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.
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.
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