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Syndicate Loan Against Property EMI Calculator

Syndicate Bank Mortgage Loan EMI

Last Updated 08th Feb 2021

Get monthly EMI as low as ₹ 1,406 per lakh on Syndicate Bank loan against property. Mortgage loan EMI in Syndicate Bank depends upon type of property (residential, commercial, industrial), occupation (businessmen, self employed, salaried), loan amount, loan tenure and interest rate.

Loan Amount5 Year Loan7 Year loan10 Year loan
₹ 10 Lakh₹ 21,993₹ 17,386₹ 14,060
₹ 25 Lakh₹ 54,982₹ 43,466₹ 35,149
₹ 40 Lakh₹ 87,970₹ 69,546₹ 56,238

    Syndicate Bank has merged into Canara Bank on April 1, 2020. The interest rates of Canara Bank will now be applicable on Syndicate Bank Loan Against Property.

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    Loan Against Property EMI Calculator Syndicate Bank

    Use the above quick and easy tool to easily calculate and compare monthly EMI on Syndicate Bank Loan Against Property.

    Syndicate Loan Against Property 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 Loan Against Property of ₹ 15 Lakh from Syndicate for 20 years at an interest rate of 11.50%, the EMI calculated for this loan amount would be ₹ 15,996 and the total annual EMIs to be paid annually is ₹ 1,91,957. The Syndicate Loan Against Property EMI schedule for 20 years is explained below in the table –

    Amortization Schedule for a Loan Against Property of ₹ 15 Lakh over the 20 years

    Year Interest paid during the year Principal repaid during the year Total amount paid during the year (Interest + Principal) Outstanding Principal
    2021 ₹ 1,14,556 ₹ 13,415 ₹ 1,27,972 ₹ 14,86,585
    2022 ₹ 1,69,814 ₹ 22,143 ₹ 1,91,957 ₹ 14,64,442
    2023 ₹ 1,67,129 ₹ 24,828 ₹ 1,91,957 ₹ 14,39,614
    2024 ₹ 1,64,119 ₹ 27,839 ₹ 1,91,957 ₹ 14,11,775
    2025 ₹ 1,60,743 ₹ 31,214 ₹ 1,91,957 ₹ 13,80,560
    2026 ₹ 1,56,958 ₹ 35,000 ₹ 1,91,957 ₹ 13,45,561
    2027 ₹ 1,52,714 ₹ 39,244 ₹ 1,91,957 ₹ 13,06,317
    2028 ₹ 1,47,955 ₹ 44,002 ₹ 1,91,957 ₹ 12,62,315
    2029 ₹ 1,42,619 ₹ 49,338 ₹ 1,91,957 ₹ 12,12,977
    2030 ₹ 1,36,637 ₹ 55,321 ₹ 1,91,957 ₹ 11,57,657
    2031 ₹ 1,29,929 ₹ 62,029 ₹ 1,91,957 ₹ 10,95,628
    2032 ₹ 1,22,407 ₹ 69,550 ₹ 1,91,957 ₹ 10,26,078
    2033 ₹ 1,13,973 ₹ 77,984 ₹ 1,91,957 ₹ 9,48,094
    2034 ₹ 1,04,517 ₹ 87,440 ₹ 1,91,957 ₹ 8,60,654
    2035 ₹ 93,914 ₹ 98,043 ₹ 1,91,957 ₹ 7,62,611
    2036 ₹ 82,026 ₹ 1,09,932 ₹ 1,91,957 ₹ 6,52,679
    2037 ₹ 68,695 ₹ 1,23,262 ₹ 1,91,957 ₹ 5,29,417
    2038 ₹ 53,749 ₹ 1,38,209 ₹ 1,91,957 ₹ 3,91,208
    2039 ₹ 36,990 ₹ 1,54,968 ₹ 1,91,957 ₹ 2,36,241
    2040 ₹ 18,198 ₹ 1,73,759 ₹ 1,91,957 ₹ 62,482
    2041 ₹ 1,504 ₹ 62,482 ₹ 63,986 -₹ 0

    Each Syndicate Loan Against Property 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 10.69% of your EMI has been used to repay the principal amount. This means that the remaining 89.31% of the EMI went into interest payment. Thus, you end up paying only 1.37% of the loan amount of ₹ 15 Lakh after paying 12 EMIs in the first year to Syndicate.

    In year 20, the interest component of Syndicate EMI is around 5.96%, while the principal component is around 94.04%. Upto 20 years, you have cumulatively repaid 100% of your total Syndicate Loan Against Property.

    How to process for Loan Against Property EMI moratorium in Syndicate Bank?

