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Syndicate Home Loan Interest Rates 2022

Syndicate Bank Housing Loan Interest Rate -Today

Last Updated 09th Dec 2021

Loan AmountSyndicate Bank Repo Home Loan Rate
Upto ₹ 25 Lakh6.95%
₹ 25 Lakh - ₹ 50 Lakh6.95%
₹ 50 Lakh - ₹ 1 Cr6.95%
Above ₹ 1 Cr6.95%

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 Rate

Syndicate Bank offers home loans to both salaried individuals and self-employed at a minimum rate starting at 6.95% up to 8.90%. Apart from the interest rate, the bank also has various other charges such as Syndicate Bank processing fee - that is charged over and above the loan amount, is non-refundable and has to be paid at the time of loan application and foreclosure and prepayment fee for closing or prepaying the loan before the loan tenure ends.

Syndicate Bank Home Loan Processing Fee and Other Charges

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. Syndicate Bank charges a minimum processing of ₹ 500 on home loan which is typically non-refundable and has to be paid at the time of loan application. In addition to 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.

Processing Fees Upto 0.13% of the loan amount; minimum processing fee of ₹ 500 to maximum fee of ₹ 5,000
Part Prepayment Charges Allowed
Foreclosure Charges Nil for floating rate home loans

Interest rates on Syndicate Home Loans Schemes

Syndicate Bank offers a housing loan interest rate at 6.95%. If you want to avail of the home loan at the lowest rates, you should have a good CIBIL score, debt-income ratio and repayment capacity. In addition, Syndicate Bank home loan interest rates are lower for existing customers of the bank and individuals who are working with reputed corporations with a stable employment history.

Below-mentioned are Syndicate Bank home loan rates for multiple housing schemes.

Syndicate Bank Home Loan Scheme Interest Rates
Syndicate Bank Repo Home Loan6.95% - 8.90%

Syndicate Home Loan Interest Rate for Salaried and Self-Employed

The home loan interest rates in Syndicate for salaried and self-employed is mentioned in the table below:

Home Loan Interest Rate for Salaried

Loan Amount Rate
Upto ₹ 25 Lakh 6.95%
₹ 25 Lakh - ₹ 50 Lakh 6.95%
₹ 50 Lakh - 1 Cr 6.95%
Above ₹ 1 Cr 6.95%

Home Loan Interest Rate for Self-Employed

Loan Amount Rate
Upto ₹ 25 Lakh 6.95%
₹ 25 Lakh - ₹ 50 Lakh 6.95%
₹ 50 Lakh - 1 Cr 6.95%
Above ₹ 1 Cr 6.95%

Syndicate Bank Home Loan Interest Rate For Women & Govt Employee

Loan Amount Syndicate Home Loan Rate For Women Syndicate Home Loan Rate For Govt Employee
Upto ₹ 25 Lakh 6.95% 6.95%
₹ 25 Lakh - ₹ 50 Lakh 6.95% 6.95%
₹ 50 Lakh - 1 Cr 6.95% 6.95%
Above ₹ 1 Cr 6.95% 6.95%

Syndicate Home Loan Balance Transfer Interest Rates

Syndicate Bank home loan balance transfer facility is ideal for existing home loan customers, who are paying high interest to their existing lender. Through this facility, you can transfer your existing home loan to Syndicate Bank at a lower rate of interest, without closing the account. However, you do need to check the foreclosure charges that you have to pay to your existing lender if it is a fixed rate loan. Currently, Syndicate Bank offers the loan balance transfer rate of 6.50%.

Illustration on Home Loan Interest Rate Syndicate Bank
Maximum Annual Percentage Rate (APR) 6.95% 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:
  • Total amount borrowed: ₹ 1,00,000
  • Time period: 5 Years to 30 Years
  • Syndicate Bank Home Loan Interest Rate: 6.95% to 8.90%
  • Processing Fee payable to: Upto ₹ 130
  • Fee payable to MyLoanCare: NIL
  • Total Monthly Cost – From ₹ 662 for 30 Years ₹ 1,00,000 loan at 6.95% (lowest rate, longest time period) to ₹ 2,071 for 5 Years ₹ 1,00,000 loan at 8.90% (highest rate, shortest time period). This is inclusive of principal repayment.
  • Annual Percentage Rate (APR) of charge including all applicable fees: 6.95% to 8.9%
  • Total cost payable over loan tenure: ₹ 1,18,796 for 5 Years loan to ₹ 2,38,432 for 30 Years loan

FAQs

Has Syndicate reduced home loan rates?

As per the current rates, Syndicate has hiked its home loan rates by 0.05% from 6.90% to 6.95%, which is one of the best rates in the market. The new rates are effective from 01 Apr, 2021.

Why should I opt for balance transfer to Syndicate Bank?

Syndicate Bank offers lowest Home Loan EMI of ₹ 662 per lakh availed at the lowest interest rate 6.95% for a maximum tenure of 30 years. If you are paying an EMI more than ₹ 662 per lakh, you should consider the option for a loan transfer to Syndicate from your existing bank. Current Syndicate balance transfer rate is 6.50%.

Can Syndicate Bank housing loan interest rate be negotiated?

Yes, if you have a good relationship with the bank and a high credit score, you can negotiate with Syndicate to lower the home loan rates. Apart from the home loan rates, you can also negotiate over the processing fee.

Can Syndicate revise the home loan interest rates for their existing customers?

Yes, Syndicate offers concessional rates to the existing customers, and you can negotiate with the bank to offer you the revised home loans at a floating rate of interest. The floating interest rates on home loans vary as per the change in market trends or in external benchmark rates such as the repo rate.

Does Syndicate offer a concessional home loan interest rate for women?

Yes, Syndicate offers special home loan interest rates for women. As against Syndicate home loan rates for male which is 6.95%, the home loan interest rate for women starts at %.

What is the Syndicate home loan rate of ₹ 25 Lakh for 15 years?

For home loan upto ₹ 25 Lakh, Syndicate provides home loan interest rate starting at 6.95%. However, you can get the lowest rates if you have a good relationship with the bank, work with top corporations, have a good CIBIL score and have stable income sources.

At what interest rate does an Syndicate employee get a home loan?

Syndicate offers concessional home loan rates of about 1% than the current home loan rates to Syndicate employees.

Is Syndicate Bank home loan a floating rate loan or fixed-rate loan?

Syndicate home loan is offered at both fixed and floating rates. In the case of the fixed-rate, the interest remains the same throughout the tenure. On the other hand, the home loan rates vary as per the market fluctuations for floating home loan rates.

What is the Syndicate home loan rate today ?

Syndicate home loan rate today is in the range of 6.95% to 8.90%.The bank also charges a processing fee of upto Upto 0.13%, Minimum ₹ 500 Maximum ₹ 5,000 of the home loan amount.

How much interest does Syndicate take on home loans?

The rate of interest on Syndicate home loans varies based on your eligibility, such as CIBIL score, age, repayment capacity, income etc. However, Syndicate home loan current interest rate 2021 are in the range of 6.95% to 8.90%.


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Syndicate Home Loan News - Jan 2022
  • 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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