1,30,000 people visited this section in last 30 days. Apply Online

Get Cashback of Upto ₹ 1,000* on Property Loan Apply Online

MyLoanCare Customer Ratings - 4.5/5.0 Apply Online

Syndicate Loan Against Property Eligibility

Syndicate Loan Against Property Calculator India Jun 2021

Last Updated 08th Feb 2021

Eligibility Criteria Salaried Self Employed
Age of Eligible Borrower 21 - 60 years 21 - 65 years
Maximum Loan Tenure 10 years 10 years
  • Syndicate offers Loan Against Property Rates at 11.50% p.a.
  • Syndicate Bank loan against property is calculated based on your age, income, property value and repayment capacity.
  • Increase your Syndicate mortgage loan eligibility by adding earning family members, business firms and companies owned by main applicant as co-applicants or by applying for a longer tenure loan

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.

Loan Against Property Eligibility Calculator

Syndicate Bank Loan Against Property Eligibility Based on Age

  • Age: Syndicate Bank considers your age as one of the important parameters to calculate your eligibility of a mortgage loan. To be eligible for availing a loan from Syndicate Bank, one has to be of atleast 21 years of age. The maximum age for loan from Syndicate can be 60 years for salaried and 65 years for self employed. Syndicate Bank eligibility calculator takes age as an input to calculate your maximum loan tenure, loan EMI and hence, your loan amount eligibility. The maximum tenure of loan that you may be eligible based on your current age will be as follows:
Your Current Age Max tenure for salaried Max tenure for self employed
25 Years 10 Years 10 Years
30 Years 10 Years 10 Years
40 Years 10 Years 10 Years
50 Years 10 Years 10 Years
60 Years - 5 Years

Syndicate Bank Mortgage Loan Eligibility Based on Income

  • Net Income: The amount of loan you can avail is a function of your net income. Syndicate Bank typically applies a multiplier of up to 60 times on monthly net income of the borrower to calculate the mortgage loan eligibility. For example, if your net monthly income is ₹ 70,000 and you take a mortgage loan of ₹ 50 Lakh at 8.00% interest rate offered by bank, the maximum loan amount that you will be eligible for (assuming you have no other EMI’s to pay) would be as follows:
    Age Net Monthly Income (₹)
    50,000 75,000 100,000
    25 years 34.01 Lakh 51.01 Lakh 68.02 Lakh
    30 years 34.01 Lakh 51.01 Lakh 68.02 Lakh
    35 years 34.01 Lakh 51.01 Lakh 68.02 Lakh
    40 years 34.01 Lakh 51.01 Lakh 68.02 Lakh
    50 years 26.79 Lakh 40.18 Lakh 53.57 Lakh

    You may consider repaying any loans with short tenure and high EMI in order to increase your Syndicate Bank loan against property eligibility.

  • Nature of Employment: Syndicate Bank will check whether you are salaried or self employed. It also looks at your years of experience to check for job and income stability. Syndicate Bank requires minimum income history and job stability of more than 0 years for salaried individuals and of 0 years for self employed individuals.

Syndicate Bank Loan Against Property Eligibility Based on Value of Property

  • Value of Property: Syndicate Bank does not finance the entire property value. The maximum Loan Against Property Eligibility would depend upon the value of the property. Suppose you intend to take a loan on a property worth ₹ 20 Lakh. The amount of loan you will be eligible for will vary with the nature of property. A residential property worth ₹ 20 Lakh will fetch the highest loan amount of ₹ 12 Lakh.
    Property Type LTV Property Value Maximum Loan Amount
    Residential Property 60% ₹ 20 Lakh ₹ 12 Lakh
  • Co-Applicant: In order to enhance the eligibility of a loan with Syndicate Bank, one can apply with a co-applicant such as a spouse or parents. This increases the total eligible income for availing a property loan and enhance the amount of eligible loans. As mentioned earlier, every bank has its own set of eligibility criteria. In case of NBFCs, customers can expect higher eligibility.
  • Property Documents: Your property’s legal documents should be satisfactory and be cleared by the legal team of Syndicate Bank.

