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Syndicate Home Loan Eligibility Calculator

Home Loan Eligibility Calculator Syndicate Bank 2021

Last Updated 12th Oct 2021

Eligibility CriteriaSyndicate Bank Home Loan
Eligible Age of Borrower21 - 60 years

Syndicate Bank has merged into Canara Bank on April 1, 2020. The interest rates of Canara Bank will now be applicable on Syndicate Bank Home Loan.

Home Loan Eligibility Calculator

What is Syndicate Home Loan Eligibility?

Syndicate offers various home loan schemes and offers at affordable rates to eligible customers whether salaried or self-employed. Syndicate home loan eligibility is defined as a set of parameters that determines the creditworthiness of the borrowers based on factors like age, salary, occupation, property type and credit score. You can get details about the eligibility for a Syndicate home loan using the Syndicate home loan eligibility calculator. It is an online tool that uses mathematical algorithms to check if you are eligible for a home loan or not. In addition, you can know about the amount that you are eligible for.

How is Home Loan Eligibility Calculated by Syndicate?

Syndicate Housing loan eligibility is primarily dependent on income and repayment capacity. Other factors that may impact the eligibility of home loans are age, financial position, credit history, credit score, other financial obligations etc.

Syndicate Home Loan Eligibility Based on Age

  • Age: Your age plays an important role in determining your eligibility and repayment capacity for home loan. Lower your age, higher will be the time period available to repay the loan, and hence higher home loan amount eligibility. The minimum Syndicate Bank home loan age limit to get a Syndicate Bank home loan is 21 years at the time of loan commencement and maximum age limit is 60 years. Syndicate Bank offers home loans for a maximum period of 30 Years subject to the condition that the borrower’s age at the end of the tenure must not exceed 60 of tenure.

Syndicate Home Loan Eligibility Based on Salary

  • Net income: Your net monthly income determines how much Syndicate Bank home loan EMI you are capable of paying after meeting all the living expenses based on your standard of living. For instance, if your salary is ₹ 25,000 then at an interest rate of 6.70% offered by Syndicate Bank, the loan amount that you will be eligible for would be ₹ 28,05,329 to ₹ 49,09,752 depending on your age. Similarly, if your salary is ₹ 75,000, you might get eligible for a loan amount of ₹ 56,10,658 to ₹ 98,19,504 for the same property at the same rate depending on your age at the time of loan application. However, Syndicate Bank asks for a net monthly income of ₹ 0 to avail a home loan.
Age Net Monthly Income (₹)
25,000 50,000 75,000
25 years49.10 Lakh73.65 Lakh98.20 Lakh
30 years49.10 Lakh73.65 Lakh98.20 Lakh
35 years46.19 Lakh69.29 Lakh92.38 Lakh
40 years42.08 Lakh63.12 Lakh84.16 Lakh
45 years36.27 Lakh54.41 Lakh72.54 Lakh
50 years28.05 Lakh42.08 Lakh56.11 Lakh

You may consider repaying any loans with short tenure and high EMI to increase your Syndicate Bank home loan eligibility.

  • Nature of employment: Syndicate Bank will check whether you are salaried or self-employed and the company and sector in which you are working. It also looks at your years of experience to check for job and income stability. Syndicate Bank requires minimum income history and job stability of more than 0 years for salaried individuals and of 0 years for self-employed individuals.

Home Loan Eligibility Syndicate Bank based on Value of Property

  • Value of property: Syndicate Bank does not finance the entire property value. The maximum home loan eligibility would depend upon the value of the property as shown below:
Property Value LTV
Less than 30 Lakh90%
Between 30 Lakh and 75 Lakh80%
Above 75 Lakh75%
  • Property documents: Your property’s legal documents should be satisfactory and be cleared by the Syndicate Bank's legal team.

The housing loan eligibility calculator of Syndicate Bank can be a useful tool to assess your eligibility for the loan.

Syndicate Housing Loan Eligibility Calculator based on FOIR

FOIR (Fixed Obligation to Income Ratio) is an important parameter used by Syndicate Bank to determine your home loan eligibility. Syndicate Bank considers all your fixed obligations like current EMIs into account while estimating your eligibility. The minimum FOIR required to be eligible for an Syndicate Bank home loan is 0.65. Calculate your eligibility with the Syndicate Bank home loan calculator and apply for the eligible loan amount hassle-free.

Syndicate Bank Home Loan Eligibility for Women

Syndicate Bank offers the same rates to women borrowers starting at 6.70% with similar eligibility criteria for home loan. In the case of a joint home loan, the woman borrower also needs to be the co-owner of the property and should have a good credit history to get the joint home loan application passed for concessional rates.

