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Syndicate Loan Against Property Eligibility Calculator
Loan Against Property Eligibility Syndicate Bank
Eligibility Criteria | Salaried | Self Employed |
---|---|---|
Age of Eligible Borrower | 21 - 60 years | 21 - 65 years |
Maximum Loan Tenure | 10 years | 10 years |
Loan as percent of Property Value | Upto 60% | Upto 60% |
9.95% | 9.95% | |
Eligible property | Self occupied/ rented/ vacant Residential Property, Commercial Property | Self occupied/ rented/ vacant Residential Property, Commercial Property |
- Syndicate Bank loan against property is calculated based on your age, income, property value and repayment capacity.
- Use MyLoanCare Loan against property eligibility calculator to calculate your eligibility for SBI loan against property online without any hassles.
- You can increase your Syndicate mortgage loan eligibility by adding earning family members, business firms and companies' owners 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.
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Syndicate Bank Loan Against Property Eligibility
Syndicate Bank allows you to fund immediate or urgent needs with a loan against property. Syndicate Bank loan against property is a secured loan that does not have any end usage restrictions. The bank offers different types of mortgage schemes at affordable rates to eligible salaried and self-employed individuals. Syndicate Bank loan against property eligibility is based on factors like age, salary, occupation, property type and credit score. Let’s understand these factors in detail:
Syndicate Bank Loan Against Property Eligibility Based on Age
Syndicate Bank considers your age as one of the important parameters to calculate your Syndicate Bank property loan eligibility. To be eligible for availing a loan from Syndicate Bank, one has to be of 21 years of age. The maximum age for loan from Syndicate can be 60 years. Syndicate Bank eligibility calculator takes age as an input to calculate your maximum loan tenure, loan EMI and hence, your loan amount eligibility. For instance, if your current age is 25 years, you can avail the maximum loan for 15 years and if your age is near retirement, say 60 years, you can avail the loan for lesser tenure.
Syndicate Bank Loan Against Property Eligibility Based on Income
- Net Income: Your monthly income determines your eligibility to get the amount of loan after meeting all the living expenses. Syndicate Bank typically applies a multiplier of up to 60 times on the monthly net income of the borrower to calculate the mortgage loan eligibility. However, the net monthly income required by Syndicate Bank to approve a property loan is ₹70,000. For example, if your net monthly income is ₹ 70,000 and you take a mortgage loan of ₹ 50 Lakh at 8.40% 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 33.20 Lakh 49.80 Lakh 66.40 Lakh 30 years 33.20 Lakh 49.80 Lakh 66.40 Lakh 35 years 33.20 Lakh 49.80 Lakh 66.40 Lakh 40 years 33.20 Lakh 49.80 Lakh 66.40 Lakh 50 years 26.33 Lakh 39.49 Lakh 52.65 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 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 Property Loan 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. You can get a maximum of 60% of property’s value as a loan against residential 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. The percentage of Syndicate Bank loans will get lower if it is against commercial property.
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, you can apply with a co-applicant such as a spouse or parents. This increases the total eligible income for availing a property loan and enhances the loan amount of eligible loans. As mentioned earlier, every bank has its own set of eligibility criteria. In the case of NBFCs, you 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 Eligibility Based on CIBIL Score
Based on your credit score, a bank or any other financial institution decides whether you are eligible for a loan or not and is considered as one of the important parameters to get the loan. 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.
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. 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 the Syndicate Bank mortgage loan calculator to estimate your eligible loan amount before applying for a loan and reduce the chances of getting your loan application rejected.
How to Calculate Syndicate Bank Loan Against Property Eligibility?
You can check SBI Loan against Property eligibility online using MyLoanCare Eligibility calculator using the steps mentioned below:
- Fill in the required details like name, mobile number, income etc in Loan against property eligibility calculator form and click on ‘Check Eligibility’.
- Complete OTP authentication by entering OTP received on the entered mobile number.
- Enter additional details about your profession, the reason for taking a home loan, and your current work experience.
- Verify all the details and click ‘Get Offers’.
- You can now view the multiple banks for which you are eligible based on the details filled in by you.
- You can choose the bank after a complete comparison, or a MyLoancare advisor will contact you in a while to assist you with the process.
Documents Required for Syndicate Bank Loan on Property
To avail Syndicate Bank loan on property, you will be required the following documents:-
- Application form
- Passport size photograph
- Identity proof- PAN card, Aadhar card, Passport, Voter ID card, Driving License
- Address Proof- Ration card, Utility bill, Driving license
- Age proof- PAN Card, Passport, Class 10th certificate
- Income proofs- Bank Statements, last 6 months salary slips, Form 16, Income Tax Returns for the last 3 years
- Processing fee cheque
- Property documents of mortgaged property
Compare the Eligibility Criteria of Top Banks
- SBI
- HDFC
- ICICI Bank
- Axis Bank
- Citibank
- PNB Housing Finance
- LIC Housing Finance
- Kotak Bank
- Yes Bank
- Bajaj Home Finance
- IDFC First Bank
- RBL Bank
- Syndicate Bank
- IDBI Bank
- IndusInd Bank
- Karur Vysya Bank
- HSBC Bank
- Standard Chartered Bank
- Edelweiss
- Corporation Bank
- Indian Bank
- Indian Overseas Bank
- OBC
- PNB
- HDFC Bank
- Indiabulls
- DCB Bank
- Dhan Laxmi Bank
- Karnataka Bank
- South Indian Bank
- Federal Bank
- Jammu And Kashmir Bank
- Lakshmi Vilas Bank
- Allahabad Bank
- Andhra Bank
- Bank of India
- Canara Bank
- Central Bank of India
- Punjab and Sind Bank
- UCO Bank
- Union Bank of India
- United Bank of India
- DBS Bank
- India Shelters
- Piramal Housing Finance
- Cholamandalam
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
✅Am I eligible for Syndicate loan against property if my salary is 20000?
The minimum income for salaried employees to get a loan against property should be ₹ 25,000 per month. It is difficult to get approval for the loan, however if your CIBIL is high, you may negotiate with the bank or add an co-applicant to improve your eligibility.
✅What should be the minimum net monthly income of the customer to get Syndicate Bank mortgage loan?
The minimum income for salaried employees to get a loan against property should be ₹ 0 per month. If you do not meet the eligibility criteria you can increase income eligibility by adding a co-applicant and maintaining a good cibil score above 650.
✅What is the tenure of an Syndicate property loan?
Syndicate Bank offers property loans for a tenure upto 10 years. However, the longer the loan tenure, the higher will be the eligibility. Also, higher loan tenure means a higher rate of interest.
✅How much Syndicate Bank mortgage loan can be availed by the applicant?
You can avail mortgage loan from Syndicate Bank up to % of the market value of the property against an residential property whereas you can avail up to 60% of the market value if you decide to pledge a commercial property.
✅Can I get a loan on my property from Syndicate Bank if I am not an Syndicate Bank customer?
Yes, you can get a loan against property from Syndicate Bank if you are not an Syndicate Bank customer. However, you can get a competitive interest rate if you are already a customer of a bank.
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- 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. - 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.
