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Syndicate Home Loan EMI Calculator

Syndicate Home Loan Calculator

Last Updated 08th Feb 2021

  • Syndicate Bank home loan EMI per ₹ 1 Lakh is ₹ 662, which is one of the lowest EMI offered by banks.
  • Housing loan EMI in Syndicate Bank is calculated based on loan amount, loan tenure and interest rate.
  • It is better to calculate your EMI for Syndicate Bank home loan before applying. For this you can use, home loan emi calculator Syndicate Bank. Check Best Offers
  • Check Syndicate Bank home loan EMI for different tenures at current Syndicate Bank home loan interest rate of 6.95%
  • Loan Amount10 Year Loan15 Year loan30 Year loan
    ₹ 20 Lakh₹ 23,170₹ 17,921₹ 13,239
    ₹ 30 Lakh₹ 34,755₹ 26,881₹ 19,858
    ₹ 50 Lakh₹ 57,925₹ 44,802₹ 33,097

    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.

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Syndicate Home Loan EMI Calculator Online

When you take a home loan from Syndicate Bank you have to pay an Equal Monthly Installment (EMI) against the borrowed loan amount, to repay the loan and the interest to the bank. Every month, the EMI is due on a fixed day of the month till your loan is fully paid back.

To calculate your Syndicate Bank housing loan EMI you can use a home loan calculator Syndicate Bank online to check how much you will have to pay every month. The Syndicate Bank home loan EMI calculator is an online tool that functions on a mathematical algorithm to give accurate results based on loan requirements that you enter, such as loan amount, tenure and rate. You can easily calculate EMI online and get reliable results without any hassle.

Syndicate Bank Housing Loan EMI Calculator at Different Tenures

Syndicate Bank home loan EMI for different Loan amounts and tenures @ 6.95% interest rate
Loan Tenure
Loan Amount (Rs.) 15 years20 years30 years
₹ 25 Lakh ₹ 22,401 ₹ 19,308 ₹ 16,549
₹ 50 Lakh ₹ 44,802 ₹ 38,615 ₹ 33,097
₹ 75 Lakh ₹ 67,203 ₹ 57,923 ₹ 49,646
₹ 1 Cr ₹ 89,604 ₹ 77,230 ₹ 66,195
  • As you can see in the above table, for various loan amounts taken at the lowest rate of interest as offered by Syndicate Bank, EMI differs by loan tenure at 15, 20 and 30. Your EMI is higher when you take a loan for a shorter tenure of 15 years and it is lower when you apply for a higher tenure of 30years.
  • Your EMI consists of both interest payment and principal repayment. Though the Syndicate Bank home loan EMI amount will remain constant, every month the proportion of interest payment and principal repaid within each EMI is different. With every EMI, the proportion of principal repayment in EMI keeps increasing and the interest component in EMI keeps reducing.You can check this based on your requirement using Syndicate Bank housing loan emi calculator.

How can Syndicate Bank Home Loan EMI Calculator be Beneficial?

  • Syndicate Bank Home Loan EMI calculator is a quick and straightforward solution to pre-plan and balance your inflow and outflow of money so that you don’t run short of money at any point of time. It is an online device to compute the home loan EMI payments.
  • Emi calculator home loan Syndicate Bank is easily accessible and can be availed without bearing any cost. It is user friendly and calculates the EMIs in a matter of seconds and thus helps in saving time.
  • As the Syndicate Bank home loan generally involves a long tenure and high amount you need to be extra cautious in the selection of home loan. The Syndicate Bank emi calculator provides you with an option to change the various factors of the home loan like tenure, rate of interest and loan amount.
  • The accuracy of the home loan calculator is 100%, and it can also be helpful in computing the interest amount and EMIs in case of Syndicate Bank home loan prepayment.

