Syndicate Bank Home Loan: Interest Rates, Eligibility & Benefits

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As of April 1, 2020, Canara Bank has taken over Syndicate Bank’s operations. Explore Syndicate Bank Home Loan with attractive interest rates and flexible options. Whether you're purchasing a house, constructing one, or seeking renovations, Syndicate Bank has you covered.

Syndicate Bank Loan Details

Interest Rate: Ranges from 8.55% to 11.25%, ensuring affordability for diverse financial profiles.

  • Loan Amount Obtain loans up to 6 times your gross salary (salaried) or 6 times the average gross annual income (self-employed), based on income and repayment capacity.
  • Processing Fees Enjoy a nominal processing fee of 0.50% (Min Rs.1500/-, Max Rs.10,000/-). Avail of a 50% processing fee waiver during the ongoing Retail Loan Festival from 12.04.2023 to 31.08.2023.
  • Prepayment/Foreclosure Flexibility to prepay or foreclose your loan with applicable charges, enhancing loan management.
  • Maximum Tenure Repay comfortably over up to 25 years, tailored to your preferences.
  • Rate Packages Explore diverse rate packages to match your financial preferences effectively.
  • Eligibility Criteria Open to salaried individuals with 2 years of aggregated regular service and self-employed individuals with 3 years of business experience.
  • Age Limit Applicants below 60 years are eligible, while provisions exist for those above 60 years, subject to conditions.
  • Takeover Benefits Seamlessly transfer your housing loan liability from various banks and financial institutions to Syndicate Bank.

Syndicate Bank Home Loan Interest Rates

Here’s a detailed breakdown of the Syndicate Bank home loan interest rates-

LOAN PRODUCTCRGRLLRWOMEN BORROWERSOTHER BORROWERS
ConcessionEffective Rate of Interest under RLLRConcessionEffective Rate of Interest under RLLR
APPLICABLE RATE OF INTEREST FOR SANCTIONED LIMIT UPTO Rs. 50 LAKH
HOUSING LOAN CRG- PRIME9.25 -0.4 8.85 -0.4 8.9
HOUSING LOAN CRG : 19.25 -0.25 9 -0.25 9.05
HOUSING LOAN CRG : 29.25 0 9.3 0 9.35
HOUSING LOAN CRG : 39.25 0 9.7 0 9.75
HOUSING LOAN CRG : 49.25 0 11.2 0 11.25
APPLICABLE RATE OF INTEREST FOR SANCTIONED LIMIT ABOVE RS. 50.00 LAKH TO RS 100.00 LAKH
HOUSING LOAN CRG- PRIME9.25 -0.5 8.75 -0.5 8.8
HOUSING LOAN CRG : 19.25 -0.35 8.9 -0.35 8.95
HOUSING LOAN CRG : 29.25 -0.1 9.2 -0.1 9.25
HOUSING LOAN CRG : 39.25 -0.1 9.6 -0.1 9.65
HOUSING LOAN CRG : 49.25 -0.1 11.1 -0.1 11.15
APPLICABLE RATE OF INTEREST FOR SANCTIONED LIMIT ABOVE RS 100.00 LAKH TO RS 250.00 LAKH
HOUSING LOAN CRG- PRIME9.25 -0.6 8.65 -0.6 8.7
HOUSING LOAN CRG : 19.25 -0.45 8.8 -0.45 8.85
HOUSING LOAN CRG : 29.25 -0.2 9.1 -0.2 9.15
HOUSING LOAN CRG : 39.25 -0.2 9.5 -0.2 9.55
HOUSING LOAN CRG : 49.25 -0.2 11 -0.2 11.05
APPLICABLE RATE OF INTEREST FOR SANCTIONED LIMIT ABOVE RS 250.00 LAKH
HOUSING LOAN CRG- PRIME9.25 -0.7 8.55 -0.7 8.6
HOUSING LOAN CRG : 19.25 -0.55 8.7 -0.55 8.75
HOUSING LOAN CRG : 29.25 -0.3 9 -0.3 9.05
HOUSING LOAN CRG : 39.25 -0.3 9.4 -0.3 9.45
HOUSING LOAN CRG: 49.25 -0.3 10.9 -0.3 10.95
For Housing Loans under Commercial Real Estate (3rd unit the applicable rate of interest is 0.25% above the card rate & 4th and subsequent dwelling unit the applicable Rate of Interest shall be 0.50% above the card rate.

