Syndicate Bank Home Loan

Syndicate bank is one of the banks offering home loan to Salaried, Self-Employed and Pensioners as well as applicants who are from Hindu Undivided Family(HUFs) including NRIs / PIOs. Syndicate bank offers various schemes to take home loans like Synd Housing Loan, Synd Niwas Loan and Synd Kuteer Loan. Syndicate Bank provides you loan amount of upto Rs. 75 lacs and above at an annual rate interest of 8.65% to 9.75%.


Syndicate Bank is a good fit for you if?

If You're from a Hindu Undivided Family (HUFs) – Syndicate bank is one of the very few banks having who also offers home loan to applicants who belongs to Hindu Undivided Family(HUFs) as compared to it's competing banks and FIs which doesn't allow the HUFs to take loans easily.

Syndicate Bank Home Loan at a glance

Annual Interest Rate

8.65% - 9.75%

Loan Term

30 Years Max

Loan Amount

Rs. 5 Lacs - Rs. 10 Crores

Time of Funding

Within 7 Working days

Pre-Payment Charges

Zero to 2%

Syndicate Bank provides you home loan for upto Rs. 75 lakhs and above at an annual interest rate of 8.65%-9.75% per annum. Syndicate Bank offers you tenure to repay the loan amount of maximum to 30 years. Syndicate Bank takes zero to 2% as prepayment charges from the borrower.

Why Choose Syndicate Bank?

Guarantee Isn't Mandatory – Guarantee is not mandatory in Syndicate Bank. However, Syndicate bank welcomes a guarantee of sufficient mean. While some banks mandates a guarantor.

Zero Processing Charges – Syndicate Bank doesn't takes any processing charge for applicants of EWS / LIG Categories. Hence, if you belongs to any of the both categories, then Syndicate Bank is a good choice for your home loan.

Zero Prepayment Charges – Syndicate Bank doesn't takes any prepayment charges on floating rate loans. There is no lock-in period for prepayment of your any home loan fees with Syndicate Bank Home Loans. Even doesn't charges on fixed rate loans of amount upto Rs. 50 lacs.

What to watch out for?

Rental Income Won't Be Considered – Syndicate bank does not consider rental income. Which means If you have any rental income, it shall not be clubbed in the regular income to decide eligibility and cutback criteria in the Syndicate Bank.

No Repayment Holidays for Purchasing Ready Built / Old House – Syndicate Bank Doesn't offer any repayment holidays for purchasing a ready built or old house. That is if you are about to purchase a old house or a ready built house you can take a break from making repayments on your home loan.

Compare Syndicate Bank Home Loans to Other Banks

Bank Name Syndicate Bank Kotak Mahindra Bank Tata Capital

Typical APR

8.65% - 9.75%

8.70%

8.35% - 915%

Loan Term

Up to 30 Years

5 Years - 20 Years

1 Year - 30 Years

Maximum Lending Amount

Rs. 75 Lacs and Above

Rs. 20 Crores

Rs. 10 Crores

Processing Fee

0.125% of loan amount

Rs. 500 to Rs. 5000

Upto 1.25% of Loan amount

0.50% of the loan amount

Time to Funding

Within 7 Working days

Within 5 Working days

Within 5 Working days

Pre-Closure

Zero to 2% of the outstanding amount

Zero to 4% of the balance amount

Zero to 2% of the balance amount

If we compare Syndicate Bank with other banks than Syndicate Bank provides 8.65%-9.75% of the typical APR , while Kotak Mahindra bank provides you 8.70% of the typical APR and Tata Capital provides 8.35% - 915% typical APR per annum. Syndicate Bank provides you the maximum loan amount of Rs. 75 lakhs while Kotak Mahindra Bank provides 20 crores within 4 hours of loan approval and Tata Capital provides Rs. 10 crores as the maximum loan amount. Syndicate Bank offers you tenure to repay the loan amount for upto 30 years, Kotak Mahindra Bank offers tenure of 5 years to 20 years and Tata Capital provides tenure ranging from 1 year to 30 years.

Syndicate Bank charges you processing fee of 0.125% of loan amount minimum of Rs. 500 to maximum of Rs. 5000, while Kotak Mahindra Bank charges upto 1.25% of loan amount as processing fee and Tata Capital charges 0.50% of the loan amount as processing fee. Pre closure charges for Syndicate Bank are zero to 2% and Kotak Mahindra Bank charges zero to 4% of the balance amount and Tata Capital charges you zero to 2% of the loan amount as foreclosure charges.

Am I Eligible?

  • Applicant can be a Resident Indians, Non Resident Indians holding Indian passport / Persons of Indian origin, Pensioners, Hindu Undivided Families.
  • Applicant should be Minimum: 21 years Maximum: 60 years
  • Applicant should have a minimum annual income of Rs. 25,000.

