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Syndicate Bank Home Loan

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Processing Fee

nil*

Max Tenure

nil*

Best Rate

8.60%

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About Syndicate Bank

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 nationalized on 19 July 1969, by the Government of India. The bank is headquartered in the university town of Manipal, India.

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What Is a Home Loan?

Home Loan is offered to individuals who wish to construct or buy a house. The property bought or about to be constructed is mortgaged as collateral until the repayment of the loan is completed with full interest. The repayment of the loan generally depends on the capacity of the borrower. Normally, the home loan tenure ranges between 5 to 30 years. The borrower can opt for either floating type of interest of fixed interest rate. Home loan provides tax benefits to the borrowers.

An Introduction to Syndicate Bank Home Loans

Being one of the largest bank in India, Syndicate Bank offers a wide range of services in the personal loan segment. It is one of the most preferred bank in India by all kinds of people for any financial service. Packed with exclusive benefits, Syndicate Bank Home Loans are tailor made catering to the needs of various customers.

Advantages of Syndicate Bank Home Loans

  • Low interest rate
  • No hidden costs and administrative charges
  • Low processing fees
  • No security needed
  • Less paperwork
  • No prepayment penalties

Features of Syndicate Bank Home Loans

Key Features

Interest Rate8.60%
Loan Tenure30 years
Guarantor RequirementNil
Pre-closure ChargesNil

SyndNivas Housing Loan Scheme

Eligibility Criteria

To avail the personal loan from Yes Bank, you need to have the following eligibility criteria.

The applicant needs to be Resident Indians, Non-Resident Indians holding Indian Passport / Persons of Indian origin, Pensioners, Hindu Divided Families.

  • You should be 21 years old or above
  • Steady income
  • Salary slip of last 3 months
  • Proper Address Proof and Identity proof

Purpose

1) For purchasing a plot, provided an undertaking is obtained from the borrower that he / she / they shall completer the construction of house on the said plot with the help of

bank finance or otherwise within a period of 2 years from the date of availing of said finance.

2) For purchasing a Plot for construction of house on the said plot with in a period of 2 years from the date of availing of said finance.

3) For acquiring house site and constructing a house thereon.

4) For construction of house on the land-already owned by the party/held on lease provided the lease is perpetual/unexpired period of lease is 50 years or more.

5) For out-right purchase of ready built house / flat of not more than twenty-five years old.

6) For purchase of flat to be constructed by the Society / Builders.

7) For making extension / additions vertical or horizontal to the existing house.

8) For carrying out repairs/renovations to the existing house / flat.

9) Takeover of Housing Loans from other Financial institutions such as Public Sector

Banks / Other Banks / Housing Intermediaries/NBFCs, Cooperative Societies and Army Group Insurance Fund etc.

Quantum:

1) 75%, or 80% or 90% of project cost for depending on the quantum of loan.

2) 70% of Project Cost for old house aged more than 5 years.

3) 72 months Gross Salary in case of Salaried Class.

4) 6 times of 3 years average income in case of non-salaried class.

5) Total deductions should not exceed 60% of Gross Salary in case of Salaried

Class and 60% of Gross Annual Income in case of non-salaried class. Whichever is less

6) Clubbing of income of spouse, father, mother, son, daughter, is permitted for determining the quantum of loan.

Payback

Salaried- 60% of the Gross Annual Income.

Non- Salaried: 60% of average of last three years Gross Annual Income as per IT

Return/Assessment

Rate of Interest:

MCLR irrespective of tenor and amount of the loan

Margin

1) Loans up to ` 20.00 lacs – 10%

2) Loans of above ` 20.00 lacs and up to ` 75.00 lacs – 20%

3) Loans of above ` 75.00 lacs – 25%

In respect of purchase of Plots, - Margin -50%.

Surety/Guarantor: Waived

Security: Mortgage of Plot / House/Flat to be constructed / purchased.

Repayment: Not exceeding 30 years or 75 years of age whichever is earlier

Syndicate Bank Home Loan
Apply for Syndicate Bank Home Loan

Documents Required to Apply for Syndicate Bank Home Loans

Important documents to be submitted while applying for personal loans with Syndicate Bank

  • Completed loan application
  • 3 Passport size photographs
  • Proof of identify (photo copies of Voters ID card/ Passport/ Driving licence/ IT PAN card)
  • Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill)
  • Statement of Bank Account/ Pass Book for last six months
  • Form 16/IT returns for the last two financial years for salaried employees
  • IT returns for the three years for self-employed professionals

EMI Payment Methods

Your Syndicate Bank personal loan can be repaid in following three ways.

Standing Instruction (SI):

If you are an existing account holder with Syndicate Bank, Standing Instruction is the best mode of repayment. Your EMI amount will be debited automatically at the end of the monthly cycle from the Syndicate Bank account you specify.

Electronic Clearing Service (ECS):

This mode can be used if you have a non-Syndicate Bank account and would like your EMIs to be debited automatically at the end of the monthly cycle from this account.

Post-Dated Cheques (PDCs):

You can submit post-dated EMI cheques from a non-Syndicate Bank account at your nearest Syndicate Bank Loan Centre. A fresh set of PDCs will have to be submitted in a timely manner. Please note Post Dated Cheques will be collected non-ECS locations only.It is recommended that you opt for either the SI or ECS mode of payment for faster and less prone to error than the use of PDCs.

How to Apply for Syndicate Bank Home Loan?

You can either apply online or visit a nearby Syndicate Bank branch for the application. You can also download the home loan application form from the Syndicate Bank official website, complete the form and submit it the bank representative.

Alternatively you can also check your eligibility for a home loan through CreditMantri and apply for it.

Summary of Syndicate Bank Home Loans

This is probably the only bank that provides several home loan products in India. With attractive interest rates, the bank caters to the needs of various sections of people. You can also pre-close the home loan with the prepayment for which no penalty is levied. Overall, the bank offers the best deal on home loans.

Syndicate Bank Home Loan FAQs

1.What are processing fees on Syndicate Bank Home Loans?

There are no processing fees

2. Is there penalty for prepaying the Syndicate Bank Home Loan?

No penalty is levied for prepaying the Syndicate Bank Home Loan?

3. Can I get Syndicate Bank Home Loan without a Guarantor?

No need of a guarantor

4. What is the maximum loan repayment period for Syndicate Bank home loans?

The maximum repayment period is 30 years

5. How Can I apply for an Syndicate Bank home loan?

You can either apply online or visit a nearest Syndicate Bank branch and take the help of the bank’s representative.

Customer Reviews

4 / 5 (6 Reviews)
22 Oct 2018

very good

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