Factors Affecting Syndicate Bank Home Loan EMI

  • Loan amount – This is the amount borrowed by a borrower from Syndicate Bank. If you apply for a higher loan amount, your EMI will be high. Syndicate Bank gives a minimum home loan of ₹ 15,00,000 upto an amount of ₹ 5,00,00,000.
  • Interest rate - Interest rates is the rate charged by Syndicate Bank on your home loan. Higher interest rate increases your housing loan EMI which will increase the total cost of the loan. Syndicate Bank current home loan interest rate starts at 6.95%. Do a complete market research and compare rates and calculate EMI online using Syndicate home loan calculator before you apply for a home loan.
  • Loan tenure – This is the period in which you can repay your home loan in Syndicate Bank. Longer loan tenure means lower housing loan EMI. Loan term can be determined by your age at the time of loan sanctioning and your retirement age. Generally, Syndicate Bank offers house loans for a maximum tenure of 30 years.

Syndicate Home Loan EMI Calculator Formula

Syndicate Home Loan Calculator calculates EMI based on the following formula.

P*r* (1+r)^n/([(1+r)^n]-1)

Here is an illustration of how Syndicate Bank Home Loan EMI calculator formulates EMI:

In above formula,

  • P = Loan amount. Syndicate Bank home loan amount can range from ₹ 15,00,000 to ₹ 5,00,00,000
  • r = Rate of interest per month. Current Syndicate Bank housing loan rate 6.95%.
  • n = tenure in month. For Syndicate Bank, maximum home loan tenure is 360 months

Tips to Decide the Right Amount of Syndicate Bank Home Loan EMI

  • Ascertain the amount you need to borrow: It is important that before approaching Syndicate Bank for a loan, you are aware of the loan amount you need to borrow. House loan is a long term loan, and hence it is advisable to minimise your loan amount to the extent possible.
  • Review your current obligations: Before taking a home loan from Syndicate Bank it is advisable to evaluate your current monthly expenses including any EMI obligations that you have on your current loans. The assessment will help you to estimate the amount of EMI you can pay comfortably.
  • Calculate your Syndicate Bank home loan eligibility: Your home loan eligibilityis a function of the value of the property and assessment of your repayment capacity based on your monthly income. Syndicate Bank provides a LTV upto 75% and expects the borrower to fund the remaining value of the property by their own money. For example, at its lowest LTV 75%, Syndicate Bank would expect its borrowers to provide margin money of 25%.
  • Syndicate Bank will also estimate your Fixed Income to Obligations Ratio to ascertain the maximum EMI you can service based on your current income and other monthly expenses. The bank applies a certain ratio to your income to estimate your monthly expenses and then adds your other EMI obligations to calculate your fixed obligations.Syndicate Bank’s assessment may be different from your assessment. Any differences in assessment may require you to readjust your loan amount requirement. You may also consider paying back other running short term loans to improve your eligibility.

Syndicate Bank Home Loan Details

  • Purpose of Loan: Syndicate house loan is taken to purchase, construct a home, renovate your existing home.
  • Key Features of Syndicate Home Loans
    • Loan available for both salaried and self employed. Special rates for women borrowers.
    • Borrowers within the age group of 21 and 60 years.
    • Security: Mortgage of property you are planning to purchase, renovate or construct.
    • Loan to Value Ratio of 75%.
    • Loan Tenure can range from 5 to 30 Years years.
    • Interest rates in the range of 6.95% to 8.90%.
    • Syndicate home loan EMI per lakh starts from ₹ 662. However, you can calculate your home loan EMI using Syndicate home loan calculator 2021.
  • Processing Fees: 0.13% of loan amount Minimum ₹ 500 Maximum ₹ 5,000
  • Special schemes: Syndicate offers customised home loan interest rates and schemes for special category of borrowers including women borrowers, senior citizens, NRIs etc. Some of the special loan offers of Syndicate are:
    • Synd Nivas
    • Synd Nivas Plus
    • Synd Kuteer Affordable Housing for all
    • Syndicate Repo Rate Linked Home Loan

Syndicate Home Loan Amortization Calculator

The amortization schedule breaks the month-wise calculation of principal and interest amount you will be paying in the form of your EMIs. In simple words, with each month’s EMI, the share of interest and the principal amount keeps changing, while the former keeps on reducing the later keep on increasing. That’s why if you decide to prepay your loan in the first few years you will find out that you have paid a very small proportion of the principal sum. Let us understand this better with the help of an illustration.

