Housing Loan

• Purpose :
  For construction of house/flat
  Purchase of ready built house/flat/ old flat not more than 20 years
  For takeover of housing loans from other banks/institutions
• Eligibility :
  I. Salaried Employees / Businessmen having regular source of income.
  II. Where property is held in joint names all the joint holders should join as co     - borrowers to the loan.
  III. Where the property is owned by applicants spouse / parent who does not    have independent / regular income they should join as co-borrowers       irrespective of their age
• Loan Amount :
  As per bank's rules & repayment capacity of the borrower.
• Margin :
  For Housing Loans upto Rs 25 lacs: 
  25% as per bank's rule.
• Repayment :
  Maximum 10 to 15 years for Salaried Class & existing businessman with satisfactory banking relations.
  In exceptional cases longer repayment period can be granted.
• Rate of Interest :
  13%
• Security :
  Registered Mortgage of house property
• Guarantee :
  Two competent guarantors acceptable to bank.
• Processing Charges :
  0.5% of the loan amount applied
• Shareholding :
  2.50% of loan amount
• Prepayment Penalty :
  If the loan is taken over (switch over) by some other bank / financial institution one time penalty @ 2% should be charged on the outstanding balance as on the date of closure.
• Loan for purchase of plot for construction of house
  I. Where loan is availed for purchase of plot and construction of house there on then the cost of the site/ land should not     exceed 65% of the total cost of the project. 
  II. In such cases, construction should commence within 12 months from the date of purchase of plot and to be completed     within next 12 months ( Total period should not exceed 24 months)
  III. If the construction is not completed within stipulated time, the loan to be converted into property loan and to be repaid in     5 years thereafter. Total repayment period not to exceed 7 years. Interest as applicable to property loan from the date of     disbursement.
• Take over of loan :
  I. Repayment period in case of take over of loan generally not to exceed the residual repayment period of the transferor     bank/institution or 15 years whichever is lower.
  II. Property should not be older than 15 years old
• Documents Required :
  I. Latest Photograph, Photo Identity Proof, Residence proof of the Applicant and Guarantors
  II. In case of salaried person, salary slip for last 3 months and bank statement for last 6 months, ITR for 3 years
  III. In case of businessman, last 2 years profit & loss, balancesheet, ITR copies of last 3 years and bank statement of      business account for last 6 months.
  IV. Legal Documents for creating mortgage
• Please contact nearest branch for other details and terms & conditions.