Syndicate Bank Home Loan EMI Calculator

Calculating your Equated Monthly Installments (EMIs) is hassle-free with Syndicate Bank's EMI calculator. By inputting the loan amount, interest rate, and tenure, you can instantly determine the monthly repayment amount, helping you plan your finances effectively.

To calculate your Syndicate Bank home loan EMI, use the following formula:

EMI = [P x R x (1+R)^N] / [(1+R)^N-1]

Where:

• P = Loan amount

• R = Interest rate per month

• N = Loan tenure in months

Syndicate Bank Home Loan Types and Details

Syndicate Bank Housing Loan

Syndicate Bank offers versatile home loan schemes tailored to your housing needs. These comprehensive schemes cover various aspects, ensuring you find the perfect fit:

Purpose

  • Purchase of Ready Built House/Flat
  • Construction of House/Flat
  • Purchase of Site and Construction
  • Repairs/Renovations
  • Expansion, Upgradation, and Additional Amenities
  • Takeover of Home Loan Liability
  • Second House/Flat Acquisition

Syndicate Bank provides housing loans under two components:

  • Component-1: Finance expansion, upgradation, and additional amenities up to 75% of the project cost.
  • Component-2: Include furnishing costs (fixed furnishing, immovable attachments) up to 25% of the loan or Rs.50 lakhs, subject to conditions.

Eligibility and Loan Amounts

  • Salaried Class: Loan up to 6 times the last drawn monthly gross salary.
  • Self-employed Individuals: Loan up to 6 times the average gross annual income of the last three years.
  • Selectively, loan up to 8 times gross salary/income is permitted.
  • Maximum loan of Rs.15.00 lakhs for repairs/renovations.

Repayment and Processing

  • Repayment in equated monthly installments up to 30 years or until the borrower reaches 75 years of age, whichever is earlier.

Processing Fee

  • A nominal fee of 0.50% (Min Rs.1500/- and Max. Rs.10,000/-).

Flexible Repayment Holiday

  • Purchase of ready-built house/flat: Repayment starts within two months from the first disbursement.
  • Purchase of site and construction or construction on an existing site: Repayment starts within 2 months after house completion or 24 months from the first disbursement, whichever is earlier.
  • Purchase of under-construction flat: Repayment starts within 2 months of construction completion or 36 months from the first disbursement, whichever is earlier.

Syndicate Bank Site Loan

    Purpose

    • Purchase of Residential Sites from State Development/Town Planning Development Authorities or other government bodies distributing sites.
    • Purchase of Residential Sites from statutory authorities of Central/State Governments or local authorities with proper approvals.
    • Purchase of plots from Government Development Authorities such as DDA, HUDA, etc., and in approved colonies with RERA projects.
    • Takeover accounts from other banks meeting the above purposes.

    Loan Quantum

    • Up to three years of gross annual salary/income OR 75% of the site's cost/guideline value (whichever is lower).

    Margin

    • A minimum margin of 25% on the Project Cost (site cost in allotment letter + development charges, if any, up to 10% of site cost).

    Net Take-Home Pay (NTH)

    • Salaried Class: 40%
    • Non-Salaried Class: Net Annual Income Adequate to meet Installments.

    Repayment Period

    • Up to 10 years OR maximum period allowed by the allotment agency for house construction, or up to the borrower's age of 65 at loan closure (whichever is earlier).

    Processing Charges

    • 0.5% of Loan Amount, Min. Rs. 1500/-, Max. Rs. 10000/-

    Syndicate Bank Mortgage Loan

      Purpose

      • For non-business purposes, covering unforeseen expenses, urgent personal and medical needs, etc.

      Loan Quantum

      • Up to 50% of the property value as per the bank's panel-valuer report OR Rs. 7.50 Crores OR salary/cash accruals multiples.

      Repayment

      • Up to 120 months through EMIs.
      • Beyond 120 months selectively based on case-by-case consideration.

      Guarantee

      • Personal Guarantee of spouse/legal heirs is mandatory.

      Processing Charges

      • 0.50% of the loan amount, Min. Rs. 5000/-

      Syndicate Bank Housing-cum-Solar Loan

        Purpose

        • Loan individuals for installing Roof Top Solar Photovoltaic (PV) System along with Housing Loan.

