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Syndicate Bank Home Loans
Syndicate Bank home loans are popular housing finance options offered by Syndicate Bank, one of the most admired public sector banks in India. All the home loan products from Syndicate Bank India are available with attractive terms and conditions.
About Syndicate Bank India home loans
You can avail Syndicate Bank India home loans at one of the most competitive rates and terms. Given below are important information associated with Syndicate Bank India home loans:
Purpose of Syndicate Bank India home loans
You can use a Syndicate Bank India home loan for any of the following purposes:
- For purchase/construction of a flat/house or for purchasing a plot of land and subsequent construction of a home on that.
- For purchasing a new house or existing residential unit which is not older than 25 years.
- For performing modifications/extensions to current house. In case of Non Resident Indians, loan is available for purchase of house for self-possession on coming back to India.
- For purchasing furnishings/furniture such as geysers, air conditioners, refrigerators, tables, beds, sofa sets and others which are constituents of enhancements to the home acquired or constructed with the home loan.
Eligibility criteria for Syndicate Bank India home loans
Given below are the eligibility criteria for Syndicate Bank India home loans:
- Individuals who dont have a flat/house at the workplace/site of profession/ business and who have adequate and stable source of income are eligible for these loans.
- Business professionals/self-employed individuals who are making good profits and are involved in their line of operations for at least a period of five years are eligible.
- Loan applicant has to be a major with not over 55 years of age.
- Non Resident Indians having Indian passport with satisfactory repayment ability can qualify for these loans.
- In case of salaried individuals, applicant should be in the service for at least 5 years and the left over period of service should not be lower than 5 years.
Quantum of finance
In case of salaried individuals, the maximum amount of finance available is gross salary for 72 months which includes income of spouse.
In case of other individuals, the maximum amount of finance available is 6 times average yearly income on the basis of Income Tax returns/Income Tax Assessment Order for the last three years.
Security for Syndicate Bank India home loans
- First mortgage of the house/plot/flat to be purchased/constructed or as recommended by the law officer/legal consultant of Syndicate Bank.
- Hypothecation of furniture and fittings.
Margin for Syndicate Bank India home loans
- In case of purchase/construction of new house or flat upto 5 years old, the margin is 25% of overall project cost.
- In case of purchasing a house which is older than 5 years, the margin is 30%
- In case of extension/remodeling/maintenance/renovation the margin is 30% of the estimated project cost.
Processing charges for Syndicate Bank India home loans
Processing fee is Rs.700/- per lakhs or percentage thereof subject to at least Rs.1000/- right now. Processing charges can vary on a periodical basis.
Home Loan Calculator
|The installment will not include any processing fee or charges which are applicable as per the rules of finance providing Authorities. |