Syndicate Home Loan

Hello sir I am here as I want to apply for Home Loan at Syndicate Bank so will you please provide me details of that loan scheme??

[Pathak]

Syndicate Bank is one of the oldest and major commercial banks of India. It was founded by T M A Pai, Upendra Pai and Vaman Kudva. At the time of its establishment, the bank was known as Canara Industrial and Banking Syndicate Limited.

As per your demand here I am providing you details of the Home Loan of this Bank:

Purpose:
-For construction/acquisition of a house/flat or for acquiring a site and building a house thereon.
-For acquiring a new house or existing house not more than 20 years old.
-For making extensions/additions to existing house. For NRIs, loan available for acquisition of house for self-occupation on return to India.
-For acquisition of furniture/fixtures including air conditioners, geysers, fridge, cots, tables, sofas etc which form part of improvements to the home purchased or constructed out of the Housing Loan not exceeding of 10% total cost of the project, may be included.
-Take over of existing Housing loan from other banks/ financial institutions in the case of salaried class are permitted.


Eligibility Criteria
-Residents Indians, NRI, Pensioners
-Self Employed/Business class in a business from minimum period of 5 years.
-Individuals not owning a house/flat at the place of work / business / profession having sufficient and regular income.
-NRIs holding Indian passport, persons of Indian origin, residents outside India, with adequate repayment capacity.
-Applicant should be a major and not more than 55 years of age.
-For salaried class, applicant should have completed 5 years of service and the remaining period of service left shall not be less than 5 years.
-Loan to third house is not permitted.


Maximum loan amount
-For Salaried persons:
Maximum of 72 months gross salary (including salary of spouse)

-For Others:
Maximum of 6 times average annual income based on Income Tax Assessment Order/IT returns for the past 3 years.

Repayment Time
For acquiring a house: Equated monthly installments with maximum repayment period of 25 years or 70 years of age whichever is earlier (including repayment holiday if any)

Other requirements:
-Proof of income.
-Original title deeds of the property with Encumbrance Certificate and agreement for sale.
-Permission for construction with approved plan issued by Competent Authority.
-Estimation of construction cost, valuation report in case of purchase of ready built house/flat.
-Any other documents depending upon the individual case.


Processing & Documentation Charges:
-Loans upto Rs.25.00 lakhs: -0.0125% of the loan amount with a minimum of Rs.500/- and maximum of Rs.2500/-
-Loans above Rs.25.00 lakhs to 75 lakhs: 0.125% of the loan amount with a maximum of 3250/-.
-Loans above Rs.75.00 lakhs: Rs.5000 (flat)

Margin:
-Loans up to 20 lakhs – 10%
-Loans above 20 lakhs and up to `75.00 lakhs – 20%
-Loans above 75 lakhs – 25%