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.
At least 21 years old
Less than 55 years old
Salaried or self-employed
with regular income
Earn more than the minimum
income required
Earn more than the minimum
income required
Loan capped @ 80% or 90% of project cost
EMIs of other loans lower
your eligibility
Make your spouse a co-applicant,
and her income will add
to your eligibility
Choose longer tenure loan up to 25 years
Alternatively add your parents
| Interest Rate | 9.55% |
| Processing Fees | Nil |
| Loan Tenure | 30 years |
| Guarantor Requirement | Nil |
| Pre-closure Charges | Nil |
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.
Different home loans by Syndicate Bank are accompanied by a distinct set of features which address different home financing needs of individuals.
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.
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.
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.
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 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%.
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% |
As security against your Syndicate Bank home loan, you are required to provide the mortgage of the house/flat/plot to be constructed / purchased.
No, all pre-payment charges applicable on the SyndNivas home loan have been waived.
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.
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
