Syndicate Bank Home Loan

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All about Syndicate Bank Home Loan

Syndicate Bank Home Loan

Purpose: Syndicate Bank Home Loan

  1. For ‘construction’/’acquisition’ of a house/flat or for acquiring a site and building a house there-on.
  2. For acquiring a ‘new house’ or ‘existing house’ not more than 25 years old.
  3. For making extension(s)/addition(s) to existing house. For ‘NRIs’, loan available for acquisition of house for self-occupation will be available on their return to India.
  4. For acquisition of ‘furniture’/’fixtures’ which forms a part of improvement(s) to the ‘home purchased’ or ‘constructed’ out of the ‘Housing Loan‘.

Eligibility: Syndicate Bank Home Loan

  1. ‘Self-employed’/’business-class’ having gainful employment in a ‘profession’ or ‘business’ for a period of min. period of 5 years.
  2. Individuals who are not owning a ‘house’/’flat’ at the ‘place of work’ / ‘business’ / ‘profession’ having sufficient and ‘regular income’.
  3. ‘NRIs’ holding ‘Indian passport’ with adequate repayment capacity.
  4. Applicant should be a ‘major’ and not more than 55 years of age.
  5. For ‘salaried class’, applicant should have completed 5 years of service and the remaining period left shall not be less than 5 years.

Quantum: ‘Syndicate Bank Home Loan’

  1. For “Salaried persons” : Max of 72 months gross-salary (including salary of the spouse)
  2. For Other(s) : Max of 6 times avg. annual-income based on ‘Income Tax Assessment Order’/’IT returns’ for the past 3 years.

Security: ‘Syndicate Bank Home Loan’

  1. ‘1st mortgage‘ of the site/house/flat to be constructed/acquired or as advised by the ‘Legal Adviser’/’Law Officer’ of the Bank.
  2. ‘Hypothecation’ of furniture(s) & fixture(s).

Margin: ‘Syndicate Bank Home Loan’

  1. 25% of total project cost for the purpose of construction/purchase of new flat or house up to 5 years old.
  2. 30% for acquiring-house which is above 5 years old.
  3. 30% of the estimated cost of addition(s)/extension(s)/repair(s)/renovation(s).

Processing Charge(s): ‘Syndicate Bank Home Loan’

  1. Rs.700/- / lac or part there-of with a min. of Rs.1000/-. (Processing charge(s) are subject to change from time to time).

Re-payment: ‘Syndicate Bank Home Loan’
For acquiring a house

  1. ‘Equated monthly installments’ with max re-payment period of 25 years including re-payment holiday of 18 months.
  2. In case of ‘salaried person(s), re-payment period shall not extend beyond ‘superannuation’ and for others beyond 65 years of age.

For repair(s)/renovation(s) – Max re-payment period is 5 to 7 years.

Syndicate Bank Home Loan Interest Rate:

Repayment
Period
(Including
Repayment Holiday)
Fixed Rate
Up to
Rs. 20 lacs
%
Fixed Rate
Above
Rs. 20 lacs
%
Floating Rate
Up to
Rs.20 Lacs
%
Floating Rate
Above
Rs.20 Lacs and
Up to
Rs.30 Lacs
%
Floating Rate
Above
Rs.30 Lacs
%
Up to 5 years12.0012.00BPLR – 4.00BPLR – 3.25BPLR – 2.75
Over 5 years and
up to 10 years
13.0013.00BPLR – 3.50BPLR – 2.75BPLR – 2.25
Over 10 years and
up to 20 years
Category abolishedCategory abolishedBPLR – 3.25BPLR – 2.50BPLR – 2.00
Over 20 years and
up to 25 years
Category abolishedCategory abolishedBPLR – 3.00BPLR – 2.25BPLR – 1.75

Other terms and conditions: ‘Syndicate Bank Home Loan’

  1. The above rates are applicable for loan(s) being  sanctioned/disbursed on or after 17.01.2009
  2. Interest rate(s) are to be ‘compounded monthly’.
  3. ‘Fresh Fixed Rate(s)’ Housing Loans should be re-paid within a period of 10 years
  4. ‘Reset Clause’: “Bank” has the option to re-set the interest rate(s) on ‘Fresh Fixed Rate Housing Loans’ sanctioned after anytime after completion of 3 years from availing-date.

Surety: ‘Syndicate Bank Home Loan’
A good 3rd- party security acceptable to the ‘Bank’. The following important document(s) have  to be submitted along with the application-form:-

  1. Income-Proof.
  2. Original title deeds of the property with ‘Encumbrance Certificate’ and ‘agreement for sale’.
  3. Permission for construction with ‘approved plan’ issued by ‘Competent Authority’.
  4. Estimation of ‘construction cost(s), valuation report in case of purchase of ready-built ‘house’/’flat’.
  5. Any other document(s) depending upon his case.

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