Syndicate Bank Home Loan provides home loans to an individual for purchasing a new house or a flat, renovating an already existing flat or house or even furnishing the house. It provides home loan to employed persons, self-employed persons and business persons. SyndNivas offers the individual's loans equivalent to the gross salary for 72 months including that of his or her spouse as the loan to the self-employed persons.

The housing loan provided by Syndicate Bank is known as SyndNivas. It is offered to the borrowers who wish to construct a new house or a flat or purchase land for construction of house. The bank also offers housing loan for purchasing a house which is less than or equal to 25 years old. The NRIs can avail housing loan in order to buy a house as an asset. The borrowers can also avail housing loans for renovation or reconstruction purposes. The housing loan also comprises of expenses required for purchase of various luxury furniture such as air conditioners, geysers, cots, fridges, tables, etc.

Important Features of Syndicate Bank Home Loan:

• Syndicate Bank offers home loans to self-employed individuals or business persons or even individuals who are running a business of at least 5 years.
• Individuals who have a stable and adequate source of income.
• Non-residential Indians who have sufficient cash for repayment and who hold Indian passport.
• The borrower of SyndNivas should not exceed 55 years of age.
• The self-employed persons should be on job for a minimum of 5 years for acquiring home loan of the bank.
• The home loan offered by SyndNivas to self-employed persons amount to a maximum of his or her gross salary for 72 months including that of his or her spouse.
• Others get 6 times of the average annual income for the past 3 years depending on Income Tax Assessment Order or IT returns.
• The house or flat or land to be purchased will be kept as a mortgage security as per the advise of the legal advisor or law officer of the bank.
• The repayment duration for loan acquired for renovation purposes is 5-7 years.

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 25 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.

Eligibility:

• Self-employed/business class having gainful employment in a profession or business for a period of 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 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.

Quantum:

• 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.

Loaning Options of SyndNivas:

• 25% of the total project cost for purchasing of a new house or flat which is up to 5 years old.
• 30% for buying a 5 year old house or above that.
• 30% of the expense to be carried out for renovation purposes of the already existing house.

Repayment:

For acquiring a house

• Equated monthly instalments with maximum repayment period of 25 years including repayment holiday of 18 months where eligible.
• In case of salaried persons, repayment period shall not extend beyond superannuation and for others beyond 65 years of age.

For repairs/renovation - Maximum repayment period is 5 to 7 years.

Rates of Interest:

Repayment Period (Including Repayment Holiday)	Fixed Rate Upto Rs. 20 lacs %	Fixed Rate Above Rs. 20 lacs %	Floating Rate Upto Rs.20 Lacs %	Floating Rate Above Rs.20 Lacs and Upto Rs.30 Lacs %	Floating Rate Above Rs.30 Lacs %
Upto 5 years	12.00	12.00	BPLR - 4.00	BPLR - 3.25	BPLR - 2.75
Over 5 years and upto 10 years	13.00	13.00	BPLR - 3.50	BPLR - 2.75	BPLR - 2.25
Over 10 years and upto 20 years	Category abolished	Category abolished	BPLR - 3.25	BPLR - 2.50	BPLR - 2.00
Over 20 years and upto 25 years	Category abolished	Category abolished	BPLR - 3.00	BPLR - 2.25	BPLR - 1.75

Surety:

A good third party security acceptable to the Bank. The following important documents are to be submitted along with the application

• 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.