Illustration: How to read an amortization schedule

Suppose you borrow a Home Loan of ₹ 25 Lakh from Syndicate for 25 years at an interest rate of 6.95%, the EMI calculated for this loan amount would be ₹ 17,590 and the total annual EMIs to be paid annually is ₹ 2,11,078. The Syndicate Home Loan EMI schedule for 25 years is explained below in the table –

Amortization Schedule for a Home Loan of ₹ 25 Lakh over the 25 years

Year Interest paid during the year Principal repaid during the year Total amount paid during the year (Interest + Principal) Outstanding Principal
2021 ₹ 1,00,972 ₹ 22,157 ₹ 1,23,129 ₹ 24,77,843
2022 ₹ 1,70,948 ₹ 40,130 ₹ 2,11,078 ₹ 24,37,713
2023 ₹ 1,68,068 ₹ 43,010 ₹ 2,11,078 ₹ 23,94,704
2024 ₹ 1,64,982 ₹ 46,096 ₹ 2,11,078 ₹ 23,48,608
2025 ₹ 1,61,674 ₹ 49,404 ₹ 2,11,078 ₹ 22,99,204
2026 ₹ 1,58,129 ₹ 52,949 ₹ 2,11,078 ₹ 22,46,256
2027 ₹ 1,54,330 ₹ 56,748 ₹ 2,11,078 ₹ 21,89,507
2028 ₹ 1,50,258 ₹ 60,820 ₹ 2,11,078 ₹ 21,28,687
2029 ₹ 1,45,893 ₹ 65,184 ₹ 2,11,078 ₹ 20,63,503
2030 ₹ 1,41,216 ₹ 69,862 ₹ 2,11,078 ₹ 19,93,641
2031 ₹ 1,36,203 ₹ 74,875 ₹ 2,11,078 ₹ 19,18,766
2032 ₹ 1,30,830 ₹ 80,248 ₹ 2,11,078 ₹ 18,38,518
2033 ₹ 1,25,072 ₹ 86,006 ₹ 2,11,078 ₹ 17,52,512
2034 ₹ 1,18,900 ₹ 92,178 ₹ 2,11,078 ₹ 16,60,334
2035 ₹ 1,12,286 ₹ 98,792 ₹ 2,11,078 ₹ 15,61,542
2036 ₹ 1,05,197 ₹ 1,05,881 ₹ 2,11,078 ₹ 14,55,661
2037 ₹ 97,599 ₹ 1,13,479 ₹ 2,11,078 ₹ 13,42,182
2038 ₹ 89,456 ₹ 1,21,622 ₹ 2,11,078 ₹ 12,20,560
2039 ₹ 80,729 ₹ 1,30,349 ₹ 2,11,078 ₹ 10,90,211
2040 ₹ 71,375 ₹ 1,39,703 ₹ 2,11,078 ₹ 9,50,508
2041 ₹ 61,351 ₹ 1,49,727 ₹ 2,11,078 ₹ 8,00,781
2042 ₹ 50,607 ₹ 1,60,471 ₹ 2,11,078 ₹ 6,40,309
2043 ₹ 39,092 ₹ 1,71,986 ₹ 2,11,078 ₹ 4,68,323
2044 ₹ 26,750 ₹ 1,84,328 ₹ 2,11,078 ₹ 2,83,996
2045 ₹ 13,524 ₹ 1,97,554 ₹ 2,11,078 ₹ 86,441
2046 ₹ 1,508 ₹ 86,441 ₹ 87,949 -₹ 0

Each Syndicate Home Loan EMI consists of both amounts of interest as well as the principal repaid. The interest component of EMI goes down while the principal component goes up in both cases while doing the calculation.

As you assess the amortization table, you will find that by the end of 1st year 18.26% of your EMI has been used to repay the principal amount. This means that the remaining 81.74% of the EMI went into interest payment. Thus, you end up paying only 1.54% of the loan amount of ₹ 25 Lakh after paying 12 EMIs in the first year to Syndicate.

