Mumbai : Syndicate Bank has launched an unique Housing Loan scheme “SyndKuteer” for Economically Weaker Section (EWS) and Low Income Group (LIG) beneficiaries to commemorate the Foundation Day of the Bank.
The scheme aims to cater to the Housing needs of EWS and LIG beneficiaries, whose annual income does not exceed Rs. 2.00 lac per annum. While EWS beneficiaries get Housing loans upto Rs.5.00 lacs, LIG beneficiaries get Housing Loans upto Rs.10.00 lacs. The loan is sanctioned at Base Rate (presently 10.25%) and no surety is required. Processing, Documentation and Mortgage charges are fully waived and legal charges will be borne by the Bank.
The loan can be repaid in a maximum period of 30 years. Under the scheme, the house shall mandatorily have provision for toilet and Bank will also extend loan for installation of Solar Lightings, besides providing financial assistance to the household to take up economic activities to augment family income.
The beneficiaries will be given free training, if required from SIRD or RUDSETI for still development.