Purpose : For Construction/Renovation/Addition & Alteration of Residential House/Flats
Eligibility : Individuals over 18 years of age subject to maximum of 65 years.
Loan Amount : 75% of the Estimated Cost for construction of new house.
Rs. 2.00 Lacs for renovation of house (Not to be insisted) 85% of the cost of flats. Margin : 25% : 15% for flats
Repayment Period: Maximum 180 months in equated monthly instalments.
Moratorium : Maximum Six months from the date of sanction (But interest charged during the period of moratorium be recovered from party.)
Security : Regd. Mortgage of property including construction erected over the plot and third party guarantee of one Person for loan upto Rs.5.00 lacs and two persons guarantee for loan above Rs.5.00 lacs.
Processing Fee :
(i) upto Rs. 25000/- No charges
(ii) Above Rs.25000 upto Rs.2.00 Lakh Rs.450/-
(iii) Above Rs.2.00Lakh Rs.450/- + Rs.200.00 per Lakh
or part thereof subject to maximum of Rs.30000/-
Pre-Payment : Permitted without penalty.
Linkage Shares : 2.5% of the advance made.
CHECK LIST (Housing Loans):
Documents to be submitted by the Applicant(s), Guarantor(s)
For Proposal:
Common Papers for All:
1. Housing Loan application Form.
2. Personal Statement of Borrower
3. Personal Statement of Guarantor(s)
4. Two coloured recent passport size photographs of Borrower & Guarantor (s).
5. Title deed of the property.
6. Estimate of Construction in detail
7. Valuation of property.
8. Approved Site Plan with permission for construction by the civic Authorities(Not required for renovation purpose).
9. Legal opinion from approved legal advisor of the Bank.
10. Non-Encumbrance certificate.
11. Margin Arrangement/Saving Account/Bills of material purchased.
12. Proof of – Age/Address – Copy of PAN card/Driving Licence /Electricity Bill/Telephone Bill (Latest).
For Salary Person:
13. Salary slip/Authenticated letter from employer certifying salary/Form 16.
14. Copy of latest Income Tax Return. (Last one year)
15. NOC from employer confirming service as permanent employee with undertaking to repay monthly installments of loan out of his salary in case of default.
In case borrower is not in a position to give employer’s certificate genuinely, the branch while recommending the loan shall incorporate the reasons and exemption can be given in reasonable cases by the sanctioning authority.
For Others:
16. Audited/Unaudited Balance Sheet and Copy of Income Tax Return for last one year.
17. Prop./Partners capital account/LIC, NSC, Property details.
18. NOC from existing Banker – Publication in a leading newspapers for apply of loan in case of property is situated in city and revenue record is not available.