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Syndicate Bank Home Loan Interest Rate

There is a difference in living in a rented house and in your own house. You might not have the independence of getting your own pet in your rented house. But in your own house you can own as many pets as you want, and you won’t have to hear your house owner’s complaints from time to time. It’s not just about the pets but you’ll be able to paint your house as you like, or you’ll be able to redesign and renovate as you like. It’s just a great feeling when you finally own a house.

Home loans are sanctioned by banks, that you can make use of, to get your dream home. Banks will charge you with a rate of interest, which you would have to pay from time to time. The rate of interest that is charged will depend on the type of loan, the income of the individual and other factors.

Syndicate Bank Home Loan Details

  • Home loan interest rate charges start from 8.75%.
  • Processing fee of up to 0.13% is charged where minimum of Rs. 500 and maximum of Rs. 5,000 will have to be paid.
  • Repayment tenure is limited to 30 years or 75 years of age whichever is earlier
  • Lowest EMI to be paid per lakh is Rs. 787.
  • For salaried individuals, minimum age to avail for a loan is 21 years and maximum age is 60 years.
  • For self-employed individuals, minimum age to avail for a loan is 21 years and maximum age is 65 years.
  • Loan-to-value ratio shall not be more than 75%.
  • Risk weight is 100% as it is treated as Commercial Real Estate.

Syndicate Bank Home Loan Interest Rates and Other Charges

  • Syndicate Bank home loan interest rates start from 8.75%.
  • Rate of interest charged is one-year MCLR + 0.75%, irrespective of tenure and amount of the loan.
Loan AmountHome Loan Interest Rates
Up to Rs. 25 Lakhs8.75%
Above Rs. 25 lakhs up to Rs. 75 lakhs8.75%
Above Rs. 75 lakhs up to Rs. 1 crore8.75%
Above Rs. 1 crore8.75%
  • Loan margin expected is a minimum of 25%, irrespective of exposure. For old houses, aged more than 5 years the loan margin is 30%.

Processing and documentation charges, Mortgage charges

Loan AmountRevised Service Charges
Up to Rs. 25 lakhs0.125% of the loan amount with a minimum of Rs. 500 and a maximum of Rs. 2500
Above Rs. 25 lakhs up to Rs. 75 lakhs0.125% of the loan amount with a maximum of Rs. 3250
Above Rs. 75 lakhsRs. 5000 is charged

Syndicate Bank Home Loan eligibility

There are many purposes for which people avail for home loans at Syndicate Bank:

  • For purchases an existing house or flat of not more than 25 years old.
  • For purchasing a flat that is yet to be constructed by the builders.
  • For making extensions or renovations to an existing house.
  • Takeover of home loans from other banks or financial institutions such as public sector banks, other banks, housing intermediaries, cooperative societies or from army group insurance funds.

Eligibility

People who fall under the category of:

  • Resident Indians
  • Non-Resident Indians holding Indian passports
  • Person of Indian origin
  • Pensioners
  • Hindu Undivided Families

Syndicate Bank Quantum of Home loans

  • For newly constructed houses or ready built houses or flats, the quantum of loan is 75% of the project costs.
  • 70% of the project cost is taken up for old houses aged more than 5 years.
  • 72 months gross salary in case of salaried individuals.
  • 6 times of 3 years average annual income in case of non-salaried individuals.
  • Total deduction should not exceed 60% of gross salary for salaried individuals and for the non-salaried individuals it should not exceed 60% of their gross annual income.

Syndicate Bank Home Loan Schemes

SyndNivas Housing Loan Scheme

The purpose of this scheme is for purchasing of houses, flats or sites and construction of house. Also provides loans for repair of existing house and for purchase of plot.

SyndKuteer Housing Loan Scheme

The purpose of this scheme is for acquiring a residential site and constructing a house thereon. Also, for acquisition and purchase of new or old dwelling units. Construction of a house on a plot that is already owned by the individual. This scheme is for the Economically Weaker Section (EWS) and Low-Income Group (LIG) category.

SyndNivas Plus Housing Loan Scheme

The purpose of this scheme is to meet any business or personal credit needs. It is a Top Up facility.

SyndDelight Housing Loan Scheme

This scheme is for existing housing loan customers. The purpose of this scheme is to meet any genuine personal credit requirements of housing loan customers. This is also a Top Up facility.

Syndicate Bank Home Loan Schemes Interest Rates Linked to MCLR

Product/SchemeRate of Interest
SyndNivasOne Year MCLR
SyndKuteer
Housing Loan CREOne Year MCLR + 1.10%
SyndNivas PlusOne Year MCLR + 3.35%
SyndDelightOne Year MCLR + 2.85%

Documents Needed to Avail Home Loan at Syndicate Bank

For Salaried

  • Copy of PAN card
  • Address proof copies like telephone bills, Voter ID
  • Passport copy
  • Employee ID copy
  • Latest salary slips of 6 months
  • Copies of Income Tax Returns
  • Form 16 for the last 3 years
  • Previous and present employment details

For Self-employed

  • Copy of PAN card
  • Address proof copies like telephone bills, Voter ID
  • Passport copy
  • 1-year statements of accounts
  • Proof of business-like VAT/GST registration copy.

For NRIs

  • Copies of passport/VISA
  • Work permit/Job Contract/Appointment Order
  • Last 3 months salary slips and other documents that are required by Syndicate Bank.

FAQs: Syndicate Bank Home Loan Interest Rate

1. Are NRIs allowed to apply for a loan at Syndicate Bank?

Yes, NRIs who have an Indian passport can get a loan sanctioned by Syndicate Bank.

2. Is there a processing fee that will be charged?

A processing fee of 0.13% of the loan amount will be charged where the minimum amount charged is Rs. 500 and the maximum that is charged is Rs. 5000.

3. Who are all eligible to apply for a home loan at Syndicate Bank?

People who fall under the below mentioned categories are allowed to apply for a home loan at Syndicate Bank:

  • Resident Indians
  • Non-Resident Indians holding Indian passports
  • Person of Indian origin
  • Pensioners
  • Hindu Undivided Families

4. Is there a scheme provided for the Economically Weaker Section (EWS) to apply for a home loan?

SyndKuteer home loan scheme can be applied by people who are of the Economically Weaker Section (EWS) and Low-Income Group (LIG) category. The purpose of this scheme is for acquiring a residential site and constructing a house thereon. Also, for acquisition and purchase of new or old dwelling units.

5. What will be the maximum percentage for the Loan-to-Value ratio for home loans?

Loan-to-value ratio shall not be more than 75%.

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