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Home Loan

Syndicate bank was established in 1925 in coastal Karnataka by three great and imaginative people Sri Upendra Ananth Pai, a businessman, Sri Vaman Kudva, an engineer and Dr.T M A Pai, a physician who shared the common feeling of social welfare and wanted to extend help to the local weavers who were suffering from the crisis of financial resources. Syndicate bank provides various kinds of loans to its customers and housing loan is one of its variants. The loan schemes have been so designed that it caters easily to all the segments of the society. The repayment schedules are so well designed that an individual can easily adjust it according to his income source. The home loans are so designed that anybody can fulfill his dream of owning a house.

There are various types of housing loans available from the bank. They are as follows:



  1. The eligibility criteria for these loans is:
  • The individual applying for the loan should be an Indian Resident.
  • The Non-Resident applying for the loan should hold Indian passport.
  • The individual can be a pensioner.
  • The HUF {HINDU UNDIVIDED FAMILY} can apply for this home loan.
  1. The purpose for the loan:
  • For the purchase of the plot which is given for the further construction, and an undertaking is obtained from the borrower that they will complete the construction with the bank finance or within 2 years after obtaining the finance.
  • Loan can also be availed for the purchasing of a plot and construction of a house in future.
  • Loans are availed for the construction of a house on a plot held by someone else, or a land which is on lease and the period of the lease is 50 years or more.
  • For the purpose of buying a ready flat or a house which should not be more than 25 years old.
  • The loans can be obtained for the construction of a house or a building by any builder or a society.
  • Loans can be taken for making any extension or addition vertically or horizontally to any existing house or property.
  • Loans can be taken for making any kind of repairs or renovations to the existing flats or buildings.
  • Loans are taken for the repayment of an existing home loan from any financial institutions such as Public sector banks/other banks, housing intermediaries/NBFC, cooperative society or Army group insurance fund.
  1. Quantum of Loan allowed
  • 75% or 90% of the cost of construction of new house, building or a flat or 70% of cost of the old house which is not more than 5 years old.
  • For the salaried class people the loan is calculated on the basis of their 72 months gross salary.
  • For the self-employed the loan amount can be 6 times of the average income for the 3 months.
  • Total deductions allowed is up to 60% of the total gross salary of the salaried individual and 50% of the gross annual income of a non –salaried person whichever is lower.
  • The clubbing of the income of spouse, mother, father, son or daughter is allowed for calculating the quantum of loan.
  1. Cutback:

The cutback of 60% of the total gross salary of the salaried person is considered and 60% of the gross annual income for the non-salaried person.

  1. Margin

The total amount of the loan sought by an individual is not allowed by the bank. The bank keeps a margin of amount and the rest is sanctioned to an applicant. The margin for the loan is as follows:

Loans below Rs.20lacs - 10%.

Loans from Rs. 20lacs to 75lacs -20%

Loans from 75lacs and above - 25%


  1. Purpose of the loan: The loan is taken by an applicant who requires it for some personal and genuine business credit requirements.
  2. Eligibility:  The  basic eligibility criteria for availing this loan is the applicant should be an existing home loan customer of the bank and should have a fair record of repayment of 2 years.
  3. Quantum: The quantum of loan that will be sanctioned by the bank is calculated on the basis of the value of the property at the time of sanction or the present value of the property less than the outstanding balance of the home loan taken, but subject to a maximum of Rs. 3 lacs.
  4. Security: The security taken against the loan is the extension of the mortgage of the property against which the home loan was taken.
  5. Surety/Co-obligant: The surety or the guarantor for the loan taken is the same who have jointly mortgaged the property in the home loan taken by the applicant.
  6. Repayment: The repayment of the loan has to be completed within 60 EMI’s. The loan repayment cannot exceed this stipulated period given by the bank.

Processing fees or other charges: There are no processing fees charged for the sanctioning of this loan.


This is an affordable loan which can be availed by the weaker section or the loan income group of people.

