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Syndicate Home Loan Interest Rates 2021
Syndicate Bank Housing Loan Interest Rate
Current Syndicate Bank Home loan interest rates for Apr 2021 starts at 6.90% p.a. for a maximum tenure of 30 years. Processing fee on its housing loans is Upto 0.13%, Minimum ₹ 500 Maximum ₹ 5,000. Syndicate Bank offers a special discount of 0.05% on interest rates for women borrowers.
Loan Amount | Syndicate Bank Repo Home Loan Rate | Rate for Female Borrower | Rate | Syndicate Bank Repo Home Loan Rate ![]() |
---|---|---|---|---|
Upto ₹ 25 Lakh | 6.95% | 6.90% | N/A | |
₹ 25 Lakh - ₹ 50 Lakh | 6.95% | 6.90% | N/A | |
₹ 50 Lakh - ₹ 1 Cr | 6.95% | 6.90% | N/A | |
Above ₹ 1 Cr | 6.95% | 6.90% | N/A |
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 Bank Home Loan Interest Rates
Syndicate Bank offers various products on home loan. Syndicate Bank home loan can be used for the purchase of a flat, home construction loan, extension or improvement loan.
Features
- Syndicate Bank Home Loan Interest Rate starts from 6.90%.
- Syndicate Bank charges a processing fees of Upto 0.13%, Minimum ₹ 500 and Maximum ₹ 5,000.
- Loan Tenure of Home Loan ranges from 5 years to 30 years.
- Lowest EMI per lakh on home Loan from Syndicate Bank is ₹ 659 per lakh offered at the lowest interest rate of 6.90% at the longest loan tenure of 30 years.
- Syndicate Bank allows prepayment of home loans with Nil charges on floating rate loans.
Syndicate Bank Home Loan Rate
Current Syndicate Bank home loan interest rates are in the range of 6.90% to 8.90%, with special discounted rates for specific categories of borrowers such as women borrowers for whom the bank offers the lowest interest rate of 6.90%. The table below gives the interest rates on various housing finance schemes of Syndicate Bank.
Syndicate Bank Home Loan Scheme | Interest Rates |
---|---|
Syndicate Bank Repo Home Loan | 6.90% - 8.90% |
Factors affecting Syndicate Home loan interest rates Syndicate interest rate is dependent upon a variety of factors. The Important ones are mentioned below:
- Repo Rate: Repo rate is a monetary tool used by RBI to control inflation. Currently, the repo rate stands at 4.00% Any change in repo rate will change the RLLR and will translate into a similar change in the bank’s home finance rate.
- Loan amount: Syndicate Bank home loan rate depends upon the loan amount you apply for.
- Occupation: Syndicate Bank offers lower rate for salaried borrowers as compared to self employed borrowers.
- Salary: Income helps in identifying the amount of loan that you can be eligible for. Bank's rate varies with your monthly income. Higher the income, lesser will be the rate as higher will be the loan amount.
- Gender: Syndicate Bank also offers discounted or special rates for women borrowers to ensure that women own a house and become financially independent. If you are planning to take a loan, adding a women co-applicant can help you get the lowest rates from Syndicate Bank.
- Type of loan: Syndicate Bank runs several special schemes for its borrowers. So for example if you opt for an overdraft scheme or a plot loan, you may required to pay a higher rate of interest vis-à-vis its regular home loan scheme.
- Existing customers: Syndicate Bank offers lower home loan rates to its existing bank account customers as compared to new bank customers, as it understands the past banking history of the customer and hence, is comfortable in sanctioning loans.
Compare Details of Banks (Function)
Syndicate Bank offers multiple home loan schemes at affordable interest rates. However, you must analyze multiple banks and their offers before applying for a home loan.
Particulars | Syndicate Bank | SBI | HDFC |
Interest Rate | 6.90% - 8.90% | 6.95% - 7.25% | 6.70% - 7.40% |
Processing Fees | Upto 0.13% Min ₹ 500 Max ₹ 5,000 |
Min ₹ 10,000 | Min ₹ 3,000 |
Loan Tenure | 30 Years | 30 Years | 30 Years |
Maximum Loan Amount | ₹ 5 Cr | ₹ 7 Cr | ₹ 5 Cr |
Age | 21 - 65 Years | 18 - 70 Years | 24 - 65 Years |
Benchmark Rate | RLLR | RLLR | PLR |
Lowest EMI Per Lakh | ₹ 659 per lakh | ₹ 662 per lakh | ₹ 645 per lakh |
Syndicate Bank Home Loan Charges
Syndicate Bank Home Loan Processing Fee
The bank charges a minimum processing of ₹ 3,000. The processing fees is typically non-refundable and has to be paid at the time of loan application. In addition to Syndicate Bank housing loan processing fees, the bank also charges certain technical and legal charges which are explained to the customer during the loan process and are payable once the loan application proceeds further.
Syndicate Home Loan Documents
Documents for Salaried employees
- Filled up loan application form
- 2 Passport Size Photo
- ITR of last 2 years
- Identity Proof - Passport/ Driving Licence/ Voter ID/ PAN
- Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
- Income Documents – 6 months payslip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit
- Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension
Documents for Self-Employed
- Filled up loan application form
- 2 Passport Size Photo
- Identity Proof - Passport/ Driving License/ Voter ID/ PAN
- Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
- Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof, profit and loss account and balance sheets certified by CA, copy of partnership deed and proof of business existence and business profile
- Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension
Home Loan Syndicate Schemes
Syndicate Bank offers customized schemes for specific customer segments designed to meet their loan requirements. Some of the popular products with their basic features are as follows:
Syndicate Repo Rate Linked Home Loan
- This loan is available for individuals who want to buy a residential property through a home loan.
