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Banks (Finance)

Syndicate Bank Offers Special Interest Rates and Service Charges on Fresh Home Loans

Strategic Insights

— 1 min read

Syndicate Bank has launched special offers for home loan seekers and gold loan borrowers ahead of the festival season. The bank will provide special interest rates and service charges on fresh home loans, with varying rates based on loan amounts and tenor. For home loans up to Rs 20 lakh, the bank will charge a base rate of 8.25% for the first two years, increasing to 8.75% from the third to fifth year, and 9% from the sixth year onwards, with a maximum of 10%. Similarly, for loans above Rs 20 lakh, the bank will charge 8.5% for the first two years, 9% from the third to fifth year, and 10% from the sixth year onwards, with a maximum of 10.5%.

Key Takeaways:

  • Syndicate Bank is offering special interest rates and service charges on fresh home loans for the festival season.
  • For home loans up to Rs 20 lakh, the bank will charge a base rate of 8.25% for the first two years, increasing to 8.75% from the third to fifth year, and 9% from the sixth year onwards.
  • For loans above Rs 20 lakh, the bank will charge 8.5% for the first two years, 9% from the third to fifth year, and 10% from the sixth year onwards.
  • The bank is offering special discounts in processing and documentation charges, with service charges ranging from Rs 900 per lakh to Rs 25,000 flat.
  • The bank has increased the scale of finance to Rs 1,300 per gram on all jewels and Rs 1,350 per gram on Hallmark gold under gold loan schemes.
  • The bank is offering concessional interest rate on all gold loans at 11% per annum and 9% per annum for gold loans sanctioned to farmers.

Statistics:

  • Rs 8.25% base rate for home loans up to Rs 20 lakh for the first two years.
  • 8.75% interest rate from the third to fifth year for home loans up to Rs 20 lakh.
  • 9% interest rate from the sixth year onwards for home loans up to Rs 20 lakh.
  • Rs 8.5% base rate for home loans above Rs 20 lakh for the first two years.
  • 9% interest rate from the third to fifth year for home loans above Rs 20 lakh.
  • 10% interest rate from the sixth year onwards for home loans above Rs 20 lakh.

Sources:

  • New Indian Express
  • Hindustan Times
  • Syndicate Bank's official website (no specific date mentioned)

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