In year 25, the interest component of Syndicate EMI is around 3.67%, while the principal component is around 96.33%. Upto 25 years, you have cumulatively repaid 100% of your total Syndicate Home Loan.

Syndicate Bank Home Loan Interest Rate Calculator

EMI calculator home loan Syndicate Bank can also be used as an Syndicate Bank interest rate calculator to determine the total interest you will pay on a housing loan at different loan tenure.

Home Loan EMI for ₹ 1 Lakh loan amount at lowest 6.95% interest rate offered by Syndicate Bank for different tenures
Calculated Results for Syndicate Bank Home Loan EMI 5 years 10 years 15 years 30 Years years
Syndicate Bank EMI for a loan amount ₹ 1 lakh at 6.95% ₹ 1,978 ₹ 1,159 ₹ 896 ₹ 662
Total amount you pay back to the bank including principal and interest ₹ 1.19 Lakh ₹ 1.39 Lakh ₹ 1.61 Lakh ₹ 2.38 Lakh
Interest you have to pay during the loan tenure ₹ 18,680 ₹ 39,080 ₹ 61,280 ₹ 1.38 Lakh

The above table shows the longer your loan tenure, lower is the EMI you pay on the loan. However, your total interest outgo is significantly higher in a long tenure loan. In the above example, if you take a ₹ 1 Lakh loan for a period of 30, you pay the lowest EMI of ₹ 662 . However, you pay an interest of ₹ 1,38,320 on a ₹ 1 Lakh loan.
In contrast, if you take a ₹ 1 Lakh loan from Syndicate Bank at the lowest loan rate offered for a period of 15 years, you pay a higher home loan EMI of ₹ 1,978 and pay an interest of only ₹ 18,680 which is less than half of what you paid in a 30 Years years loan. Hence, it is advisable to choose your loan tenure wisely as longer tenure means high interest expenses. Calculation of Syndicate Bank name home loan interest payout can be done using emi calculator home loan Syndicate Bank

Other Loan Calculators Offered by MyLoanCare

FAQs

Will the Syndicate home loan EMI remain constant or change in future?

Typically, the home loan EMI remains unchanged unless you request for a change in tenure or prepay your loan amount. This however is subjected to approval by the bank. Syndicate Bank home loan emi can also change in case you opt for a floating rate of interests.

What happens in case of increase or decrease in Syndicate Bank interest rate?

In case the floating rate of interest on your home loan increases, the EMI will increase as per the reset frequency of your Syndicate Bank home loan. For partly disbursed loans availed under tranched EMI scheme, your loan EMI will increase with each disbursement. You can plan your EMIs with Syndicate Bank Home loan EMI calculator 2021.

Will Syndicate Bank home loan EMI change in case of prepayment?

Syndicate Bank allows prepayment at nil charges in case of floating rate home loans. When you make a prepayment, the outstanding balance of the principal amount on your Syndicate Bank home loan reduces. In this case, you may choose to either keep the EMI same and reduce the loan tenure (that is paying off the loan faster) or reduce the EMI and keep the loan tenure the same (that is paying a lesser amount every month). It is beneficial to keep the Syndicate Bank home loan EMI constant and reduce the loan tenure as you pay less interest to the bank in this option. After prepayment, you can calculate your home loan EMI using Syndicate Bank home loan calculator.

Why should I calculate Syndicate Bank loan EMI before taking a loan?

It is advised to calculate Syndicate Bank home loan EMI before taking a home loan. There are several benefits of calculating your Syndicate Bank housing loan EMI which can be done using Syndicate Bank loan calculator Syndicate Bank housing loan EMI calculator as discussed below -

  • In case EMI comes out to be more than your monthly budget, then you have the chance to apply for a lower loan amount which fits your monthly budget and make Syndicate Bank EMI affordable.
  • If you already know the EMI you have to pay each month, then you can plan your spends accordingly
  • Based on the EMI amount, you can opt for making a prepayment of your home loan in the future when you have a surplus amount. You can calculate the aftermaths of prepayment using home loan emi calculator Syndicate Bank.

