“SyndNivas Takeover Dhamaka” is the name of the home loan product that Syndicate Bank has come up with and as the name suggests, it is meant to switch your existing home loan to Syndicate Bank and make a gain. This offer is valid for a limited period of 3 months beginning July 1, though the official launch of the loan switch programme happened only on July 12.

Syndicate Bank has given this offer a theme “Switch & Save” and the customers would enjoy a better rate of interest, 8.65%. Apart from this, the repayment period is being extended to 30 years. Obviously, this will include the period for which the loan has been running with the previous bank. The offer period will include a waiver of the processing and documentation fees. Top-up loans can also be availed by customers. The maximum exit age for availing the loan will be 75 years.

Syndicate Bank claims that with the extended loan repayment periods, the borrowers would have a longer term and lower monthly instalments to pay, putting more money in their hands which they can productively use elsewhere.  

The bank management believes their effort with “SyndNivas Takeover Dhamaka” is another way of supporting the government’s Pradhan Mantri Awas Yojana (PMAY) with the broad objective of helping people buy a house of their own.

This “SyndNivas Takeover Dhamaka” loan-switch scheme is being made available from all the 4062 branches of Syndicate Bank across the country. Customers need to just check what rate of interest their current loan is pegged at and if it is higher than what Syndicate Bank is offering now, it is open for them to approach the nearest branch of the bank and go through the formalities as advised.