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Syndicate Bank, a public sector bank in India, has announced a special housing loans scheme effective until 31 March 2010.

This new home loans scheme is applicable only for acquiring/construction/takeover of your first home or for additions/alterations to existing housing units.

For home loan amounts of upto Rs. 30 lakhs, Syndicate Bank is offering an interest rate of 8.25% for the first 2 years. For 3rd to 5th year, the interest rate will be 8.75%. From year 6 onwards, the interest rate will be the bank’s Prime Lending Rate (PLR) - 2.50% subject to a maximum of 11.00%.

For home loan amounts of over Rs. 30 lakhs, Syndicate Bank is offering an interest rate of 9.25% for the first 2 years. For 3rd to 5th year, the interest rate will be 9.75%. From year 6 onwards, the interest rate will be the bank’s Prime Lending Rate (PLR) - 2.00% subject to a maximum of 11.50%.

Several other banks have already announced 2009 festival season special housing loan schemes. Syndicate Bank’s offer is also attractive when compared with these schemes and must be considered by you in case you are looking for a home loan in the next few months.