Home loans have been, for decades, one of the most popular methods of home financing. They have served millions of people by helping them realize their dream of owning a house. Syndicate Bank, like various other banks, offers multiple options under the home loan category.<\/p>\n
Syndicate Bank home loans have been designed to suit varied needs of customers who may be looking to either purchase a new \/ existing house\/flat, purchase a plot in order to construct a house or wish to take over an existing home loan. The home loans offered by Syndicate Bank include SyndNivas, SyndKuteer and SyndNivas Plus.<\/p>\n
Different home loans by Syndicate Bank are accompanied by a distinct set of features which address different home financing needs of individuals.<\/p>\n
Purpose:<\/strong><\/p>\n Quantum of Loan:<\/strong><\/p>\n Margin:<\/strong><\/p>\n For loans up to Rs 20 lakh, borrower must bear 10% of the cost; for loans above Rs 20 lakh and up to Rs 75 lakh, borrower must bear 20% of the cost; for loans above Rs 75 lakh, borrower bears 25% of the cost.<\/p>\n Repayment:<\/strong><\/p>\n Maximum repayment tenure allowed on this loan is 30 years or till the applicant turns 75, whichever occurs earlier.<\/p>\n Purpose:<\/strong><\/p>\n Quantum of Loan:<\/strong><\/p>\n Maximum quantum of loan for applicants belonging to EWS (economically weaker sections) \u2013 Up to Rs 5 lakh; for applicants belonging to LIG (lower income groups) \u2013 Up to Rs 10 lakh.<\/p>\n Margin:<\/strong><\/p>\n Borrower\u2019s margin is fixed at 10%.<\/p>\n Repayment:<\/strong><\/p>\n Maximum repayment tenure must not exceed 30 years or 75 years of borrower\u2019s age.<\/p>\n Purpose:<\/strong><\/p>\n To meet any personal\/business credit need.<\/p>\n Quantum of Loan:<\/strong><\/p>\n Maximum quantum of this loan extends to the current value of the property or value at the time of sanction minus the remaining home loan balance, subject to a maximum of Rs 3 lakh.<\/p>\n Repayment:<\/strong><\/p>\n Extends for a maximum tenure of 60\u00a0EMIs.<\/p>\n SyndNivas:<\/strong><\/p>\n All resident Indians, NRIs holding an Indian passport, person of Indian origin, pensioners, Hindu Undivided Families are eligible to apply for this loan.<\/p>\n SyndKuteer:<\/strong><\/p>\n This loan is open to individual borrowers belonging to the Economically Weaker Sections (EWS)*\/Lower Income Groups (LIG) ** and members of self-help groups from metro, urban and rural areas. (Subject to conditions).<\/p>\n SyndNivas Plus:<\/strong><\/p>\n This loan is open to all housing loan customers who hold a satisfactory repayment record for 2 or more years.<\/p>\n Syndicate Bank currently offers the\u00a0lowest interest rates on its home loans\u00a0in over 25 years. Customers can now avail of interest rates as low as 9.55% on their floating rate Synd Nivas loans. This is based on the 1-year MCLR, which is the benchmark for home loans. This rate is applicable on home loans of all tenures up to a maximum period of 25 years. The Synd Nivas Plus scheme comes at a\u00a0rate of MCLR plus 3.25% spread, which currently tallies to 12.8%<\/strong>. The base rate, which is applicable for loans taken before April 1, 2016, is 9.6%.<\/p>\n The loan interest rates are directly linked to\u00a0Marginal Cost of Funds-Based Lending Rate\u00a0(MCLR) as per RBI directive, rom April 1, 2016. The latest MCLRs announced by Syndicate Bank on July 11, are given in the table below:<\/p>\n\n
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SyndKuteer Housing Loan Scheme:<\/h2>\n
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SyndNivas Plus Housing Loan Scheme:<\/h2>\n
Syndicate Bank Home Loan Eligibility:<\/h2>\n
Syndicate Bank Home Loan Interest Rate:<\/h2>\n
Syndicate Bank MCLR Rates:<\/h2>\n
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\n Loan Tenor<\/th>\n MCLR<\/th>\n<\/tr>\n \n Overnight<\/td>\n 9.4%<\/td>\n<\/tr>\n \n 1 month<\/td>\n 9.45%<\/td>\n<\/tr>\n \n 3 months<\/td>\n 9.45%<\/td>\n<\/tr>\n \n 6 months<\/td>\n 9.5%<\/td>\n<\/tr>\n \n 1 year<\/td>\n 9.55%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"