  1. Purpose:
  • The loan can be taken for acquiring or construction of a house for a residential purpose.
  • The loan can also be availed for the purchase of new or old dwelling units.
  • The loan can also be availed for the construction of a new house on the plot or land already owned by the applicant.
  1. Eligibility:
  • The individuals who have applied for the loan should belong to EWS {Economically weaker Section} or LIG {lower Income Group} category of the rural urban or metro areas.
  • Any members from the Self help group can also apply for this loan.

*EWS {Economically Weaker Section} are the people who have the annual household income of Rs.100000.

*LIG {Lower Income Group} is people who have the annual household income of Rs.100001 to Rs.200000.

  1. Quantum of Loan:

Maximum amount of loan sanctioned under this scheme is:

For EWS category the amount of loan is up to Rs.5lacs

For LIG category the amount of loan is up to Rs.10lacs.

The components that form the part of the project cost for which the loan has been applied for are:

  • The cost of land or plot which has been acquired for the construction.
  • The cost of construction on the land acquired.
  • The cost of installing solar light system on the residential or dwelling units for which the loan has been applied for.
  • The cost of ASTRA chulha will be included in the cost of projects for the applied loan.
  • If the loan is being sanctioned under the government sponsored scheme then the subsidy allowed will be covered under the cost of this loan.
  1. Repayment: The repayment of the loan has to be done not exceeding 30 years and 75 years of age whichever is lower.
  2. Security: The mortgage of the property against which the loan has been taken has to be given as security.
  3. Cutback: The Cutback amount cannot exceed 60% of the total gross income of an applicant.
  4. Guarantee: The third party guarantee is not required under this scheme of home loan.
  5. Margin: The bank requires keeping a margin of 10% on the loan amount sought by the applicant.

Loan for Purchase of Land for Agricultural purposes

This is a rural loan which is extended so that farmers can purchase agricultural land for farming purposes. This is a long term loan which is given to small and marginal farmers which also includes share croppers or tenant farmers. The loan terms are easy and the loan can be used to buy, develop or cultivate an agricultural land or fallow or waste lands to increase the agricultural productivity and make the small holding s economically viable. For every eligible beneficiary, the aggregate land holding of the borrower after purchasing land under this loan scheme should not be more than 2.5 acres of irrigated land or 5 acres of non-irrigated land or its equivalent

Syndicate Farmhouse Scheme

Another rural housing loan scheme which is designed for farmers to that they can avail of a decent dwelling place which might also fulfill their other requirements like that of a cattle shed, dying yard, farm implementation shed, etc. for construction of a farm house, a maximum loan of Rs.15 lakhs is issued. For carrying out repair or renovation of an existing farm house which is damaged or requiring repairs, the maximum amount of loan available is Rs.2 lakhs. The loan can be used for buying a readymade farmhouse or for constructing a new farmhouse. The repayment tenure granted for repayment of the loan availed is a maximum of 20 years if a new farmhouse is bought or 5 years if the loan was taken for repairing purposes. The repayment period would be linked to the cash flow of the farmer. Eligible borrowers include agriculturists who have an assured source of income and are aged below 55 years. The loan has a margin requirement of 25% of the cost of the construction or repair. The loan can be issued without requiring any conversion of land and income proof.

Rate of Interest

Loan Schemes

Rate of Interest

Synd Nivas

MCLR= 9.55%

Synd Nivas Plus

MCLR+3.25%= 12.80%

Synd Kuteer

MCLR= 9.55%

Synd Farm House Scheme

MCLR= 9.55%

Processing and documentation charges

The bank charges a minimal amount for the processing and documentation of the Synd Nivas Home loan, however these charges are waived off for Synd Nivas Plus and Synd Kuteer Home loan .

The charges levied by the bank are as follows:

  • For the loans up to Rs.25lacs the charges are 0.125% of the loan amount or minimum of Rs.500 and maximum up to Rs.2500.
  • For the loan amount above Rs.25lacs but less than 75 lacs it is 0.125% of the loan amount to a maximum of Rs.3250.
  • For the loans above Rs.75 lacs Rs.5000 is charged as a flat rate.
  • The mortgage charges are not taken by the bank.