        Housing Loan

        • Applies as per Housing Finance Scheme, excluding flats purchase/construction.

        Solar Loan

        • For Roof Top Solar Photovoltaic (PV) System on house roof, with or without Housing Loan.
        • Can be sanctioned with fresh Housing Loan under the same eligibility.
        • Can be sanctioned to those with existing Housing Loans.
        • Can be granted independently against free rooftop property, even without Housing Loan. Mortgage of House property is mandatory.

        Quantum

        • Housing Loan Component:
        • General Housing Loan: 6 times Gross Annual Income
        • HL to NRIs: 4 times Gross Annual Income
        • HL to Agriculturists: 6 times Gross Annual Income
        • Canara Home Loan Super Gain: Min Rs 20 lakhs, No upper limit.
        • Solar Loan Component:
        • 20% of eligible Housing Loan quantum OR
        • 80% of Solar system cost OR
        • Rs. 10.00 Lacs, whichever is less.
        • Amount of Housing Loan: Up to Rs. 30.00 Lakhs
        • Margin: New House/Flat & Old House/Flat (Up to 10 Years Old): 10%
        • Margin: Old House/Flat (> 10 Years old): 25%
        • Margin: Above Rs. 30.00 Lakhs & Up to Rs. 75.00 Lakhs: 20%
        • Margin: Above Rs. 75.00 Lakhs: 25%

        Repayment Period

        • Maximum 20 Years in EMIs OR stipulated Housing Loan period, whichever is earlier.

        Processing Charges

        • 0.50% of Loan Amount, Min Rs.1500/-, Max. Rs.10,000/-
        • 50% processing charge waiver from 12.04.2023 to 31.08.2023.

        Syndicate Bank Housing Loan for Agriculturists

          Purpose

          • Purchase, Construction of house/flat, Purchase of site and construction.
          • Takeover of HL Liability from recognized financial institutions.
          • Loans for non-agricultural properties in Urban/Semi-Urban areas with valid housing/non-agricultural usage documents.

          Loan Amount

          • Salaried Class: 6 times last drawn monthly gross salary.
          • Self-employed: 6 times average gross annual income of the preceding three years.
          • Max Rs.15.00 lacs for repairs/renovations.
          • Under Expansion, Upgradation and Creation of Additional amenities: Max 15% of loan or Rs.50 lakh, subject to conditions.

          Net Take-Home Pay (NTH)

          • 25% with a minimum of Rs.10,000/- after meeting proposed loan EMI.

          Repayment Period

          • Convenient EMIs up to 30 years or borrower age of 75 years, subject to conditions.

          Repayment Holiday

          • Purchase of ready-built house/flat: Repayment starts within TWO MONTHS from the first disbursement.
          • Purchase of Site & Construction/Construction: Repayment starts 2 months after completion OR 24 months from the first disbursement, whichever is earlier.
          • Purchase of under-construction flat: Repayment starts within 2 MONTHS of completion OR 36 Months from the first disbursement, whichever is earlier.

          Margin

          • Up to Rs. 30.00 Lakhs:
          • Sub-Point New House/Flat & Old House/Flat (Up to 10 Years Old): 10%
          • Sub-Point Old House/Flat (> 10 Years old): 25%
          • Above Rs. 30.00 Lakhs & up to Rs. 75.00 Lakhs: 20%
          • Above Rs. 75.00 Lakhs: 25%

          Processing Charges

          • 0.50% of Loan Amount, Min Rs.1500/-, Max. Rs.10,000/-
          • 50% processing charge waiver from 12.04.2023 to 31.08.2023.

          Syndicate Bank Home Loan Super Gain

            Purpose

            • Purchase of House/flat/plot of land.
            • Construction/extension/repair/renovation of new/second-hand residential flat/house.

            Loan Quantum

            • Minimum: 20.00 Lakhs
            • Maximum: No Upper Limit

            Repayment

            • Not Exceeding 30 years of repayment (Including repayment holiday) or 75 years of age of the borrower, whichever is earlier.

            Processing Charges

            • 0.40% of Loan Amount, Min Rs.2000/-, Max. Rs.50,000/-
            • 50% processing charge waiver from 12.04.2023 to 31.08.2023.