What is the EMI for home loan in Syndicate Bank?

The Syndicate Bank EMI will vary based on loan amount, tenure, rate of interest and can be calculated using Syndicate Bank home loan calculator. Based on the lowest rate of 6.95% and maximum tenure of 30 years, the Syndicate Bank home loan EMI for different loan amount will be:

Loan amount EMI
₹ 10 Lakh ₹ 6,619
₹ 12 Lakh ₹ 7,943
₹ 15 Lakh ₹ 9,929
₹ 30 Lakh ₹ 19,858
₹ 50 Lakh ₹ 33,097

You can compare Syndicate Bank home loan EMI for different loan amounts and tenure and then choose the loan amount based on your repayment capacity.

How accurate is a Syndicate Bank Housing Loan EMI calculator?

Online Syndicate Bank housing loan calculators use technology to calculate the results and hence, if the data entered by you is correct the results should be 100% accurate.The calculator works on a mathematical algorithm based on the formula: P*r* (1+r)^n/([(1+r)^n]-1). Here, P is the loan amount, r is the rate of interest per month and n is the tenure in month. The Syndicate Bank home loan emi calculator is far better than manual calculations , as chances of error are less.

How to pay your Syndicate Bank Home loan EMI Online?

To pay the EMI of Syndicate Bank home loan, you can log in to your net banking account as provided during the time of availing the loan and pay using your savings account or debit/credit card. You can also visit the branch and submit the cheque of your EMI.

How is Syndicate Bank home loan EMI calculated?

The Syndicate Bank Home loan EMI calculation formula is as follows:
E = [P x R x (1+R)^N]/[(1+R)^N-1] where
‘E’ means Equated monthly instalments
‘P’ means the principal amount
‘N’ is the number of monthly instalments
‘R’ is the interest rate per month.

What is the EMI for ₹ 10 lakhs home loan in Syndicate Bank?

You can use a 10 lakh home loan emi calculator Syndicate Bank, to determine different EMI for different tenures. Let`s understand with examples:-

Loan amount Interest rate Tenure EMI
₹ 10 Lakh 6.95% 10 years loan ₹ 11,585
₹ 10 Lakh 6.95% 15 years loan ₹ 10,752
₹ 10 Lakh 6.95% 20 years loan ₹ 11,585

What is the EMI for a 25 lakhs home loan in Syndicate Bank and how is it calculated?

EMI for ₹ 25 lakhs will be as follows for three different tenure, as per 25 lakh home loan emi calculator Syndicate Bank:--

Loan amount Interest rate Tenure EMI
₹ 25 Lakh 6.95% 10 years loan ₹ 28,963
₹ 25 Lakh 6.95% 15 years loan ₹ 22,401
₹ 25 Lakh 6.95% 20 years loan ₹ 19,308

What is the EMI for 12 lakhs home loan in Syndicate Bank?

A borrower will pay ₹ 12,309 if he/she takes loan for 12 years at an interest rate of 6.95%. The 12 lakh home loan emi Syndicate Bank may vary across Syndicate Bank home loan interest rate.

How to check my home loan balance in Syndicate Bank?

To check the home loan balance in Syndicate Bank, a borrower should log in to the Syndicate Bank net banking portal, click on ‘Loans’. Select Know balance or a borrower can use MISSED CALL BANKING or SMS Banking to know the status. You can also contact the Syndicate Bank customer care at 1800-3011-3333/ 1800-208-3333.

How can I avail income tax benefits on a Syndicate Bank home loan?

You can avail income tax benefits on a Syndicate Bank home loan under Section 24B, you can claim deduction for upto #&8377; 2 Lakh for the accrual and payment of interest on Syndicate Bank housing loan. Under Section 80EEA, you can claim deduction for upto #&8377;1.50 Lakh for the interest payment of home loan availed during the financial year. You can declare all the information in income tax returns form and you will be able to get the benefits.

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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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