- Existing home loan borrowers can also choose to transfer their loan under this scheme.
- As per RBI guidelines, it is mandatory for all banks to link their loan interest rates with the repo rate.
- The scheme is available for new borrowers as well as existing borrowers.
- Home loan available at the age of The minimum age required to avail the loan is 18 years, while the maximum age is 60 years.
- Loan amount that you can borrow ranges from ₹ 15 Lakh to ₹ 5 Cr
- Option to apply for a maximum ltv of 75% of value of the property
- Housing loan for a maximum period of 30 years
Syndicate Bank Pradhan Mantri Awas Yojana
The government of India has launched many affordable housing loan schemes to facilitate availing home loan at concessional rates to lower and middle-income groups. Some of the popular schemes are:
a) PMAY or Home Loan Subsidy Scheme: Launched in 2015 to provide houses to the homeless. You can apply for PMAY at Syndicate Bank if you fulfil the eligibility criteria. Know more about PMAY Scheme
b) Pradhan Mantri Gramin Awas Yojana: It focuses on homeless families and offers pucca houses with basic amenities.
c) DDA Housing Scheme: It aims to provide houses to low, middle, and high-income groups.
d) Tamil Nadu Housing Board Scheme: It started in 1961 to provide houses to varied income groups.
e) Mhada Lottery Scheme: It's a lottery scheme launched every year for buyers of varied income groups.
f) Rajiv Awas Yojana: Launched in 2009 with the aim of bringing illegal construction under the formal system and encouraging slum-free India.
Each of these schemes has its conditions with respect to eligibility, the amount of loan that can be borrowed, and the rate of interest.
Maximum Annual Percentage Rate (APR) | 6.9% to 8.9% |
Representative example of the total cost of the loan, including all applicable fees | Here is an illustration of the total cost of the loan:
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FAQs
✅What is Syndicate Home Loan interest rate?
Syndicate Home Loan interest rate ranges between 6.90% to 8.90%.
✅Why should I opt for balance transfer to Syndicate Bank?
Syndicate Bank offers competitive Home Loan rates with the best EMI of ₹ 659 per lakh availed at a low-interest rate of 6.90% for a maximum tenure of 30 years. If you are paying an EMI more than ₹ 659 per lakh, you should consider the option for a loan transfer to Syndicate Bank from your existing bank. EMIs can be calculated through Syndicate Bank Home Loan EMI calculators.
✅Do I get tax benefits on a Home Loan from Syndicate Bank?
As per the Indian Income Tax Act of 1961, residents of India are eligible for tax benefits on the principal amount and interest components of a house finance under section 24 and section 80C of Income Tax Act.
✅What is the effect of part prepayments on Syndicate Bank housing finance EMI ?
Part prepayments help you in reducing the outstanding amount of loan, which in turn will reduce the interest amount due. After making part payments, paying the same Home Loan EMI will increase your involvement towards the principal amount, which will help you in repaying the loan faster.
✅How to increase my eligibility on Syndicate Bank housing loan?
If your spouse or family member is earning well, you can make your spouse or family member the co-applicant for your loan. The combination of both of your income will help you in increasing your eligibility to get a loan.
- Syndicate Bank offers RBI Repo Rate linked Home Loan which starts at 6.90%. Current Repo Rate of RBI is 4.00%. Bank adds a mark up on RBI’s repo rate which is called Syndicate Bank Repo Rate Linked Lending Rate (RLLR). RLLR can change with change in Repo Rate. An additional spread is applied on RLLR which remains the same throughout the tenure. Bank applies a premium of 2.9% to the Repo Rate to arrive at this rate.
- When RBI increases rates, the bank may increase its Repo Rate linked Home Loan rates by the same basis points for all existing and new Home Loans. When RBI cuts interest rates, the Syndicate Home Loan interest rates will reduce the interest rates by the same basis points, which will be effective from 1st day of the following month.
- For instance, if RBI slashes Repo Rate by 0.15%, then Syndicate Bank Repo Rate linked Home Loan rate will cut from 6.90% to 6.75%.
✅What is the current Syndicate Bank Home Loan rate?
The current Syndicate Home Loan rate starts from 6.90% with a processing fee of Upto 0.13%, Minimum ₹ 500 and Maximum ₹ 5,000
Please select atleast 2 banks to compare
Overview | SBIx | HDFCx | Citibankx |
---|---|---|---|
Lowest Interest Rate | 6.95% - Details | 6.70% - PLRDetails | 6.65% - TBLRDetails |
Maximum Loan Tenure | 30 Years | 30 Years | 25 Years |
Maximum Loan Amount | Rs. 7 Cr | Rs. 5 Cr | Rs. 5 Cr |
Home Loan Charges | |||
Processing Fee | Min Rs. 10,000, Max Rs. 10,000 | Min Rs. 3,000, Max Rs. 10,000 | |
Foreclosure Charges | Nil | Nil | Nil |
- 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.

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