicate Bank if the amount is paid in full as well as documents held.
• Copies of the property title deeds along with the latest tax paid receipt, Khatha extract, and certificate and the most recent encumbrance certificate (minimum of 13 years).

Syndicate Bank Home Loan FAQs

1. What are the types of home loans offered by Syndicate Bank?

Syndicate Bank offers home loans through its retail banking channel as well as through its agricultural banking channel. While it offers Synd Nivas, Synd Nivas Plus and Synd Kuteer, it also offers Synd Delight and Synd Vishranthi as a top-up loan for its existing customers through its retail banking channel. Through its agricultural banking channel, it offers Syndicate Farmhouse Scheme and loan for buying agricultural land.

2. What’s the maximum loan amount offered by Syndicate Bank?

Through its Synd Nivas loan scheme, the bank offers a maximum loan amount of 72 months of your gross salary, while through its Synd Nivas Plus it offers a to the value of the property at the time of the sanction of the loan or the present value (whichever is lower) less the outstanding loan amount subject to a maximum of Rs.3 lakh. Under its Synd Kuteer home loan scheme it offers a maximum loan amount of Rs.10 lakh.

3. What’s the maximum repayment tenure offered by Syndicate Bank?

The maximum repayment period differs between the types of loan schemes offered by the bank. While through its Synd Nivas loan scheme it offers a maximum loan tenure of up to 30 years or up to the age of 75 years, the maximum loan tenure offered through its Synd Nivas Plus is up to 5 years and the maximum loan tenure through its Synd Kuteer loan scheme is up to 30 years or up to the age of 75 years, whichever is earlier.

4. Who are eligible for a Syndicate Bank home loan?

Salaried, self-employed, as well as Non-Resident Indians (NRIs), are eligible to apply for a housing loan through Syndicate Bank which is extended through its retail banking channel.

5. What type of MCLR does Syndicate Bank offer its housing loan?

Syndicate Bank offers its home loan based on the One-Year MCLR, which is currently at 8.65% p.a.