    After the announcement of RBI on 22nd May 2020, Syndicate Bank has extended the loan moratorium for the term loans and interest of working capital loans to next three months till August 2020. As a borrower, you have the option to opt-in or opt-out of the moratorium by informing Syndicate Bank. The interest will continue to accrue on the principal outstanding during this moratorium and the accumulated interest would be added to the principal amount resulting in the extension of loan tenure except in cases where the tenure extension is not possible will increase EMI amount. The moratorium on payment of Loan Against Property EMI’s will not be treated as default and will not have any negative impact on the borrower’s credit score. To know more about the moratorium option, you may contact Syndicate Bank customer care or its nearest branch.

    FAQs

    Will the Syndicate Loan Against Property EMI remain constant or change in future? What happens in case of increase or decrease in interest rate?

    Syndicate Loan against property may change as per the borrower’s financial ability or in case of floating rate of interests offered by the lender. The consequences of the change in SBI LAP EMI are listed as follows:

    • Typically, the Loan Against Property EMI remains unchanged unless the customer requests for a change and the same is approved by Syndicate Bank subject to its eligibility conditions (note that nominal charges may apply for effecting a customer initiated change in EMI).
    • In case the floating rate of interest on your loan increases, Syndicate Bank will typically keep the EMI constant but increase the loan tenure. So, you will pay the same EMI but for a longer duration. In case the interest rates increase to the extent that the revised loan tenure is more than the maximum permissible by Syndicate Bank, the bank may increase your EMI amount.

    Will Loan Against Property EMI change in case of prepayment?

    Similar to all loans, Loan against property also offers the prepayment facility to the loan borrowers. Prepayment of loan leads to certain changes as listed below:

    • When you make a prepayment, the outstanding principal amount on your property loan reduces. You may choose to either keep the EMI the same and reduce the loan tenure (enabling you to pay off the loan faster) or reduce the EMI and keep the loan tenure unchanged (thus paying a lesser amount every month). It is beneficial to keep the EMI constant and reduce the loan tenure as you pay less interest to the bank in this option.
    • Note that Syndicate Bank may levy prepayment charges except on floating rate property loans sanctioned to individuals.

    How does Loan Against Property EMI calculator, calculate Loan Against Property EMI?

    Loan against property is a reliable and time-saving tool to calculate the LAP EMI. It functions as follows:

    • EMI is calculated using a combination of the loan amount, loan tenure and interest rate.
    • Syndicate Bank mortgage loan calculator calculates EMI on a reducing balance basis and assuming payment of EMI in arrears (that is interest is charged for the month preceding the date of EMI payment on EMI date) and not in advance.

    How much loan can I get against my property from Syndicate Bank?

    You can avail of a maximum loan of ₹ 5 Cr, depending on the value of the property. However, the loan amount cannot be more than 60% of the property value. Syndicate Bank assesses the property before approving your mortgage loan application.


    Syndicate Loan Against Property News - May 2021
    • 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.
    • 2019-07-01 : Syndicate Bank plans to raise up to Rs. 5,000 crore equity capital
      Public sector lender, Syndicate Bank is planning to raise up to Rs. 5,000 cr equity capital through various modes, including qualified institutional placements and preferential issuance of shares. The lender will utilize the raised funds to augment its business growth and to improve its overall retail loan portfolio, including home loans and mortgage loans.
    • 2019-05-24 : Syndicate Bank revises MCLR rates by 5 basis points
      Syndicate Bank has revised its Marginal Cost of Funds Based Lending Rate (MCLR) rates by 5 basis points. The move is supposed to make retail loans like housing loans and mortgage loans cheaper. Now for overnight and one month, the rate stands at 8.20% and 8.30% from earlier rate of 8.15% and 8.25% respectively. For 3 months, the rate has been revised to 8.45% from 8.40%. While for 1 year the rate stands at 8.65% from earlier rate of 8.60%. The revised rates are effective from May 15, 2019.
    • 2019-04-26 : Syndicate Bank cuts MCLR by 5 basis points
      Syndicate Bank has reduced its Marginal Cost of Funds Based Lending Rate (MCLR) by 5 basis points across all tenors for the month of April. The move is supposed to make home loans and mortgage loans cheaper. Now for overnight, the rate stands at 8.15% as compared to 8.20% earlier and for 1 month, the rate has been revised to 8.25% from 8.30%. While for 1 year the rate now stands at 8.60% from 8.65% earlier. The revised rates are effective from April 15, 2019.
    • 2019-01-17 : Syndicate Bank eyes 10% rise in advances under Mudra scheme
      Despite concerns over rising NPAs, Syndicate Bank is eyeing at least 10% growth in advances under Mudra scheme. The bank is also expecting an increase across its retail loans segments which covers loan against property, business loans and SME loans.
    *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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