The prepayment charges on the loans are waived. No guarantor or surety is required


  • The applicant has to submit a duly signed application with the photographs.
  • The identity proof along with the residential proof is required.
  • The processing fees have to be paid by cheque.
  • The latest bank statements have to be furnished.
  • The documents required for the salaried individual are {both applicant and guarantor}
  • The PAN card copy has to be given.
  • The Address proof like {telephone bill, voter’s id card etc.} needs to be submitted.
  • The copy of the passport
  • The copy of the employee id card.
  • The copy of 6 months latest salary slip
  • The 1 year bank statement in which the salary has been credited
  • The copy of income tax return or Form 16 for the last three years
  • The proof of previous and the present employment details of the applicant only
  • The documents required in case of the self-employed applicant are:{both applicant and guarantor}
  • The PAN card copy has to be given.
  • The address proof like telephone bill or voter id card has to furnished.
  • The Passport copy is required to be submitted.
  • The 1 year statement of accounts has to be submitted.
  • The IT returns of their income of the last three years has to be given
  • The audited copy of the balance sheet and profit and loss account is required.
  • The proof of business like VAT registration copy needs to be furnished.
  • For NRI’s
  • The copies of the passport and VISA are required.
  • The copy of work permit, job contract and appointment letter needs to be furnished.
  • Three months latest salary slip is required.
  • F/C account details for the last two years should be given.
  • Statements for the savings account of last two years are required.
  • Proof of margin money in NRO/NRE account is to be given.
  • Declaration has to be made that the residential property purchased will be used for the personal use at the time of stay in India.
  • Declaration regarding the proposed period of stay in India is to be given.

Frequently Asked Questions (FAQs)

  • What variants of home loans are issued by Syndicate Bank?
  • Syndicate Bank offers loans both in its retail banking channel and also in the agricultural banking channel. In the retail banking channel, Synd Nivas, Synd Nivas Plus and Synd Kuteer are offered. When it comes to the agricultural segment, Syndicate Farmhouse scheme and Loan for purchasing agricultural land are the two product offerings.

  • Who are eligible for availing of the Synd Home Loans in the retail segment?
  • Salaried individuals, self-employed professionals or non-professionals and Non Resident Indians can apply for home loans which are available with the bank’s retail banking segment.

  • What is the amount of home loan available?
  • Synd Nivas offers a maximum loan amount of 80% to 90% of the value of the property to be financed. There is no absolute limit on the allowable quantum. Synd Nivas Plus offers a maximum loan based on the value of the property while Synd Kuteer offers a maximum amount of Rs.5 lakhs or Rs.10 lakhs.

  • What is the repayment tenure granted?
  • For the Synd Nivas Home Loan, the repayment tenure is limited to 30 years or up to age 75 years whichever falls earlier. Synd Nivas Plus Home Loans allows a maximum repayment period of 5 years while the maximum tenure for Synd Kuteer is 30 years or before reaching 75 years of age whichever is earlier. 

The APR Calculator

The APR Calculator {The Annual Percentage Calculator} is also available for the customers. Taking in consideration the prevailing rate of interest, fees and other cost the customer can calculate the overall cost of the loan. The APR Calculator is only provided for calculating the indicative figures.

The accuracy of the loan totally depends on the actual information available to the customers.

The calculator is actually provided just for the convenience and satisfaction of the customers.

The bank does not hold any liability for any misleading calculations provided by the calculator and any losses arising thereon.

Customer Care

The customers can voice their complaints and grievances in customer services. “Customer day” is observed on 15th of every month when the customers can meet the senior officials of the bank and can report about their problems.

Applying Online

The loan application can be done online using the Paisabazaar.com website which is a financial aggregator of banking related products. The online application process is fast and easy and can be done without much hassles or inconvenience.