Syndicate Bank

Syndicate Bank  Home Loan

Apply Syndicate Bank  Home Loan

About Syndicate Bank Home Loan

Buying a home is the dream for most adults. Owning a home gives you a sense of security, and gives you the freedom to explore other avenues knowing that you have achieved one of the things that many people do not ever get to in their lifetimes. Of course, the cost of owning a home cannot be paid in full at first. In most cases, Home Loans are necessary. With loans which have large tenures, you will be able to get the home of your dreams without having to compromise on any detail. After all, it is one of the most important places in your life.

Syndicate Bank has been one of the leading banks in the nation, having been active for more than half a century now. Under the SyndNivas scheme, the bank has been helping dreamers get the house of their dreams without having to worry about paying the full amount initially. You can get the loan from the bank to build your dream home, buying it or even extending your existing home according to your wishes. Syndicate Bank is one of the major commercial banks in India and was known as the Canara Industrial and Banking Syndicate Limited at the time of its inception. The bank was nationalised almost 50 years ago and has shown that it is flexible enough to adapt to the changing practices and technology as the civilisation progresses. You can get the loan for construction, acquisition or even extending your existing home.

Syndicate Bank Home Loan

Interest rate

8.65%

Loan tenure

30 Years

Loan turnaround period

8 - 15 days

Loan to value (LTV)

Get loan up to 85% of project cost

Who can apply?

  • Self-employed professionals
  • Salaried individuals
  • Indian residents

Co-applicants

Up to 4 applicants are allowed as co-applicants

Lowest EMI

 780 Per Lakh

Why Syndicate Bank Home Loan?

Home Loans are one of the most used forms of loans. The cost of getting home by buying it in full is usually out of reach for many individuals. Using Home Loans, the house of your dreams is not out of your reach any more. You do not have to compromise on the place or the features, and can go for the home you desire.

Here's what makes Syndicate Bank Home Loans different:

  • Loan available for the purchase of ready-built house/flat, purchase of under-construction flat, and extension of an existing house.
  • Takeover facility is also available so that you can easily transfer the balance of your existing Home Loan from other financial institutions, such as banks, housing intermediaries, NBFCs, co-operative societies, and Army Group Insurance Fund to Syndicate Bank.
  • There is no upper limit on the Home Loan amount
  • Long repayment tenure
  • Quick processing
  • Easy documentation
  • There are over 3,500 branches of the bank in the nation, and the bank is a household name.

Features and Benefits of Syndicate Bank Home Loan

Following are some amazing features of Syndicate Bank Home Loans:

  • Guarantor-free: You do not need to have a guarantor for getting the Home Loan, which can make it a stress-free process.
  • Different plans: According to your plans and needs, you can apply for different schemes with different rates and features.
  • Competitive interest rates: Low-interest rates start at 8.65% p.a. (interest rates vary depending on the loan scheme opted for).
  • Low processing fees: Processing fee charges start at 0.125% of the sanctioned loan amount.
  • Co-applicants: You can apply for the loan with your spouse, which means that both your incomes will be counted while checking eligibility.
  • Flexible repayment tenures: There are no foreclosure charges, and the repayment tenure is as large as 30 years.

Syndicate Bank Home Loan Interest Rates

Syndicate Bank Home Loans interest rates are linked to its 1-year Marginal Cost of Funds based Lending Rate (MCLR), which is 8.65% as updated on 15.06.2019.

Following are the applicable rates of interest on Home Loans:

  • Housing Loan (CRE): 1-year MCLR + 0.75%: 9.40 irrespective of tenure and amount of the loan. 
  • Synd Nivas: 1-year MCLR: 8.65%, irrespective of tenure and amount of the loan
  • Synd Nivas Plus: 1-year MCLR + 3.25%: 11.90%, monthly compounding
  • Synd Kuteer: 1-year MCLR: 8.65%

Types of Home Loans Offered by Syndicate Bank

Syndicate Bank Home Loans are of many types:

Synd Nivas

Who can apply

Indians Residents Salaried and Self-employed Individuals, Pensioners, Hindu Undivided Families, NRIs holding an Indian passport, Persons of Indian origin can apply.

