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Syndicate Home Loan

Syndicate Housing Loan 2021

Last Updated 09th Dec 2021

Syndicate Bank is a large Public Sector Bank with the lowest home loan percent rate in India. Currently, the bank offers home loans beginning from 6.95% with quick approval and online process. Home Loan in Syndicate Bank is quite popular with its special features and attractive rates under various Syndicate Bank home loan schemes for different income and occupation groups. Some of the key features of Syndicate Bank housing loan are:

  • Syndicate Bank also offers pre-approved housing loans at low rates for existing bank customers with strong credit history.
  • Syndicate Bank has an online application process where the KYC, income and property documents submission can be done digitally.
  • You can easily check the status of your Syndicate Bank home loan application status on a real time basis on the bank’s website or by visiting their customer care centre.
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Syndicate Bank Home Loan Details

Syndicate offers multiple home loan products to its customers at low rates. Below-mentioned are the details of home loan Syndicate

Age Min 21 and Max 60 years for Salaried
Min 21 and Max 65 years for Self Employed
Repayment Tenure 30 years
Interest Rate 6.95%
Interest Rate Linked To RLLR
Processing Fee Upto 0.13%, Minimum ₹ 500 and Maximum ₹ 5,000
Lowest EMI Per Lakh ₹ 662
  • 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.
    • 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.
  • Special schemes: Syndicate offers customised home loan interest rates and schemes for special category of borrowers including women borrowers, senior citizens, NRIs etc.

Features & Benefits of Syndicate Bank Home Loans

Some of the features and benefits of Syndicate Bank Home Loans are listed as follows:-

  • Syndicate Bank Home Loan Interest Rate starts from 6.70%.
  • 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 per lakh offered at the lowest interest rate of 6.70% at the longest loan tenure of 30 years.
  • Syndicate Bank allows prepayment of home loans with Nil charges on floating rate loans.

How to Get Easy Home Loan from Syndicate Bank?

Getting a home loan from Syndicate is fairly easy with an online application process. 5 Steps for Syndicate Home Loan Apply

  • Step 1: Visit the website, branch, or website of authorised online channel partner of Syndicate and fill in the application form with loan amount required, property details, your personal details, occupation information and your contact number.
  • Step 2: An official of Syndicate or online partner will call you to discuss your eligibility of the loan as well as explain the loan rates, terms as well as processing fees and other charges.
  • Step 3: Once you agree to proceed with the loan application, you will need to submit your income and property documents online or a Syndicate’s representative will visit your home or office to collect your documents.
  • Step 4: Syndicate will ask you to submit the processing fees and take a few days to conduct a credit appraisal and do technical evaluation of your property.
  • Step 5: If you are eligible and your property qualifies for a loan, you will be issued a sanction letter from Syndicate and will need to sign a loan agreement with the bank. Post this, the loan will get disbursed to your account.

Syndicate Bank Home Loan Documents Required

To apply for a home loan in Syndicate, the bank asks you to submit the following Syndicate Home Loan Documents .

  • Home loan application form with three attested photographs.
  • Identity proofs: PAN, passport, Voter ID card or driving license.
  • Address or residence proofs: Recent copy of utility bills such as telephone, electricity bill, water bill, gas bill, or a copy of aadhar card, passport, driving license.
  • Property papers: Permission for the construction of a property; allotment letter; stamped agreement for sale; registered agreement for sale (only for Maharashtra); share certificate (only for Maharashtra); maintenance and electricity bill of the property; property tax receipt; conveyance deed in case of new property; payment receipts or Syndicate account statements of the payments made to the builder or the seller; Xerox copy of the approved plan copy and registered development agreement of the builder.
  • Bank account statements for the last six months of all bank accounts held by the applicant.
  • Loan A/C statement of last one year if any loan is availed previously from any other bank or another lender.
  • Income proof for salaried: Salary certificate or salary slip for the last three months; copies of form 16 of last two years; a copy of IT returns for the last two financial years that is acknowledged by the Income Tax department.
  • Income proof for self-employed: Address proof of business; Income tax returns of last three years; balance sheet and Profit & Loss A/c for last three years; business license details; TDS certificate or Form 16 A.
  • Self-employed professionals like CA or doctors, amongst others, are also required to submit the certificate of qualification.

