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Syndicate Home Loan Interest Rates 2020

Syndicate Bank Housing Loan Interest Rate

Last Updated 07th Sep 2020

Current Syndicate Bank Home loan interest rates for Sep 2020 starts at 8.00% p.a. for a maximum tenure of 30 years. Processing fee on its housing loans is Upto 0.13%, Minimum ₹ 500 and Maximum ₹ 5,000. Syndicate Bank offers a special discount of 0.05% on interest rates for women borrowers.

Loan AmountSyndicate Bank Repo Home Loan RateRate for Female Borrower
Upto ₹ 25 Lakh8.05%8.00%
₹ 25 Lakh - ₹ 50 Lakh8.05%8.00%
₹ 50 Lakh - ₹ 1 Cr8.15%8.10%
Above ₹ 1 Cr8.15%8.10%

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.

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 8.00%.
  • 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 ₹ 734 per lakh offered at the lowest interest rate of 8.00% at the longest loan tenure of 30 years.
  • Syndicate Bank allows prepayment of home loans with Nil charges on floating rate loans.
  • Syndicate Bank has an average customer rating of /5.0 from customers who have taken a home loan from the bank.

Syndicate Bank Home Loan Rate

Current Syndicate Bank home loan interest rates are in the range of 8.00% to 8.60%, with special discounted rates for specific categories of borrowers such as women borrowers for whom the bank offers the lowest interest rate of 8.00%. 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 Loan8.00% - 8.60%

Syndicate Bank Bank Home Loan Charges

Syndicate Bank Home Loan Processing Fee

Syndicate Bank home loan processing charges are upto 0.13% of the loan amount from its home loan customers to cover its expenses of conducting credit appraisal and technical evaluation of property. The bank charges a minimum processing of ₹ 500 and has capped the maximum processing fees at ₹ 5,000. 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 Bank Home Loan Prepayment

Syndicate Bank charges Nil fees on prepayment of floating rate loans, as per RBI prepayment rules which prohibit banks from charging prepayment penalty on loans with floating rate of interest. Hence, it becomes extremely easy to balance transfer your loan from bank to another. If you decide to foreclose or transfer your housing loan to another bank, you need to apply for the same to Syndicate Bank for a foreclosure while processing your new home loan application with the new bank. However, if you have taken a fixed rate home loan from Syndicate Bank, you will need to pay a foreclosure fees to close your account or transferring it another bank as per your loan agreement with Syndicate Bank.

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.
Key Loan Terms
  • 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.

Illustration on Syndicate Bank Home Loan Interest Rate
Maximum Annual Percentage Rate (APR)8% to 8.6%
Representative example of the total cost of the loan, including all applicable fees
Here is an illustration of the total cost of the loan:
  • Total amount borrowed: ₹ 1 Lakh
  • Time period: 5 years to 30 years
  • Syndicate Bank Home Loan Interest Rate: 8.00% to 8.60%
  • Processing Fee payable to Syndicate Bank: Upto ₹ 10,000. Current offer for processing fee is Upto 0.13%
  • Fee payable to MyLoanCare: NIL
  • Total Monthly Cost – From ₹ 734 for a 30 years ₹ 1 Lakh loan at 8.00% (lowest rate, longest time period) to ₹ 2,056 for a 5 years ₹ 1 Lakh loan at 8.60% (highest rate, shortest time period). This is inclusive of principal repayment.
  • Total cost payable over loan tenure: ₹ 33,389 for 5 years loan to ₹ 1.74 Lakh for 30 years loan

Syndicate Bank’s terms and conditions as per loan agreement applicable. Short term loans/ pay day loans not available; minimum loan tenure: 5 years. Rate of interest depends upon income, job stability, loan amount, CIBIL score, credit profile, existing obligations, verification and other factors. Credit at sole discretion of Syndicate Bank.

FAQs

What is Syndicate Home Loan interest rate?

Syndicate Home Loan interest rate ranges between 8.00% to 8.60%.

Why should I opt for balance transfer to Syndicate Bank?

Syndicate Bank offers competitive Home Loan rates with the best EMI of ₹ 734 per lakh availed at a low-interest rate of 8.00% for a maximum tenure of 30 years. If you are paying an EMI more than ₹ 734 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.

How will Syndicate Bank housing loan rate of interest change in the future?

  • Syndicate Bank offers RBI Repo Rate linked Home Loan which starts at 8.00%. 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 4% 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 8.00% to 7.85%.

What is the current Syndicate Bank Home Loan rate?

The current Syndicate Home Loan rate starts from 8.00% with a processing fee of Upto 0.13%, Minimum ₹ 500 and Maximum ₹ 5,000

Related Topics
Latest Blogs

Syndicate Home Loan News - Sep 2020
  • 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 subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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