Loan Offerings

Synd Housing Loan

  • Synd housing loan provides you home loan for outright purchase of ready built house / flat of not more than twenty five years old. For purchase of flat to be constructed by the Society / Builders, making extension / additions vertical or horizontal to the existing house, takeover of Housing Loans from other providers including Cooperative Societies and Army Group Insurance Fund etc. Even the salaried applicant can avail up to 72 months gross salary and self-employed applicants can avail up to 6 times of last 3 years average annual income. A borrower can borrow maximum amount of 75% of the total project cost in case of construction of the new house, purchase of ready built house/flat, and maximum 70% of the total project cost in case of purchasing a house more than 5 years old.
  • Syndicate Bank offers you Tenure to repay the loan amount should not be more than 30 years including repayment holiday, subject to the maximum age of the borrower 75 years. You can Avail Repayment holiday of up to 18 months in case of construction of the house. No repayment holiday will be offered in case of purchase of ready built house or old house. Borrower has to keep some kind of security in the form of Mortgage of House/Flat to be constructed / purchased.Margin money equal to minimum 25% of the project cost is necessary, irrespective of exposure. 30% of the total project cost for old House aged more than 5 years. Synd Housing loans provides you loan at interest rate equal to 9.75% per annum with processing charges. If you take loan upto Rs. 25 Lacs then 0.125% of loan amount is charged as processing fee, minimum of Rs. 500 to maximum Rs. 2500. If your loan is aboveRs. 25 Lac to up to Rs. 75 Lacs then 0.125% of loan amount is charged as processing fee, Minimum of Rs. 500 to maximum Rs. 3250. And for loan amounts above Rs. 75 Lacs then Rs. 5000 is taken as processing fee.

Synd Nivas Loan

  • Synd Nivas Loan provides you home loan at a interest rate equal to 8.65% per annum for outright purchase of ready built house / flat of not more than twenty five years old, purchase of flat to be constructed by the Society / Builders, making extension / additions vertical or horizontal to the existing house, takeover of Housing Loans from other providers including Cooperative Societies and Army Group Insurance Fund etc. Maximum amount a borrower can borrow is subject to 75% to 90% of the total project cost in case of construction of the new house, purchase of ready built house/flat, and maximum 70% of the total project cost in case of purchasing a house more than 5 years old. Salaried applicant can avail up to 72 months gross salary and self-employed applicants can avail up to 6 times of last 3 years average annual income.
  • Syndicate Bank offers you Tenure to repay the loan amount should not be more than 30 years including repayment holiday, subject to the maximum age of the borrower 75 years. Margin money equal to minimum 25% of the project cost is necessary, irrespective of exposure. 30% of the total project cost for old House aged more than 5 years. Syndicate Bank provides 10% margin money for loan amount up to Rs. 20 Lacs, 20% margin money for loan amount above Rs. 20 Lacs to up to Rs. 75 Lacs, 25% margin money for loan amount above Rs. 75 Lakhs and 30% margin money for old house of aged more than 5 years. If you take loan upto Rs. 25 Lacs then 0.125% of loan amount is charged as processing fee, minimum of Rs. 500 to maximum Rs. 2500. If your loan is aboveRs. 25 Lac to up to Rs. 75 Lacs then 0.125% of loan amount is charged as processing fee, Minimum of Rs. 500 to maximum Rs. 3250. And for loan amounts above Rs. 75 Lacs then Rs. 5000 is taken as processing fee.

Synd Kuteer Loan

  • Synd Kuteer Loan provides Home Loan at a interest rate equal to 8.65% per annum for acquiring a residential site and constructing a house, acquisition and purchase of new or old dwelling units or construction of house on already owned site/plot. To avail Synd Kuteer Loan applicant should be an individual borrowers in EWS/LIG categories in Rural, Urban and Metro Areas including Members of Self Help Group in Rural, Urban and Metro Areas. For the Applicants of Economically Weaker Section (EWS) the must have a household income of Rs. 1 Lac per annum. And Applicant of Low Income Group (LIG) should have a household income of above Rs. 1 Lac to Rs. 2 Lacs per annum. And the applicants who comes in EWS category they can avail up to Rs. 5 Lacs and applicant in LIG category can avail up to Rs. 10 Lacs.
  • Syndicate Bank offers you Tenure to repay the loan amount should not be more than 30 years including repayment holiday, subject to the maximum age of the borrower 75 years. Syndicate Bank asks you for security in the form of form of residential site or property. Syndicate Bank offers margin money equal to 10% of the project cost is necessary. For Synd Kuteer Loan syndicate bank doesn't takes any processing fees.

