Syndicate Bank SYNDNIVAS Housing Loan - A Hassle Free Home Loan

Owing a home would be one of the biggest dream in most of the people. It also becomes one of the biggest investment, one will make in a life time. Decision to buy or own a home will make your life busy collecting valuable information that should help your decision wise, because you are going to have an asset for you and to your descendants. When you make a list, the most important factor will be finding the right financier to make your dream comes true. The SYNDNIVAS Housing Loan from Syndicate Bank offers very attractive, hassle free, easy to obtain finance options in the Home loan sector for both salaried and business class people.

Features of SYNDNIVAS Housing Loan

Syndicate Bank's SYNDNIVAS home loan featuring the following:

  1. Purchase a housing plot in order to complete the construction of house within a period of 2 years from the date of finance obtained.
  2. Construct a house on the land-already owned by the party / held on lease provided the lease is perpetual / unexpired period of lease is 50 years or more.
  3. For out-right purchase of ready built house / flat of not more than twenty five years old.
  4. For purchase of flat to be constructed by the Society / Builders.
  5. For making extension / additions vertical or horizontal to the existing house.
  6. For carrying out repairs/renovations to the existing house / flat.
  7. Takeover of Housing Loans from other Financial institutions such as Public Sector Banks / Other Banks / Housing Intermediaries / NBFC, Cooperative Societies and Army Group Insurance Fund etc.

Eligibility for SYNDNIVAS Home Loan

Resident Indians, Non-Resident Indians holding Indian Passport / Persons of Indian origin (PIO), Pensioners, Hindu Divided Families are eligible for SYNDNIVAS Home Loan. Age not more than 55 years at the time of application.

Quantum of SYNDNIVAS Loan Amount

  1. 75% or 80% or 90% of project cost for depending on the quantum of loan.
  2. 70% of Project Cost for old house aged more than 5 years.
  3. 72 months Gross Salary in case of Salaried Class.
  4. 6 times of 3 years average income in case of non-salaried class.
  5. Total deductions should not exceed 60% of Gross Salary in case of Salaried Class and 60% of Gross Annual Income in case of non-salaried class, whichever is less.
  6. Clubbing of income of spouse, father, mother, son, daughter, is permitted for determining the quantum of loan.

Cutback for SYNDNIVAS

Salaried: 60% of the Gross Annual Income.
Non Salaried: 60% of average of last three years Gross Annual Income as per IT Return / Assessment

Rate of Interest for SYNDNIVAS Housing Loan

MCLR irrespective of tenor and amount of the loan. As per circular in force (compounded on monthly rests during moratorium period, Interest payable after completion of moratorium period through EMI).

Margin for SYNDNIVAS Housing Loan

  1. Loans up to 20.00 lakhs – 10%
  2. Loans of above 20.00 lakhs and up to 75.00 lakhs – 20%
  3. Loans of above 75.00 lakhs – 25%
  4. In respect of purchase of Plots - Margin -50%.

LTV (Loan to Value) Ratio not to exceed 90% in case of loans up to Rs. 20.00 lakhs and 80 % in case of loans of Rs. 20.00 lakhs & above and up to Rs. 75.00 lakhs and 75% incase of loans above Rs 75.00 lakhs

Processing Charges for SYNDNIVAS Housing Loan

Processing charges Inclusive of Documentation charges (Subject to change):

  1. For loans upto Rs. 25.00 lakhs: 0.25% of the loan; Minimum 1,000/- Maximum 5,000/-
  2. Loans above Rs. 25.00 lakhs upto Rs. 75.00 lakhs: 0.25% of the loan amount Maximum Rs. 6,500/-
  3. Loans above Rs. 75.00 lakhs: Rs. 10,000/- flat.

Disbursement of SYNDNIVAS Loan

  • Directly to the vendor along with the margin in case of purchase of flat / house / site.
  • In instalments, in case of construction depending upon the stage of construction and margin invested by the borrower.

Surety / Guarantor

Third party guarantee waived – Spouse may join as guarantor wherever possible.


Mortgage of Plot / House / Flat to be constructed / purchased or existing.


  • Not exceeding 30 years or 75 years of age whichever is earlier.
  • Through Equated Monthly Instalments inclusive of interest accrued during moratorium period in tune with income pattern of the borrower.
  • No Pre-Payment Charges.


Optional to cover the loan under liability insurance under Group Insurance Scheme with one time premium. Insurance of the mortgaged asset is compulsory.

Syndicate Bank Home Loan SYNDNIVAS Documents Required For Loan Application

Customers are classified into Salaried Class, Business Class and NRI / PIO:

1. Personal Documents

Common for all classes: Account number and Customer ID of applicant/s and Guarantor/s Photos of applicant/s and guarantor/s. Phone No. and mobile No. of applicant/s and Guarantor/s

1.1. Salaried Class (for both Applicant and Guarantor)

  1. Aadhaar Card Copy / Passport copy
  2. Pan Card copy
  3. Address Proof copy (like Telephone bill, Voter ID, Driving License etc.,).
  4. Employee ID copy
  5. 6 months Latest Salary Slip
  6. 1 year Statements of A/c where Salary is being credited.
  7. Copies of ITAO and Income Tax Return / Form 16 for the last three years (for applicants only).
  8. Previous and present employment details of applicant with proof (for applicants only).

