Syndicate Bank Loan Against Property
Last Updated : Nov. 18, 2016, 6:12 a.m.
About Syndicate Bank Loan Against Property
Syndicate Bank has come up with SyndMortgage Scheme within which you can take the loan against your residential as well as commercial property and meet your financial needs without affecting your pocket much. The loan against property scheme of Syndicate Bank is available to salaried individuals as well as self-employed professionals at low-interest rates ranging from 9.95% - 12.00% per annum.
You can avail this loan facility for any genuine business or personal credit needs or for any other personal needs like your child’s foreign education, abroad travel, marriage, business modification, home renovation, etc. With multiple facilities like no set limit for the loan amount, longer tenure and low rate of interest on, Syndicate Bank LAP scheme is one of the best in the Indian market today.
Read this article to know more details about this loan scheme like interest rates, EMI calculator, eligibility, required documents, tenure, loan amount, processing fees, etc.
Syndicate Bank Loan Against Property
| Particulars | Details |
|---|---|
| Interest Rate | 9.95% - 12.00% |
| Loan Amount | Salaried : 10 times of the Net Annual Income Non-salaried: 10 times of the Gross Annual Income based on the three years average income For Consumption purpose: Maximum Ceiling is restricted to ₹ 1 Crore For business purposes, up to ₹ 5 Crores–Under Retail Credit |
| Tenure | Upto 10 years |
| Processing Fees | As applicable |
| Prepayment Charges | Waived |
How to Apply
At Syndicate Bank, the process to apply for a loan is easy and quick if you will follow these 3 steps:
- Fill up the loan application form
- Keep all the documents ready as per bank’s criteria
- Submit the above two things at the nearest bank branch
Syndicate Bank Loan EMI Calculator
A loan against property EMI calculator is the tool that tells you the monthly installments that you will have to pay back to the bank. Nowadays, there are many online EMI calculator websites for customer’s usage.
To check the EMI for your loan amount, you need to fill in the below given details in the calculator:
- Loan Amount
- Loan Tenure
- Interest Rate
Soon after you mention these details, a table just like the one given below will appear mentioning the total amount (principal + interest) for the loan amount that you want. Here is an example of EMI table for Syndicate Bank LAP.
Table Showing EMI, Interest Outgo, and Total Repayment Amount
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
| Year | Principal | Interest | Balance Amount |
|---|---|---|---|
| 1 | ₹ 11,327 | ₹ 22,415 | ₹ 1,88,672 |
| 2 | ₹ 12,701 | ₹ 21,042 | ₹ 1,75,971 |
| 3 | ₹ 14,241 | ₹ 19,502 | ₹ 1,61,729 |
| 4 | ₹ 15,968 | ₹ 17,775 | ₹ 1,45,761 |
| 5 | ₹ 17,904 | ₹ 15,838 | ₹ 1,27,857 |
| 6 | ₹ 20,075 | ₹ 13,667 | ₹ 1,07,781 |
| 7 | ₹ 22,510 | ₹ 11,233 | ₹ 85,271 |
| 8 | ₹ 25,239 | ₹ 8503 | ₹ 60,031 |
| 9 | ₹ 28,300 | ₹ 5443 | ₹ 31,731 |
| 10 | ₹ 31,758 | ₹ 2011 | ₹ 0 |
Eligibility For LAP
Syndicate Bank offers loan against property to the following categories:
- Salaried class
- Non-salaried Class
Documents Required
If you are planning to take LAP from Syndicate Bank, you must keep all the documents ready to avoid any kind of delay in the loan approval. So, make sure you have the following documents as per your profile.
For Salaried Individual:
- Filled up loan application from
- 2 Passport Size Photos
- Identity Proof – Passport/ Driving Licence/ Voter ID Card/ PAN Card
- Residential Address Proof – Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport
- Income Documents – 6 months payslip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debits
For Self-employed Professionals
- Filled up loan application form
- 2 Passport Size Photos
- Identity Proof – Passport/ Driving License/ Voter ID Card/ PAN Card
- Residential Address Proof – Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport
- Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof, profit and loss account and balance sheets certified by CA, copy of partnership deed and proof of business existence and business profile
- Last 3 years IT return
Property documents for Loan Against Property from Syndicate Bank
- Registered Sale Deed/ Conveyance/ Lease Deed
- Past Sale Deeds Chain (each transaction in respect of this property since the first allotment
- Latest House Tax Return/ Receipt
- Approved Building Plan from Municipal Corporation
Loan Application Form
The mandatory fields that you need to fill the loan application form are as follows:
- Name of the candidate/s
- Purpose of the loan
- Income Proof
- Address
- Tenure
- Processing Fee
- Loan amount
- Property details
Syndicate Bank Loan Interest Rates
Syndicate Bank loan against property interest rates are linked to the bank base rate and is compounded on monthly basis. The rates from 1 Year MCLR + 2.75% p.a to 1 Year MCLR + 3.00% p.a. Presently, the Syndicate Bank MCLR rate for one year is 8.35% making the LAP rate of interest are from 9.95% - 12.00% per annum.
Loan Processing Fees
The processing fees charged on this loan is changeable from time to time.
Features & Benefits of LAP
- Low-interest rates of 9.95% - 12.00% per annum
- Longer tenure of up to 10 years
- Term loan for consumption and business purpose
- Overdraft facility for business purpose
- Target group Bonafide owners of residential or commercial property
- Party having adequate net worth and acceptable to the Bank can be used as Guarantor