HOUSING LOAN-NEW HOUSE/REPAIRS/RENOVATION

PURPOSE

1. Purchase of residential flat

2. Purchase of land & construction of Residential house

3. Repairs/additions/alterations to the flat

ELIGIBILITY

Salaried persons/Self Employed/Professionals/ Businessman

MAX.LOAN AMT.

Repairs : Rs.5.00 lacs Purchase of house:Rs.70.00 lacs

MODE OF REPAYMENT

PDCS/ECS/THRU ACCOUNT

MARGIN

25%

AMT.ELIGIBILITY

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.

INCOME ELIGIBILITY

SALARIED INDIVIDUALS

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

BUSINESSMEN/SELF EMPLOYED/PROFESSIONALS

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

1. – 3 years confirmed service. Business/Professional-3 yrs

PRIMARY SECURITY

Equitable/Regd.Mortgage of the premises to be purchased out of bank finance

COLLATERAL SECURITY

On case to case basis

GUARANTORS

Two guarantors of good means acceptable to the bank

PROCESSING FEES

1.50% of the loan amount.

SHARE LINKAGE

Borrowers-2.50 % of the total loan amount. Guarantors-40 shares

REQUIREMENTS

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.

OTHER CONDITIONS

Borrowers/Guarantors should have satisfactory track record and should not be an NPA with any other banks/FI.