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Hyderabad , Aug. 28

SYNDICATE Bank would sanction on the spot home loans (SyndNivas) at the three-day housing loan festival `Gruha Utsav' beginning at the Institute of Engineers here from August 29.

According to a bank spokesperson, `spot sanction' of home loans would be given against production of income proof at the lowest equated monthly instalment (EMI) and interest among the public sector banks. At present, loans for purchase of ready built houses, which were of up to 25 years old are given.

Further, the bank would also consider taking over home loans availed from other housing finance companies and banks, he said.

At 8.25 per cent fixed interest rate for up to five years, the bank's EMI per lakh works out to Rs 2,040. At nine per cent for 5-10 years, the EMI works out to Rs 1,266 per lakh.

The bank charges interest rate of 9.25 per cent for loans of up to Rs 10 lakh for the tenure of above 10 years and up to 20 years, and 9.5 per cent for loans of above Rs 10 lakh in the fixed interest category. The EMIs per lakh work out to Rs 916 and Rs 932, respectively.

The bank also offers loans on floating rate basis, where the EMI per lakh on loans of up to five years tenure work out to Rs 2,040 at 8.25 per cent rate. In the case of 5-10 years, the charges are 8.75 per cent interest where the EMI per lakh amounts to Rs 1,253.

For loans of up to Rs 10 lakh for 10 to 20 years, the floating rate was fixed at nine per cent, where the EMI per lakh would be Rs 900.

Loans above Rs 10 lakh would attract an interest rate of 9.25 per cent in the floating category and the EMI works out to Rs 916 per lakh.

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