HYDERABAD: In view of the ensuing festival season, Syndicate Bank is offering special interest rates and service charges on fresh home loans.
Further, the bank’s gold loan schemes branded Syndswarna (priority sector) and Syndswarna Express (non-priority sector) will be made available at all its branches.
For home loans upto Rs 20 lakh, the bank will charge a base rate of 8.25 per cent during first two years, 8.75 per cent from third to fifth year and 9 per cent from sixth year onwards, subject to maximum of 10 per cent. Similarly, for loans above Rs 20 lakh, bank will charge 8.5 per cent for first two years, 9 per cent from third to fifth year and 10 per cent from sixth year onwards to a maximum of 10.5 per cent.
Besides the special concessions on interest rates, the bank is offering special discounts in processing and documentation charges. Prospective home loan borrowers should pay service charges of Rs 900 per lakh with a cap of Rs 15,000 for loans upto Rs 50 lakh and Rs 25,000 flat for loans above Rs 50 lakh.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. Uniform margin of 25 per cent irrespective of quantum and tenor of loan is fixed.
The bank is offering concessional interest rate on all gold loans at 11 per cent per annum. For gold loans sanctioned to farmers, the rate of interest charged is 9 per cent per annum.
A special discount of 0.25 per cent on applicable rate of interest is offered for gold loans granted against pledge of Hallmark gold.