Purpose of taking loan

Loans available for purchasing land and constructing a house on it, constructing a house on the land already owned by the applicant, purchase of ready built house or flat (below 25 years old), purchase of a flat to be constructed by Builders/ Society, extension/ additions to an existing house, repairs/renovations to an existing house / flat, takeover of Home Loan from other lender.

Maximum LTV

  • 75%, 80%, or 90% of the cost of the project (new construction/ purchase of ready built house/ flat).
  • 70% of the cost of the project (for an old house of more than 5 years old).

Tenure

Up to 30 years or 75 years of age (whichever is earlier), including holiday period, if any.

Synd Nivas Plus

Who can apply

The loan is offered to Home Loan customers who have a satisfactory repayment record of minimum 2 years.

Purpose of taking loan

The loan can be availed to meet any of your personal or business monetary need.

Maximum loan amount

Property's value at the time of sanction or its present value, whichever is lower, minus Home Loan outstanding balance (subject to a maximum of 3 Lakhs).

Tenure

Maximum 60 EMIs

Synd Kuteer

Who can apply

Individual borrowers of EWS (having 10,000 as annual household income)/LIG ( 1, 00,001 to 2, 00,000 as annual household income) categories, members of Self Help Group in rural, urban, and metro areas.

Purpose of taking loan

For purchasing a residential site and constructing a house on it, purchase of a new/ old house, construction of a house on a site/plot already owned.

Maximum loan amount

  • EWS: Up to 5 Lakhs
  • LIG : Up to 10 Lakhs

Tenure

Up to 30 years or 75 years of age (whichever is earlier).

Housing Loan (CRE)

Who can apply

Indians Residents Salaried and Self-employed Individuals, Pensioners, Hindu Undivided Families, NRIs holding an Indian passport, Persons of Indian origin can apply.

Purpose of taking loan

For purchasing a ready built house or flat (below 25 years old), purchasing a flat to be constructed by the Builders/ Society, extension or additions to the existing house, the takeover of Home Loan from other lenders.

Maximum LTV

  • 75% of the cost of the project (for new construction/purchase of ready built house or flat).
  • 70% of Project Cost for old house aged more than 5 years.

Tenure

Up to 30 years or 75 years of age (whichever is earlier), including holiday period, if any. This includes a holiday period of up to 18 months (for construction).

Syndicate Bank Home Loan Eligibility

Syndicate Bank Home Loan eligibility criteria must be met for loan application approval. Home Loans are provided to families and individuals who would like to construct or purchase the house that they would like to get.

The borrowing criteria for a Syndicate Bank Home Loan are as follows:

    • Individuals must be salaried or self-employed
    • The individual can also be a pensioner, depending on the scheme
    • Hindu Undivided Family members can also apply
    • Non-resident Indians having an Indian passport and Persons of Indian origin can also apply
    • The applicant's age must be no less than 21 years old at the time of borrowing and not above 75 years at the time of loan maturity.
    • For Synd Kuteer, individual borrowers of EWS (having 10,000 as annual household income)/LIG ( 1, 00,001 to 2, 00,000 as annual household income) categories, members of Self Help Group in rural, urban, and metro areas can apply.
    • For Synd Nivas Plus, the loan is offered to Home Loan customers who have a satisfactory repayment record of minimum 2 years.
    • Syndicate Bank will give you the loan amount based on what your plan is and what your needs are. There is no real upper limit for the Synd Nivas plan. Under the Synd Nivas Plan, you are expected to complete the construction of the house or the extension works within two years of obtaining the funds.
    • You also have the choice to get the funds to purchase or construct a home in the future.
      • The plot can be held by someone else, or the land could be on the lease, with the period of the lease being 50 years or more.
      • If you plan to buy a home or an apartment, it should not be more than 25 years old.
    • Syndicate Bank considers applicants with a minimum CIBIL score of 650 to be qualified for applying for Home Loan.