            Syndicate Bank Kuteer - Housing Loan Scheme

              Purpose

              • Acquiring a residential site and constructing a house.
              • Acquisition and purchase of new or old dwelling units.
              • Construction of a house on an owned Site/plot.

              Loan Quantum

              • Household income up to 1,00,000/- p.a: Up to 5,00,000/-
              • Household income above 1,00,000/- & up to 3,00,000/- p.a: Up to 10,00,000/-

              Security

              • Mortgage of Residential site/Property.
              • Hypothecation of assets created from loan proceeds.

              Repayment

              • Not exceeding 30 years or 75 years of the borrower's age, whichever is earlier.

              Processing Charges

              • 0.50% of Loan Amount (Min Rs.1500, Max Rs.10,000)
              • 50% processing charge waiver from 12.04.2023 to 31.08.2023.

              Syndicate Bank Home Loan Plus

                Purpose

                • Meet domestic needs, medical/educational expenses, unforeseen contingencies (non-speculative purposes).

                Loan Quantum

                • Salaried Class: Up to 24 months’ gross salary, max Rs. 50.00 lakhs.
                • Non-Salaried Class: Up to two times of 3 years average gross income, max Rs. 50.00 lakhs.

                Repayment Period

                • Leftover repayment period of existing housing loan or 180 EMIs, whichever is less.

                Processing Charges

                • 0.50% of loan amount, Min Rs.100/-, Max Rs.500/-
                • Documentation Charges: Rs.100/- Per Lac or part thereof, Min Rs.1000/-, Max Rs.25000/-

                Syndicate Bank Home Loan for NRIs

                  Purpose

                  • Purchase of ready-built house/flat.
                  • Construction of house/flat.
                  • Purchase of site and construction (excluding purchase of only site).
                  • Repairs, renovation, upgradation, and amenities (up to Rs. 15 Lakh).
                  • Second house/flat acquisition.
                  • Taking over HL liability from various institutions.

                  Loan Quantum

                  • 4 times of Annual Gross Income.
                  • Higher quantum (5 years of Gross Income) considered case-by-case basis with conditions.

                  Margin

                  • Up to Rs. 30.00 Lacs:
                  • New House/Flat & Old House/Flat (Up to 10 Years Old): 10%
                  • Old House/Flat (> 10 Years old): 25%
                  • Above Rs. 30.00 Lacs & up to Rs.75.00 Lacs: 20%
                  • Above Rs. 75.00 Lacs: 25%

                  Repayment

                  • By EMIs.
                  • Remittances from abroad through banking channels.
                  • Funds transfer from NRE/FCNR accounts.
                  • Remittance from local funds by close relatives.
                  • ECS mandate/PDCs lodging.
                  • Repayment period of max 30 years or the borrower's age of 60 years, is extended to 70 years on a case-by-case basis with conditions.

                  Repayment Holiday

                  • For purchase of ready-built house/flat: Repayment starts within TWO MONTHS from first disbursement.
                  • For Site & Construction/Construction: Repayment starts 2 months after completion OR 24 months from first disbursement, whichever is earlier.
                  • For under-construction flat: Repayment starts within 2 MONTHS of completion OR 36 Months from first disbursement, whichever is earlier.

