Syndicate Bank Home Loan Interest Rates
Home Loan Bank Information
Syndicate Bank Home Loan Interest Rate
Syndicate bank is one of the oldest commercial banks in India, established in 1925. Initially formed in Udupi, its headquarters has been based in Manipal since the bank’s nationalization in 1969.
Syndicate Bank has been at the frontline of innovative banking solutions for over 80 years, serving the nation with its financial services. Syndicate Bank was acquired by Canara Bank on 1st April 2020.
Apart from banking services, the institution also offers various loan schemes in diverse sectors, from retail to MSMEs. Syndicate Bank offers home loans as well to fulfill the credit requirements of individuals looking to purchase residential property.
Syndicate Bank offers several home loan schemes tailored to meet the varying needs of home-buyers with reasonable interest rates.
Syndicate Bank Home loan Overview
| Loan Amount | Min: Rs. 20 lakh, Max: Up to 90% of the project cost |
|---|---|
| Maximum Tenure | Up to 30 years |
| Processing fee |
|
| MCLR | 9.40% |
| Prepayment charges | Applicable for loans above Rs. 50 lakh |
| Type of rate packages | Fixed and Floating |
Interest Rates for Syndicate Bank Home Loan Schemes
Syndicate Bank has a surfeit of home loan schemes designed to meet the varying needs of consumers.
These are some of the home loan schemes offered by Syndicate Bank:
01. SyndNivas Home Loan
SyndNivas Home Loan is the basic home loan scheme by Syndicate Bank for individuals with a monthly salary of Rs. 25,000/- and aged between 21 to 60 years.
| Interest rate | 8.65 p.a. |
|---|---|
| Processing fee |
|
Key highlights:
- For purchasing a plot and construction of a house on the said plot.
- For construction of a plot owned by the borrower.
- For purchase of a completely built home/flat of not more than 25 years old.
- For purchase of a flat yet to be constructed by a builder or society.
- For making extensions or additions in an existing house (vertical and horizontal).
- Repair or renovation of the current house or flat.
- Balance of the existing home loan availed with another bank than Syndicate Bank.
02. SyndNivas Plus Home Loan
SyndNivas Plus is another product by Syndicate Bank which has special schemes for borrowers who already have an existing home loan.
| Interest rate | 11.90% p.a. (monthly compounding) |
|---|---|
| Processing fee | Nil |
Key Highlights:
- Offered to housing loan customers of Syndicate Bank who have a satisfactory record of repayment for 2 successive years or more.
- Repayment option with up to 60 EMIs.
- Loan amount is the value of the property during sanction or present value (whichever lesser), minus the outstanding home loan, subject to a maximum of Rs. 3 lakh.
- No processing fee levied.
03. SyndDelight Home Loan
This scheme is another package by the bank offered to existing home loan customers.
| Interest rate | 11.5% p.a. |
|---|---|
| Processing fee | Rs. 500/- per lakh |
Key Highlights:
- For existing home loan customers with a satisfactory repayment record of 3 successive years or more.
- Loan amount up to 20% of home loan or actual amount extended (whichever lower), subject to a minimum of Rs. 50,000/- and maximum of Rs. 20 lakh.
- Repayment period of 84 EMIs.
04. SyndKuteer Home Loan
This loan product from Syndicate Bank is specially designed for EWS and LIG categories. No processing fee is charged under this loan scheme.
| Interest rate | 8.65% p.a. |
|---|---|
| Processing fee | Nil |
Key highlights
- For individuals under the category of EWS and LIG and members of self-help groups in rural, urban and metro areas.
- For the purpose of purchasing a plot and thereby constructing a house.
- For the purpose of purchasing a ready-made new or old house.
- For constructing a house on an already owned plot.
- Loan amount of up to Rs. 5 lakh for EWS and Rs. 10 lakh for LIG.
- Repayment tenure of up to 30 years of 75 years of age of the borrower (whichever earlier).
05. SyndVishranthi Home Loan
SyndVishranthi is a reverse mortgage loan scheme especially designed to help the elderly. This scheme aids the senior citizens of India by providing them with a payment against the mortgage of their homes.
| Interest rate | 12.25% p.a. (fixed) |
|---|---|
| Processing fee | 0.50% of loan amount (Maximum:Rs. 10,000/-) |
Key Highlights:
- Reverse mortgage loan scheme for senior Indian citizens who own a house in India.
- For supplementing income, personal expenses, house repairs, etc.
- SyndVishranthi loan scheme can be availed jointly by 2 borrowers, the other being the spouse of the principal borrower.
- Principal borrower’s age should be above 60 years.
- Life of the property should be at least 20 years in case of a single borrower and at least 25 years if the spouse is less than 60 years of age at the time of loan application.
- Loan tenure is 10 to 15 years or until the death of the borrower(s), whichever earlier.
- Repayment can be done monthly or quarterly by credit to a savings account operated in the joint names of the borrowers.
- 20% of the loan amount can be availed as a lump sum ince during the loan tenure, subject to a maximum of Rs. 15 lakh.
- Loan amount of up to 75% of the property’s assessed value, subject to a minimum of Rs. 5 lakh and a maximum of Rs. 1 crore for independent house and Rs. 50 lakh in case of a flat.
FAQs
How to apply for a Syndicate Bank Home Loan?
To apply for a Syndicate Bank home loan, one can visit the bank’s official website and download the application form or visit the nearest branch and ask for a loan application. Once the applicant has filled in their personal details and submitted the requisite documents, the bank will cross-verify the information furnished and grant/reject the loan.
What is the maximum repayment tenure for Syndicate Bank Home Loans?
The maximum repayment terms for the various home loan schemes are:
- SyndNivas : Up to 30 years or 75 years of age of the borrower (whichever earlier)
- SyndNivas Plus: Up to 5 years
- SyndKuteer: Up to 30 years or 75 years of age of the borrower (whichever earlier).
What is the maximum amount of home loan offered by the Bank?
The maximum loan amount for the various home loan schemes are:
- SyndNivas: Maximum loan amount of 72 months of gross salary of the borrower.
- SyndNivas Plus: The loan amount is the value of the property during sanction or present value (whichever lesser), minus the outstanding home loan, subject to a maximum of Rs. 3 lakh.
- SyndKuteer: Maximum loan amount of Rs. 10 lakh.
What are the repayment methods for Syndicate Bank Home Loan?
Repayment of Syndicate Bank Home loan can be made in the following three ways:
- Direct Debit from the borrower’s account in Syndicate Bank
- Electronic Clearing Service if the borrower’s account is in another bank than Syndicate Bank.
- Borrowers can also make repayments using Post-Dated cheques at the nearest Syndicate Bank loan centre.
What documents have to be submitted for purchasing a plot by development authorities?
Applicant has to furnish the allotment letter, approved plan, licence, commencement certificate, latest land/building tax receipt, and sale deed, copy of the layout plan and possession certificate from the development authority for availing a home loan.
Apart from these, encumbrance certificate and estimation from the licenced engineer is also required by the bank. An NOC will also be required in case of mortgaging the property.
What is the repo home loan rate of Syndicate Bank?
The repo home loan rate by Syndicate Bank is as follows:
| Up to Rs. 25 lakh | 6.95% |
|---|---|
| Rs. 25 to 50 lakh | 6.95% |
| Rs. 50 lakh to 1 crore | 6.95% |
| Above Rs. 1 crore | 6.95% |