Syndicate Bank

Established in the year 1925, Syndicate Bank had its first office in the coastal region of Karnataka, Udupi. It was then named as 'Canara Industrial & Banking Syndicate Ltd'. The bank was initiated by a trio - Sri Upendra Ananth Pai, a businessman, Sri Vaman Kudva, an engineer and Dr.T M A Pai, a physician, with a capital of Rs. 8000. During that time, the crisis in the handloom industry crippled the local weavers completely. The main aim of Syndicate Bank was to provide financial assistance to them, by mobilizing small savings from the community. Three years later, in 1928, the bank came up with Pigmy Deposit Scheme, in which it collected as little as 2 annas per day, at the doorsteps of the depositors through its agents. The scheme existing till date, earns the bank a sum of Rs. 2 crore daily. In the same year, Syndicate bank opened its first branch at Brahmavar in Dakshina Kannada District. It became a member of the Clearing House for the first time at Bombay, in 1937. Almost a decade later, Syndicate Bank opened 29 branches opened in a single day in rural areas. Its 100th branch opened at Ilkal in Karnataka in 1957. The bank with its socio-economic aim was making extensive growth and advancement and entered Foreign Exchange business by opening Foreign Exchange Department at Bombay. In 1964, the bank changed its name to 'Syndicate Bank Limited' and the head office was also shifted from Udupi to Manipal. The bank had then set up an Economic Research Department, being one of the first few Banks to emphasize on research in Banking, even before nationalization. In 1971, it opened the first specialized branch in Foreign Exchange, in Delhi. Five years later, it opened its first overseas branch opened at London. In 1984, Syndicate Bank opened its 1000th branch in Hauz Khas, Delhi. In the same year, it undertook the management of Musandam Exchange Co. in Muscat. Five years thence, in 1989, Syndicate Bank opened its 1500th branch at Kanakumbi. In 1999, it raised a capital of Rs. 125 Crore from its more than 4 lakh shareholders. Next year, in 2000, the bank established its first specialized Capital Market Services, at Mumbai. In 2003, Syndicate Bank entered into a MOU with Bajaj Allianz, for distribution of Life Insurance products. In 2004, Syndicate Bank amalgamated with United India Insurance Co. Ltd. for distribution of Non-Life Insurance products. In 2004, Syndicate Bank also started utility bill payment services through Internet banking introduced. In 2005, the bank commenced the online reservation of railway tickets through Indian Railway Catering & Tourism Corporation Ltd for its customers. It was during this time that it entered into a MOU with SFAC for promoting of investments in Agri-business products. The 2000th branch was opened at Tondiarpet, Chennai, in 2006. In the same year, the bank commenced the first BPO outfit of a Nationalized Bank, SyndBank Services Limited. This was a wholly owned subsidiary of Syndicate Bank. With the age of progressive banking, Syndicate Bank has created a name for itself in the last 80 years. Rooted in rural India, the Bank has a clear picture of the grass root realities and a vision of future India. Changing with the changing times, the Bank has well equipped itself with all the facilities of the new age, without, however, altering its distinctive socio-economic and cultural culture. Syndicate Bank's unique principle of mutual development, of both the Bank and the people, has won it a long list of clientele, which includes both the rural and the semi-urban class. Products & Services

Deposits Loans Internet Banking Insurance Cash Management Services ATM Services Recovery Channel NRI Services Electronic Funds Transfer (EFT) System SyndDemat (Depository Participant Services) Syndicate Gift Cheques Head Office SyndicateBank Head Office Post Box No.1 Manipal - 576104 (Udupi Dist) Karnataka India SyndNivas - Housing Loan Scheme Details for Product Literature 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 25 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. Eligibility 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 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. 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. 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 25% of total project cost for construction/purchase of new flat or house upto 5 years old. 30% for acquiring house which is above 5 years old. 30% of the estimated cost of addition/extension/repairs/renovation. Processing Charges Rs.700/- per lac or part thereof with a minimum of Rs.1000/- at present. (Processing charges are subject to change from time to time) Repayment For acquiring a house Equated monthly instalments with maximum repayment period of 25 years including repayment holiday of 18 months where eligible. In case of salaried persons, repayment period shall not extend beyond superannuation and for others beyond 65 years of age. For repairs/renovation - Maximum repayment period is 5 to 7 years. Rates of Interest Repayment Period (Including Repayment Holiday) Upto Rs. 20 lacs % Fixed Rate Above Rs. 20 lacs % Floating Rate Upto Rs.20 Lacs % Floating Rate Above Rs.20 Lacs and Upto Rs.30 Lacs % Floating Rate Above

Fixed Rate

Rs.30 Lacs % Upto 5 years Over 5 years and upto 10 years Over 10 years and upto 20 years 2.50 BPLR - 2.00 Over 20 years and upto 25 years 2.25 BPLR - 1.75

12.00 12.00 BPLR - 4.00 BPLR - 3.25 BPLR - 2.75 13.00 13.00 BPLR - 3.50 BPLR - 2.75 BPLR - 2.25 Category abolished

Category abolished

BPLR - 3.25 BPLR -

Category abolished

Category abolished

BPLR - 3.00 BPLR -

Other terms and conditions : BPLR with effect from 17.01.2009 is 12.50% The above rates are applicable for loans sanctioned/disbursed on or after 17.01.2009 Interest rates are to be compounded monthly Fresh Fixed Rate Housing Loans should be repaid within a period of 10 years Reset Clause : Bank has the option to reset the interest rates on Fresh Fixed Rate Housing Loans sanctioned after anytime after completion of 3 years from the date of availment. Surety A good third party security acceptable to the Bank. The following important documents are to be submitted along with the application 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. Syndicate Bank Home Loan provides home loans to an individual for purchasing a new house or a flat, renovating an already existing flat or house or even furnishing the house. It provides home loan to employed persons, self-employed persons and business persons. SyndNivas offers the individual's loans equivalent to the gross salary for 72 months including that of his or her spouse as the loan to the selfemployed persons. The housing loan provided by Syndicate Bank is known as SyndNivas. It is offered to the borrowers who wish to construct a new house or a flat or purchase land for construction of house. The bank also offers housing loan for purchasing a house which is less than or equal to 25 years old. The NRIs can avail housing loan in order to buy a house as an asset. The borrowers can also avail housing loans for renovation or reconstruction purposes. The housing loan also comprises of expenses

required for purchase of various luxury furniture such as air conditioners, geysers, cots, fridges, tables, etc. Important Features of Syndicate Bank Home LoanSyndicate Bank offers home loans to self-employed individuals or business persons or even individuals who are running a business of at least 5 years. Individuals who have a stable and adequate source of income. Non-residential Indians who have sufficient cash for repayment and who hold Indian passport. The borrower of SyndNivas should not exceed 55 years of age. The self-employed persons should be on job for a minimum of 5 years for acquiring home loan of the bank. The home loan offered by SyndNivas to self-employed persons amount to a maximum of his or her gross salary for 72 months including that of his or her spouse. Others get 6 times of the average annual income for the past 3 years depending on Income Tax Assessment Order or IT returns. The house or flat or land to be purchased will be kept as a mortgage security as per the advise of the legal advisor or law officer of the bank. The repayment duration for loan acquired for renovation purposes is 5-7 years. Loaning Options of SyndNivas25% of the total project cost for purchasing of a new house or flat which is up to 5 years old. 30% for buying a 5 year old house or above that. 30% of the expense to be carried out for renovation purposes of the already existing house.