HOUSING LOAN-NEW HOUSE/REPAIRS/RENOVATION
1. Purchase of residential flat
2. Purchase of land & construction of Residential house
3. Repairs/additions/alterations to the flat
Salaried persons/Self Employed/Professionals/ Businessman
Repairs : Rs.5.00 lacs Purchase of house:Rs.70.00 lacs
RATE OF INTEREST
8.25% p.a. at monthly rests
MODE OF REPAYMENT
1. In case of Housing Finance 75% of the agreement /market value, whichever is less. In case of under construction buildings, disbursement of the loan will be on stage wise depending
on the certificate issued by the Architect/Builder.
2. In case of Repairs Quotation/Estimate in case of repairs to existing flat/house.
1. Drawing gross salary upto Rs.20,000/-. Maximum loan amount would be 45 times of take home(net) salary
2. Drawing gross salary above Rs.20,000/-. Maximum loan amount would be 50 times of take home(net) salary
1. Having Cash Accruals upto Rs.2.50 lacs(i.e. Net Profit +Depreciation)- Maximum loan amount would be 3.50 times of the average cash accruals for the last three years
2. Having Cash Accruals above Rs.2.50 lacs(i.e. Net Profit +Depreciation)- Maximum loan amount would be 5 times of the average cash accruals for the last three years
FOR BOTH THE ABOVE, TAKE HOME SALARY SHOULD BE MINIMUM 35% OF THE GROSS SALARY INCLUSIVE OF THE PROPOSED LOAN REPAYMENT
DURATION OF SERVICE/ BUSINESS
Equitable/Regd.Mortgage of the premises to be purchased out of bank finance
On case to case basis
Two guarantors of good means acceptable to the bank
0.50% of the loan amount.
Borrowers-2.50 % of the total loan amount. Guarantors-40 shares
1. Loan application form
2. Borrowers and guarantors-3 years I.T. returns for business and Form 16 in case of salaried persons
3. Borrowers/guarantors-6 months salary certificate in case of salaried persons
4. Account to be opened fulfilling the KYC norms/ KYC norms for guarantors to be complied with.
5. Borrowers/Guarantors- Bank statement for last 6 months of the applicant’s existing bankers
6. Chain of original agreements of the property to be purchased out of bank finance starting from builder till the applicant
7. Registration Receipt
8. Stamp Duty Receipt
9. Share Certificate of the society, wherever applicable
10. NOC from builder/society before sanction of the facility
11. NOC confirmation from builder/society after sanction of the facility but before disbursement
12. All payment receipts
13. Title clearance
certificate from panel advocate-charges to be borne by the applicant
14. Valuation report of the premises in case of resale of flat-Charges to be borne by the applicant
15. Occupation certificate
16. Property to be insured with bank clause
17. Documents as mentioned by Bank’s empanelled Lawyer.
Borrowers/Guarantors should have satisfactory track record and should not be an NPA with any other banks/FI.
** Terms & Conditions Applied.