1.2. Personal Documents for Non Salary / Business Class (for both Applicant/s and Guarantors)

  1. Aadhaar Card Copy / Passport copy.
  2. Pan Card copy.
  3. Address Proof copy (like Telephone bill, Voter ID, Driving License etc.).
  4. 1 Year Statements of A/c.
  5. 3 years IT-Returns with statement of income (for applicants only).
  6. Copies of audited Balance Sheet / Profit and Loss account (for applicants only).
  7. Proof of Business (Like VAT / GST registration copy etc.,).

1.3. Personal Documents for NRI / PIO

  1. Copies of Passport / Visa.
  2. Work permit / Job contract / appointment order.
  3. Special power of attorney as per bank format duly executed in the presence of the officials of the Embassy and adjudicated in India.
  4. 3 months Latest Salary certificate with deductions / ITR for 3 years.
  5. Foreign currency account statement for the last 2 years.
  6. Statement of SB account for the last 2 year.
  7. Proof of margin money from NRE / NRO account.
  8. Declaration that the house / flat shall be used for own use on return from abroad.
  9. Declaration regarding proposed period of stay in abroad to be submitted.

2. Property Related Documents

2.1. For Purchase of Site / Ready Built House

PRIVATE PROPERTY: Title deeds (submit list in duplicate mentioning name of document against each item whether original / photo copies)

Note: Laminated title deed can not be accepted

  1. Mother / Prior Title Deeds and Documents: Sale deed / partition deed / gift deed / settlement conveyance deed / lease deed (if the original is not available, certified copies).
  2. Khatha certificate / Record of Rights (RTC) extract from competent authorities.
  3. Encumbrance Certificate from the Sub-Registrar’s Office:
    1. for the past 13 years in case purchased property and
    2. for the past 25 years in case inherited properties
  4. Conversion order, Betterment Tax paid Receipt, wherever required
  5. Approved Plan & Licence / blue print and commencement certificate issued by the Competent Authority.
  6. Latest land / building tax paid receipt.
  7. Detailed estimation from the Licensed Engineer in case of construction & repairs / renovation.
  8. Original agreement of sale duly stamped. For flats agreement of sale of Undivided share of land and Construction Agreement and if Undivided Share of land is registered then Registered sale deed and receipt of margin money paid to the vendor / builder.

2.2. For Purchase of Flats from Developers

  1. Set of documents relating to the ownership of the property (like sale deeds, Sale agreement, Encumbrance Certificate, Khata extract, Power of Attorney etc., Approved plan etc. to be given by builder / developer).
  2. Copy of agreement between builder / developer and purchaser / applicant/s
  3. NOC from the financing Bank for release of their charge on the flat.
  4. Tripartite agreement between Builder/Bank/applicant wherever necessary.

 2.3. For Sites Allotted By Statutory Bodies Such As BDA, MDA, DDA, CITB, KHB And Societies

  1. Allotment letter issued by the Statutory Body / Society
  2. Approved Plan & Licence/blue print and commencement certificate.
  3. Latest land/building tax paid receipt.
  4. Detailed estimation from the Licensed Engineer.
  5. Absolute deed and or conditional sale/auction sale/lease-cum-sale deed by the statutory body/society.
  6. Layout Plan copy.
  7. E.C. from the date of allotment or for the last 13 years whichever is later.
  8. Possession Certificate issued by the statutory body/societies.
  9. N O C from the statutory body/societies to mortgage the property in our favour.

2.4. Additions / Alterations / Repairs and Renovation

Plan approved by the Competent Authority and appropriate estimate to be submitted along with land / property records.

3. For Takeover of Loans from other Financial Institutions

  1. Take over of loan is presently permitted only for Salaried class. For business class, RO permission to be obtained. Income of spouse, who is an income tax payee alone can be accepted.
  2. Loan should have been availed for the purpose of house construction / repairs / purchase of ready built house / flat / plot and only 75% of the project cost or outstanding balance whichever is less will be considered.
  3. Copy of the Sanction letter and Housing Loan account statement since beginning.
  4. NOC from the bank / financial institution mentioning therein account is regular, balance outstanding as on date, closure and other charges, if any and their willingness to handover the documents to Bank if the amount is paid in full, along with the list of documents held.
  5. The property should have been constructed as per the approved plan without deviations.
  6. Copies of the property title deeds along with the latest tax paid receipt, Khatha extract and certificate and up to date Encumbrance Certificate (Minimum 13 years).
  7. Applicant/s must have account with our bank branch, where they want to avail the loan, for a minimum period of six months with satisfactory dealing.
  8. Non-refundable 25% of the processing charges to be paid up front.


  1. The above checklist for submission of documents is indicative and however Bank may call for any other specific document relating to the property to be purchased / mortgaged for verification at its discretion, for the purpose of ascertaining the title to the property and creation of a valid mortgage.
  2. The applicants are required to submit self attested copies of the documents wherever Xerox copies are submitted.
  3. No laminated documents are accepted as proof of title or for creating valid mortgage.
  4. Details of the Guarantor/s to be furnished wherever necessary.
  5. Download Syndicate Bank Housing Loan SYNDNIVAS application form.