#1
2nd April 2016, 03:13 PM
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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??
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#2
2nd April 2016, 03:14 PM
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Re: Syndicate Home Loan
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 ā 10% -Loans above 20 lakhs and up to `75.00 lakhs ā 20% -Loans above 75 lakhs ā 25% |