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Syndicate Home Loan Eligibility Calculator

Syndicate Bank Home Loan Eligibility in India 2021

Last Updated 08th Feb 2021

Eligibility CriteriaSyndicate Bank Home Loan
Eligible Age of Borrower21 - 60 years
  • Syndicate Bank home loan eligibility is calculated based on your age, income, property value and repayment capacity.
  • Increase your Syndicate housing loan eligibility by adding earning family members as co-applicants or by applying for a longer tenure loan

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

Syndicate Home Loan Eligibility based on Salary

Syndicate Bank offers loan to self employed and businessmen for financing the expansion or working capital requirements of their business. There are some benefits of taking loan from Syndicate Bank:

  • Net income: Your net monthly income (take home salary after all deductions like PF, ESI, gratuity) determines your home loan servicing capacity. It determines how much home loan EMI you are capable of paying after meeting living expenses based on your standard of living. For instance, if your salary is ₹ 25,000 then at interest rate of 6.95% offered by Syndicate Bank, the loan amount that you will be eligible for (assuming you have no other EMI’s to pay) 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 same property at same rate depending on your age at the time of loan application.
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 in order 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.

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. Syndicate Bank home loan age limit to get the loan is 21 years of age at the time of loan commencement. Syndicate Bank offers home loans for a maximum period of 30 Years years subject to the condition that the borrower’s age at the end of the tenure must not exceed 30 Years years for salaried borrowers and 30 Years years for self employed borrowers. The maximum tenure of loan that you may be eligible for will be as follows:
Your current age Max tenure for salaried Max tenure for self employed
25 years30 years30 years
30 years30 years30 years
35 years25 years30 years
40 years20 years25 years
45 years15 years20 years
50 years10 years15 years

Home Loan Eligibility Syndicate Bank based on Value of Property

  • Value of property: Syndicate Bank will 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%
  • Co-applicant: Adding a co-applicant increases your eligibility for home loan as it increases your repayment capacity. The co-borrower you add should have good income, low obligation and clean CIBIL record.
  • Property documents: Your property’s legal documents should be satisfactory and be cleared by the bank’s legal team.

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

Minimum CIBIL Score for Syndicate Home Loan

  • CIBIL Score: Your credit behaviour and track record from your past lenders and credit card providers gets captured in your CIBIL score. Banks consider this as a barometer to gauge your past credit behaviour and hence, CIBIL score becomes the most important factor to define your eligibility to get a home loan. When checking eligibility for home loan, Syndicate Bank will look at the complete CIBIL report, which also includes all past running loans and your payment track record on loans and credit cards. Higher credit score increases your chances that your loan application to Syndicate Bank will get approved. However, low CIBIL score will decrease your eligibility to get home loan. Syndicate Bank requires a minimum credit score of 650 to be eligible for a home loan.

There are few factors which affect your credit score -

  • Late payments – If you have delayed in payments on your existing or past loans, it negatively affects your CIBIL score and reduces your chances of getting a loan from Syndicate Bank.
  • High number of unsecured loans – Always keep a balance between secured and unsecured loans. More number of unsecured loans can adversely affect your credit score.
  • Usage of credit limit – Credit card bills and use of credit limit shows your credit behaviour. Outstanding credit card balance close to 30% of credit card limit reflects a potential financial stress, indiscipline on your part and may adversely impact your credit score.
  • Multiple loan applications – If you apply for loan in multiple banks at one time, it can affect your score negatively and reduce your CIBIL score. In case of application rejection from Syndicate Bank, improve your credit worthiness to get a good score.

You can use the housing loan eligibility calculator Syndicate Bank for quick calculation of your home loan eligibility.

Syndicate Housing Loan Eligibility Calculator based on FOIR

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

Other Loan Calculators

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.

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.

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Syndicate Home Loan News - Jun 2021
  • 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.
  • 2019-08-13 : Syndicate Bank introduces new home loans and savings bank account linked to repo rate
    Syndicate Bank has announced its new home loans and deposits linked to repo rate. Now the housing loans linked to repo rate will start from 8.30%. Similarly, the Saving Bank deposits above Rs. 25 lakh will also be based on repo rate.
*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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