Documents Required for Syndicate Bank Home Loan

The following documents are required when a user applies for a Syndicate Bank Home Loan online:

For Salaried Applicants (Borrower and Guarantor)

  • A copy of PAN Card
  • Address proof: A copy of Telephone bill/ Voter ID/ Driving License, etc.
  • A copy of Passport
  • A copy of Employee ID
  • Latest 6 months' salary slip
  • Last 1 year's statement of account where salary is being credited
  • Copies of ITAO and ITR/ Form 16 for the last 3 years (for applicants only)
  • Details of previous and present employment of applicant with proof (for applicants only)

For Non Salary/Business Applicants (Borrower and Guarantor)

  • A copy of PAN Card
  • Address proof: A copy of Telephone bill/ Voter ID/ Driving License, etc.
  • A copy of Passport
  • 1 year account statements
  • 3 years' ITR with statement of income (for applicants only)
  • Copies of audited Profit & Loss account/ Balance Sheet (for applicants only)
  • Business proof: A copy of VAT/ GST, etc.

For NRIs/PIOs

  • Copies of Passport/Visa
  • Job contract/ work permit/ appointment order
  • Special power of attorney in bank's format, duly executed in officials of the Embassy's presence and adjudicated in India.
  • Latest 3 months' salary certificate with deductions or ITR for 3 years
  • Last 2 years' statement of F/C account and Savings Bank account
  • Proof of margin money paid from NRE/NRO account
  • Declaration that the house or flat will be used for own on return from abroad
  • Declaration for the proposed period of stay in abroad

Property Documents

Apart from the documents listed above, you will also need to submit the following property-related documents (as applicable):

  • Documents for the purchase of ready built house/ site
  • Documents for the purchase of flat from Developer
  • Documents for sites allotted by any Statutory Body like DDA, MDA, BDA, KHB, CITB, and Societies
  • Documents for additions, alterations, repairs, and renovation plan as approved by the Competent Authority along with the appropriate estimate and land records.
  • Documents for the takeover of loan from another lender

Why Apply for Syndicate Bank Home Loan on MyMoneyMantra?

If you want to avail the Syndicate Bank Home Loan, make use of MyMoneyMantra's online platform. Our Mortgage Specialists will help you through the entire loan process including application, documents collection and submission, approval, and disbursal. With our partnership with over 90 banks and other financial institutions and having decades of experience, we will help you. You can also use our EMI Calculator to know your eligibility before applying for the loan.

How to Apply for Syndicate Bank Home Loan OnMyMoneyMantra?

At MyMoneyMantra, we are committed to make the process of availing a Home Loan from Syndicate convenient and hassle-free. We not just guide you to the scheme which is best suited for your requirements, but we also provide complete assistance in the application process.

Here's the process of applying for Syndicate Bank Home Loan through MyMoneyMantra:

  • Click on the Home Loan section under Loans tab on the homepage
  • Fill in the details required
  • Submit your application
  • Enter the OTP received on your registered mobile number
  • Our representatives will soon call you to assist you further

Other Products by Syndicate Bank

Syndicate Bank offers various other products as well, such as:

Current/ Saving Account (CASA)

Synd Saral

Synd Rent

Synd Senior

Synd Vahan

Synd Swarna (Half Yearly Bullet Repayment)

Synd Swarna (Non EMI)

Synd Swarna (EMI)

Education Loan

Synd Mortgage

Synd Vishranti (Reverse Mortgage Loan Scheme of Syndicate Bank)

Synd Connect

Synd Solar

Synd Delight

Agriculture Loan

Priority Sector Loan

SME Loan

Corporate Finance

How to Calculate Syndicate Bank Home Loan EMI?