Minimum CIBIL Score for Syndicate Home Loan

Syndicate considers credit score as a barometer to gauge your past credit behaviour, and hence, CIBIL score becomes the most important factor in defining your eligibility to get a home loan. A higher credit score increases your chances to get loan approval from Syndicate. However, a low CIBIL score reduces your chances to get a home loan. Syndicate requires a minimum credit score of 650 to be eligible for a home loan.

How to Enhance Syndicate Home Loan Eligibility?

You can enhance the Syndicate home loan eligibility using the tips mentioned below:

  • Add an earning family member as a co-applicant.
  • Ensure a steady income flow, regular savings and investments.
  • Provide details of your regular additional income sources.
  • Track your variable salary components.
  • Take actions to rectify errors (if any) in your credit score.
  • Repaying ongoing loans and short term debts.

How to Use Syndicate’s Home Loan Eligibility Calculator?

To check Syndicate Bank home loan eligibility perform the following steps:-

  • Go to the Syndicate Bank website
  • Now navigate to the option Syndicate Bank home loan
  • To check eligibility criteria use a home loan eligibility calculator.
  • Fill the required details like loan amount required, salary, age etc.

Also, you can contact the bank by calling on their customer care number 1800-3011-3333/ 1800-208-3333.

FAQs

What is the criteria to get Syndicate Bank home loan?

The basic criteria to get a home loan from Syndicate Bank are as following:

Age21 - 60 years
Income ₹ 0
Income3 years for salaried, 5 years for self-employed
Credit score650 and above

How much home loan can I get on my salary from Syndicate Bank?

The amount for which you are eligible is calculated based on the FOIR and LTV. The higher your income, and the least is your fixed obligations (mostly ongoing EMIs), the higher will be your eligibility for a home loan.

What is the minimum salary to get home loan from Syndicate Bank?

The minimum salary required to avail home loan from Syndicate Bank is ₹ 0.for salaried borrowers. The income criteria for self employed professionals or businessmen may vary in Syndicate Bank.

Is Syndicate Bank good for home loan?

The lowest interest rate provided by Syndicate Bank is 6.95% which is a best rate in the market. There are no prepayment charges on floating rate based home loan. Hence, you can consider this as a good option for housing loan.

Does adding a co-applicant increase housing loan eligibility?

Yes, adding a co-applicant with an independent income source increases housing loan eligibility significantly. By doing so you will be able to get a higher loan amount and also both of you can save on taxes under Income Tax Act.

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Syndicate Home Loan News - Nov 2021
  • 2021-07-15 : Syndicate Bank merged with Canara Bank - IFSC and SWIFT code changed
    After the merger of Syndicate and Canara Bank, the IFSC codes for erstwhile Syndicate Bank customers will be changed from July 1 this year. Existing Syndicate Bank customers will have to use their new IFSC codes for online transactions through NEFT, RTGS or IMPS routes.
  • 2020-02-12 : Syndicate Bank reported a Q3 of Rs. 435 crores
    Syndicate Bank Q3 profit soared to Rs. 434 crore for the current financial year. Total income grew to Rs. 6,316 crores driven partially by retails loans like Home Loan, Personal Loan and Busines Loan. Further, the gross bad loans came down to 11.33% for the quarter ending December.
  • 2019-12-19 : Syndicate bank reduced its home loan interest rate.
    Syndicate Bank has reduced its home loan interest rate from 8.15% to 8%, which is 10bps lower than the industry average. The industry average of home loans is 8.1%. This new interest rate will be available for loans up to 50 lakhs. They are applicable from 1st January 2020.
  • 2019-08-22 : Syndicate Bank revises home loan rates
    Recently, syndicate bank linked its home loan lending rates with RBI’s repo rate. As per the revision, the latest repo linked rate on a home loan is 8.30%. This is inclusive of the repo rate, and an additional interest charged at 2.90%.
  • 2019-08-13 : Syndicate Bank reduces MCLR rates by 25 bps making it home loans cheaper
    Post announcement of repo rate cut by the RBI by 35 bps, Syndicate Bank also has slashed its Marginal Cost of Funds Based Lending Rate (MCLR) by 25 basis points. The move is supposed to make retail loans like home loans and mortgage loans cheaper. The lender has reduced a one-year MCLR rate to 8.35%. Earlier the rate was 8.60%. For one-month and three months, the rate has been revised to 8.00% and 8.20% respectively. The rates are effective from August 12, 2019.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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