                  Processing Fees

                  • Processing fee of 0.10%, Min Rs.500/-, Max Rs.10000/-

                  Syndicate Bank Home Loan Eligibility Requirements

                  • Eligibility Criteria for Regular Applicants
                    • Salaried individuals must have 2 years aggregated regular and continuous service, with at least 6 months completed in the current organization/company.
                    • Individuals engaged in business, professionals, and self-employed persons should have a minimum of 3 years in the business/profession.
                    • Borrowers' entry age must be below 60 years at loan availing. The liability should be cleared before reaching 75 years.
                    • Persons above 60 years are eligible with certain stipulations.
                  • Documents/Requirements for Regular Applicants
                    • Stipulated Loan Application with 2 passport size photos of applicant/guarantor.
                    • Sale Deed and Agreement for Sale.
                    • Copy of approved plan for proposed construction/extension/addition.
                    • Detailed cost estimate/valuation report from Banks' Panel Chartered Engineer/Architect.
                    • Allotment letter from Co-operative Housing Society/Apartment Owners Association/Housing Board/NOC.
                    • Legal Scrutiny Report, EC for past 13 years, Property Tax paid receipt, Khata, mortgage permission.
                    • Salary Certificate and Form No.16 (salaried persons).
                    • IT Returns filed for past three assessment years (non-salaried persons).
                    • Brief business note, establishment year, organization type (self-employed).
                    • Balance Sheet and P&L Account for past three years (self-employed).
                  • Documents/Requirements for NRI Applicants
                    • Stipulated Loan Application with 2 passport size photographs.
                    • Proof of Identity: Copy of first four pages of passport and page with visa stamp or IC/PIO card.
                    • Valid work permit.
                    • Copy of employment contract, last salary certificate/slip (original).
                    • Salary certificate attested by Indian Embassy/Consulate/Employer.
                    • Identity card from current employer/proof of income for self-employed professionals/businessmen.
                    • Brief profile of applicant and work establishment.
                    • Details of previous employment.
                    • Bank account statement/passbook for the last six months.
                    • Overseas bank account statement/passbook showing salary and savings.
                    • Proof of residence (driving license/utility bills).
                    • CDC (Continuous Discharge Certificate) for merchant navy employment.
                    • Sale Deed/Agreement for Sale.
                    • Copy of approved building plan/approvals for construction/purchase/extension.
                    • Original NOC under Provisions of ULC Act.
                    • Detailed cost estimate/valuation report from Banks' Panel Chartered Engineer/Architect.
                    • Allotment letter from Co-operative Housing Society/Apartment Owners Association/Housing Board/NOC.
                    • Legal Scrutiny Report, EC for past 13 years, Property Tax paid receipt, Khata, mortgage permission.
                    • Brief business note, establishment year, organization type (self-employed).
                    • Balance Sheet and P&L Account for past three years (self-employed).

                  How to Apply for Syndicate Bank Home Loan

                  Applying for a Syndicate Bank Home Loan online through NoBroker is simple:

                  1. Visit NoBroker:

                  Go to the NoBroker website.

                  2. Choose Loan Type:

                  Select "Home Loan" from the loan options.

                  3. Fill Details:

                  Provide necessary information like loan amount, tenure, and personal details.

                  4. Compare Offers:

                  Compare various Syndicate Bank Home Loan offers to find the best one.

                  5. Submit Application:

                  Fill the application form and submit it online.

                  6. Document Upload:

                  Upload required documents securely.

                  7. Approval:

                  Await loan approval, and Syndicate Bank will get in touch with you.

                  By following these steps, you can easily apply for a Syndicate Bank Home Loan online through NoBroker and await approval.

                  Syndicate Bank Home Loan Customer Care

                  Contact Syndicate Bank Home Loan Customer Care for assistance:

                  State/CityContact Numbers
                  EPABX080-22221581/582/0490/0491/1788/1789/1790/1984/1985/1986
                  Bangalore HO080-22221581/582/0490/0491/1788/1789/1790/1984/1985/1986
                  Call CentreToll-Free 24/7: 18001030

                  Conclusion

                  In summary, obtaining a Syndicate Bank Home Loan through NoBroker is a straightforward and convenient process. With a user-friendly interface and easy steps, potential homeowners can explore various loan options and select the most suitable one for their needs. The collaboration between Syndicate Bank and NoBroker streamlines the application process, making it accessible and efficient for individuals seeking financial support to realize their dream of owning a home.

                  FAQs
                  1. What is the contact number for Syndicate Bank Customer Care?
                  You can reach Syndicate Bank Customer Care at 18001030.
                  2. How can I apply for a Syndicate Bank Home Loan online?+
                  Follow the step-by-step guide on the NoBroker website to apply for a Syndicate Bank Home Loan online.
                  3. What documents are required for a Syndicate Bank Home Loan application?+
                  Necessary documents for a Syndicate Bank Home Loan application include identity proof, income details, property documents, etc. Ensure all required documents are submitted for a smooth application process.
                  4. Is there a toll-free number for Syndicate Bank Home Loan queries?+
                  Yes, you can contact the call centre at 18001030 for toll-free assistance with Syndicate Bank Home Loan queries.
                  5. Can I apply for a Syndicate Bank Home Loan if I am over 60 years old?+
                  Yes, subject to certain conditions, individuals above 60 years can be eligible for a Syndicate Bank Home Loan.
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