Syndicate Bank Home Loan Rate of Interest

Home Loan Type Applicable Interest Rate

Synd Housing Loan

9.75% per annum

Synd Nivas Loan

8.65% per annum

Synd Kuteer Loan

8.65% per annum

The applicable interest rate charged by Axis Bank on Car Loans is 9.25 per annum to 11.50% per annum and the interest on Axis Bank car loan balance transfer or top up is 14.50% per annum.

How to Apply for Syndicate Bank Home Loan?

At Paisa

    • Check the personal loan offer which suits you best and click on apply now
    • Fill the required details (purpose,annual salary,EMIs you can pay)
    • Choose the loan you want to take .
    • After this submit the details

At Syndicate Bank Branch

    • Visit the nearest branch of the bank along with the loan application form.
    • Click here to download Syndicate Bank Home Loan Application.
    • Fill up the mandatory details.
    • Submit your details.

After I Apply?

Check Loan Status

  • Through Status Tracking Page
    • Click here to go on online retail loan application page.
    • After this put up your reference number
    • Click on check status
  • Through Customer Care
    • First you need to dial 180030113333 (toll free) and wait for the IVR options.
    • If you want to proceed in hindi you will have to press 2, if want to proceed in english press 1
    • Then they will ask you if you are existing customer then press 1 if not press 2
    • Then they will ask you if you want to enquire about account related query you have to press 2
    • At last, to talk to customer care executive press 9

Fees & Penalties

Type of Charge Applicable Charges

Processing Charges

Including Documentation Charges and Mortgage Charges

For loans upto Rs. 25 Lacs:

0.125% of loan amount

Minimum of Rs. 500 to maximum Rs. 2500.

For loans above Rs. 25 Lacs to up to Rs. 75 Lacs:

0.125% of loan amount

Minimum of Rs. 500 to maximum Rs. 3250.

For loans above Rs. 75 Lacs:

Rs. 5000

Foreclosure Charges

Nil

For Floating Rate Loans, and Fixed Loans upto Rs. 50 Lacs.


2% on amount prepaid if paid within minimum period and 1% on amount prepaid if paid beyond minimum period for loans upto 3 years and above.

For Fixed Loans above Rs. 50 Lacs:

Inspection Charges

For loans up to Rs. 50 lacs:

Rs. 250 per year (one visit)

For loans above Rs. 50 lacs:

Rs. 500 per year (one visit)

For Irregular/NPA Loans:

Rs. 500 per visit

Syndicate Bank processing charges including documentation charges and mortgage charges for loans upto Rs. 25 lakhs are 0.125% of loan amount minimum of Rs. 500 to maximum Rs. 2500. If your loan is aboveRs. 25 Lac to up to Rs. 75 Lacs then 0.125% of loan amount is charged as processing fee, Minimum of Rs. 500 to maximum Rs. 3250. And for loan amounts above Rs. 75 Lacs then Rs. 5000 is taken as processing fee. Foreclosure charges are nil for floating rate Loans, and for Fixed Loans upto Rs. 50 Lacs. for fixed loans above Rs. 50 lacs foreclosure charges are charged upto 2% on amount prepaid if paid within minimum period and 1% on amount prepaid if paid beyond minimum period for loans upto 3 years and above. Syndicate bank takes inspection charges of Rs.250 per year on one visit for loans upto Rs. 50 lakhs. And for loans above Rs. 50 lacs Rs. 500 per year is charged on one visit and for irregular/NPA loans Rs. 500 per visit is charged as inspection charges from the bank.

FAQs

Syndicate Bank Customer Support?

You can contact syndicate bank through call on 180030113333 either you can email us at [email protected].

Do I have to provide any guarantee to avail funds?

Guarantee is not necessary. However, Syndicate bank may ask for surety /Guarantee of spouse/legal heirs, wherever necessity is felt shall be explored.

What is the MCLR Rate applicable on Home Loan?

Interest rate is linked to One Year MCLR Rate, 8.65%

How much EMI would I have to pay on availing Syndicate Bank Home Loan?

Total deductions including the proposed EMI should not be more than 60% of gross annual salary for salaried applicants and 60% of last 3 years gross annual income for self-employed as per the ITR.

How much margin do I have to provide for Syndicate Bank Home Loan?

If you take :

  • Synd Housing Loan: Margin money equal to minimum 25% of the project cost is necessary, irrespective of exposure. 30% of the total project cost for old House aged more than 5 years.
  • Synd Nivas Loan: Margin money equal to minimum 25% of the project cost is necessary, irrespective of exposure. 30% of the total project cost for old House aged more than 5 years.
  • Synd Kuteer Loan: Margin money equal to 10% of the project cost is necessary
What Housing Builders are approved by Syndicate Bank?

Click here and here to check the list of approved builders.

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