Syndicate Bank Home Loan EMI Calculator

Syndicate home loan EMI calculator helps the home loan borrowers plan their home loan EMIs, that is composed of the monthly interest rate, and monthly reducing balance. The calculator functions on the basic components of the principal amount, loan tenure and interest rate. Syndicate Bank Home loan calculator helps the loan borrower pre-plan their home loan in advance.

Syndicate Bank Home Loan Eligibility Calculator

Syndicate Bank Home loan eligibility calculator is an online tool that helps the Syndicate home loan borrowers estimate their home loan eligibility. The eligibility calculator considers various factors such as the income of the applicant, age, work experience, employment and credit score. Therefore, the eligibility helps one analyse their ability and affordability of a home loan. You can also add a co-applicant in case your loan eligibility is lower than the amount.

Compare Syndicate Bank Home Loan with Other Banks

FAQs

What are the documents required for home loan Syndicate?

To apply for Syndicate Bank Home Loan, you will be required to submit Syndicate home loan documents such as home application form with attested photographs along with various other documents such as identity proof, bank statements, residence proof, property papers and loan account statements if any.

Why should I take a home loan from Syndicate Bank ?

Below-mentioned is the reason why you must avail a home loan from Syndicate

Can I apply for an Syndicate home loan online?

Yes, you can apply for a Syndicate home loan online by visiting the bank’s official online portal for home loans or at an online marketplace like MyLoanCare.

Which is the best Syndicate home loan scheme?

Choosing the best Syndicate home loan scheme is subjective to the requirement of the home loan applicant. For instance, there are different home loan offers for the purchase, construction or renovation of a home. Thereby, choosing the best Syndicate home loan scheme is based on one’s needs.

Is Syndicate good for a home loan?

Syndicate is one of the best home loan lenders in the country. Currently, Syndicate home loan interest rate 2021 starts at 6.50%.

How can I check my Syndicate home loan status?

One can check their Syndicate home loan status on Syndicate’s home loan portal under the option. ‘Application tracker’. Apart, home loan status can also be checked on the Syndicate mobile app

What is the eligibility for a Home Loan of Syndicate Bank?

The eligibility to avail a Home Loan is set across the applicant’s age and income. The age of the applicant should range between 18-70 years. Further the minimum income of the applicant should be ₹ 25,000 along with a good credit score of 650 and above.

What is Syndicate Bank Home Loan procedure?

There are two methods to complete the application for Syndicate Bank Home Loan Process online:

  • Apply online at Syndicate Bank official website or online portal for home loans.
  • Online Marketplace like MyLoanCare

However, Availing a loan through an online marketplace improves your the chances of getting the best loan rates, low processing fees and special offers in the form of cash backs.

What is the maximum loan tenure I can opt under Syndicate Bank house loan?

Syndicate Bank offers you a longer tenure of 30 years to repay your loan with the benefit of paying less EMI per month.

Does Syndicate Bank check CIBIL for home loan?

Yes, to avail home loan from Syndicate Bank, you must fulfill Syndicate Bank Home Loan CIBIL requirement of a min CIBIL Score of 650 or above.

Can I transfer my house loan from another bank to Syndicate Bank?

Yes, Bank gives you the facility to transfer your existing loan with a hassle-free process. Availing loan transfer to Syndicate Bank can allow you to save interest, pay lower EMIs, and save money.

Can I club the income of my spouse with mine and apply for joint Home Loan?

You can club the income of your spouse to increase your Home Loan eligibility if the spouse is co-owner of the property or guarantor of the loan.

What is the benchmark applicable for a housing loan?

The benchmark applicable for Home Loan in Syndicate Bank is RLLR . RLLR is an external benchmark wherein commercial banks use the RBI’s repo rate to calculate the retail loan interest rate. In RLLR, the reset period is 3 months which implies that banks would revise your interest rate of RLLR-linked loans every 3 months.


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Syndicate Home Loan News - Dec 2021
  • 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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