1. SyndNivas
SyndNivas - Housing Loan Scheme
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 20 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 not exceeding of 10% total cost of the project,
may be included.
 Take over of existing Housing loan from other banks/ financial institutions in the case
of salaried class are permitted.
Eligibility:
 Resident Indians, Non-resident Indians, Pensioners, Hindu undivided families.
 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, persons of Indian origin, residents outside India, 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.
 Loan to third house is not permitted.
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.
 Income/salary of spouse/father/mother/son/daughter with the applicant can
also be considered.
Security:
 First mortgage of the site/house/flat to be constructed/acquired or as advised by the
Legal Adviser/Law Officer of the Bank.
 Hypothecation of furniture & fixtures.
Margin:
 Loans below `.20.00 lakhs : 10% (Minimum)
 Loans of `.20.00 lakhs and less
than 75.00 lakhs : 20% (Minimum)
 Loans of `.75.00 lakhs and above: 25% (Minimum)

2. Processing & Documentation Charges:
 Loans upto `.25.00 lakhs : 0.25% of loan (min `.1000 – max `.5000)
 Loans above `.25.00 lakhs upto
`.75.00 lakhs : 0.25% of loan (max `.6500)
 Loans above `.75.00 lakhs : `.10000 (flat)
Mortgage charges : NIL
Repayment:
For acquiring a house
 Equated monthly instalments with maximum repayment period of 25 years or 70
years of age whichever is earlier (including repayment holiday if any)
For repairs/renovation:
 Maximum repayment period is 5 to 7 years.
Rates of Interest:
 Interest linked to Loans-Base Rate of the Bank at monthly compounding.
SyndNivas-Fixed rate of interest upto 10 years is 12.00% subject to reset
clause
Reset Clause:
 Bank has the option to reset the interest rates on Fresh Fixed Rate Housing Loans
sanctioned anytime after completion of 3 years from the date of availment.
Surety:
 Waived. However possibility of obtaining surety/guarantee of Spouse wherever
necessity is felt shall be obtained
Other requirements:
 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.
For more details contact our nearest branch.