The Syndicate Bank Home Loan EMI amount can be computed using the MyMoneyMantra EMI Calculator.

You just need to click on the EMI Calculator that is mentioned under the Financial Tools tab, enter the three parameters viz. Loan Amount, Interest Rate, and Repayment Tenure, then click on the Calculate button to get the final result.

Syndicate Bank Home Loan - Processing Fees and Other Charges

The Syndicate Bank Home Loans come with the following fees and charges:

Processing fee and documentation charges

  • For loans up to 25 Lakhs: 0.125% of the loan amount, with a minimum of 500 and a maximum of 2,500
  • For loans above 25 Lakhs up to 75 Lakhs: 0.125% of the loan amount, with a maximum of 3,250
  • For loans above 75 Lakhs: 5,000 flat
  • Nil for Synd Nivas Plus

Inspection charges

  • For loans up to 50 Lakhs: 250 one visit per year
  • For loans above 50 Lakhs: 500 one visit per year
  • For irregular NPA loans: 250 per visit

Charges for switching from fixed to floating interest rate or vice versa

  • For Fixed to Floating: 0.25% of the outstanding balance
  • For Floating to Fixed: 0.50% of the outstanding balance

Charges for a copy of documents

  • If documents are submitted to statutory authority: 500 + actual Xerox charges
  • If the presence of bank official is required: 1,000 + actual Xerox charges +Out of Pocket Expenses.

Syndicate Bank Home Loan - Customer Care

If you have any complaint regarding your service or any matter related to the loan, the first step would be to bring it to the attention of the Branch Manager at your concerned branch. Then, you can take it up to the Regional Manager if you still feel that the complaint has not been addressed sufficiently. If the service is still dissatisfying, you should contact the Controlling Authority at the Corporate Office Bangalore in the phone number or the address given below.

Toll-free number: 080-22260281 (10 am to 5 pm, on all working days)

Email: syndcare@syndicatebank.co.in

FAQs - Syndicate Bank Home Loan

How long does it take to get the loan?

The processing of the paperwork takes around 5 working days, but it might be lower than that too, depending on the case.

How old should I be to get the loan?

Yes, you should be older than 21 to apply for the loan.

Will I be getting the full amount of the loan?

The bank keeps a margin to itself. The loan amount depends on the scheme applied for and the property's value. The maximum loan available is up to 75% to 90% of the cost of the project.

Are there any charges for foreclosure of the loan?

There are no charges applicable for loan prepayment.

Can I change the way I pay the monthly amount?

Yes, but you will have to give an application at the bank which states that you need to change the payment method.

Do I need a guarantor for the Home Loan?

The loan is guarantor-free. You do not need any guarantor for the housing loan.

What is the credit score I require?

A CIBIL score of minimum 650 is expected from the applicants.

How can I apply for the loan easily?

You can apply for the loan with ease through MyMoneyMantra.

How long is the maximum tenure of the loan?

The maximum loan tenure permitted by the bank is 30 years.

Latest News Snippets - Syndicate Bank Home Loan

11.05.2019: Syndicate Bank reports 128-crore net profit in March quarter

On Friday Syndicate Bank reported a profit of 128.02 Crores for the March quarter in 2018-19 financial year. The public sector lender reported a loss of 2,195.12 Crores during January-March quarter in the year 2017-18.

09.03.2019: Syndicate Bank's MCLR reduced by 10 basis points

State-owned Syndicate Bank on reduced its marginal cost of funds based lending rate (or MCLR) by 0.10% for various tenors.  The interest rate for 1-month and 3-month tenors has been reduced to 8.30% and 8.45%, respectively.

Syndicate Bank to raise up to 250 Cr

Using the Employee Stock Purchase Scheme, Syndicate Bank is planning to raise up to 250 Crores with the equity shares. The bank meeting was held on 12th September, and the board approved the decision to raise the amount. The raising will be done in one or more tranches. The State-owned Bank released this news in a regulatory filing.

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