Syndicate Bank Property Loan Eligibility Based on CIBIL Score

CIBIL Score: The credit history of an individual plays an important role in deciding the amount of the loan. Credit history is basically the credit report of an individual based on credit information recorded by CIBIL for all your past and current loan transactions. Based on your credit score, a bank or any other financial institution decides whether an individual is eligible for a loan or not. Regular payment on secured loans can also increase your CIBIL score. Syndicate Bank requires a minimum credit score of 650 to be eligible for a property loan.

There are few factors which affect your credit score and in turn impact your chances of getting of loan from Syndicate Bank.

  • Late Payments – If have delayed in repaying your existing or past loans, it negatively affects your CIBIL score and reduces your chances of getting a loan from Syndicate Bank.
  • High Number of Unsecured Loans – Always keep a balance between secured and unsecured loans. Unsecured loans are riskier and more number of unsecured loans can adversely affect your credit score.
  • Usage of Credit Limit – Credit card bills and use of credit limit shows your credit behaviour. Frequent usage or withdrawals of large amounts up to the credit card limit reflects a potential financial stress, indiscipline on your part and may adversely impact your credit score.
  • Multiple Loan Applications – If you apply for loan in multiple banks at one time, it can affect your score negatively and reduce your CIBIL score. In case of application rejection from Syndicate Bank, improve your credit worthiness to get a good score before putting in an application in another bank.

Syndicate Bank Mortgage Loan Eligibility Based on FOIR

Syndicate Bank calculates FOIR (Fixed Obligation to Income Ratio) to estimate the amount of loan against property you can avail. Syndicate Bank will calculate the percentage of fixed obligations (Rent and EMIs) to your net monthly income. Your fixed obligations to monthly income ratio should not be more than 65% to get a mortgage loan from Syndicate Bank. Always calculate your eligibility with Syndicate Bank mortgage loan calculator to estimate your eligible loan amount before applying for a loan to reduce the chances of getting your loan application rejected.

FAQs

What factors determine the eligibility criteria of property loan from Syndicate?

The factors that determine the eligibility criteria of Syndicate Bank property loan are:-

  • Age of the applicant
  • Monthly income
  • Existing liabilities
  • CIBIL Score
  • Value of the property to be mortgaged

What should be the minimum net monthly income of the customer to get Syndicate Bank mortgage loan?

The minimum income for salaried employee to get loan against property should be ₹ 0 per month.

What is the minimum and maximum age required for Syndicate Bank loan against property?

The minimum age of the applicant should be 21 years and maximum should be 60 years for loan against property from Syndicate.

What is the tenure of Syndicate property loan?

Syndicate Bank offers property loan for a tenure upto 10 years. However, longer the loan tenure, higher will be the eligibility.

How much mortgage loan can be availed by the applicant?

An applicant can avail mortgage loan from Syndicate Bank up to 60% of the market value of the property.

Compare Mortgage Loan of All Banks


Notification ×
  • Home Loan

    Home Loan at all-time low rates starting at 8.75%. Cashback of up to ₹ 1,000.

    Apply Now
  • Personal Loan

    Instant Personal Loan starting at 10.25% with Cashback of up to ₹ 1,000 .

    Check Offers
  • Gold Loan

    Instant Gold Loan starting at 9.50% with Cashback of up to ₹ 500

    Apply Now
  • Loan Against Property

    Best Loan Against Property Offers starting @ 11.50%. Cashback of up to ₹ 1,000*.

    Apply Now
  • Business Loan

    Collateral Free Business Loan Rates starting at 14.00% with Overdraft facility.

    Apply Now
  • Fixed Deposit

    AAA rated FDs with returns as high as 6.95%.

    Invest Now
Syndicate Loan Against Property News - Jun 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, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
Loader
Please wait while your information is being processed...
'