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    For repairs/renovation
    For purchase of land
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  Housing Loan
    

  Quantum of loan

For the purpose of estimation of loan assistance, project cost shall be estimated on a realistic basis, at current cost of construction, ensuring at the same time utmost economy in the use of land, building materials and built-up space. Accordingly the loan amount shall be assessed as under:

  • Loan for fresh construction/purchase of house/flat: Need based subject to Maximum of 72 times of net monthly income/salary.
  • For State/Central Govt Pensioners: 36 times of the gross monthly pension subject to the condition that loan sanctioned shall be fully repaid by the time pensioner attains the age of 70 years and total deductions do not exceed 50% of their home take monthly pension.
  • Loan for carrying out repairs / renovations / additions / alterations to a borrower who is not availing any housing loan: Maximum Rs.15.00 lacs or 36 times of net monthly income/salary whichever is lower.
  • Supplementary/Additional Finance for carrying out repairs/renovations/additions/alterations to a person who is already availing housing loan from the bank: Maximum Rs.10.00 lacs or 36 times of net monthly income/salary whichever is lower subject to the condition that total loan (i.e. BOS of existing loan + sanctioned amount of additional loan) as on date of sanction is within the overall ceiling of housing loan limit of 72 times net monthly income/salary.
  • Purchase of land: Housing loan facility can be sanctioned for purchase of land/plot to be used for construction of house. The finance for purchase of land/plot shall form part of housing loan within the overall entitlement under the scheme and shall be restricted to the extent of maximum 36 times net monthly
    income/salary of the applicant borrowers or Rs.15.00 or 75% of the cost of plot of land whichever is less, provided the area of proposed land shall not be more than 5440 Sq ft or 1 Kanal. Loan amount shall be within the overall ceiling of housing loan limit of 72 times of net monthly income/salary.
    Note: Bank will not finance land purchase of more than 5440 sq ft or 1 kanals for housing purpose.
  • Loan for construction of house in case borrower is availing housing loan for purchase of land for housing purpose: Loan Limit in such cases shall be fixed after deducting BOS in existing loan as on date of sanction within overall limit of maxim um 72 times net monthly income/salary i.e. BOS in the existing loan account and fresh loan to be sanctioned shall not be more than 72 times net monthly income/salary as on date of sanction.

  Eligibility

Individuals having regular income, who belong to any of the following categories:

  • Salaried Individuals:
    Individuals working in Govt. Deptt (State/Central) as a confirmed employee.
    Individuals working in Public Sector Undertakings/Autonomous Bodies / Reputed Companies /Bodies with a minimum of 3 years of service.
  • Professionals/ Self Employed :
    Professional/Self employed doctors, engineers, dentists, architects, chartered accountants, cost accountants, company secretaries, management consultants, advocates etc, with a minimum 3 years standing in the current profession.
  • Businessmen/women (Individuals) :
    Reputed Businessmen/women having dealings with the bank & having a minimum standing of at least 3 years in the business.
  • Pensioners:
    State/Central Govt. Pensioners, except family pensioners, drawing their monthly pension from our bank whose spouse is alive and is eligible for family pension. In such cases guarantee of spouse eligible for family pension & mortgage of house/flat should be obtained invariably.
  • Others:
    In Case of repairs/renovation/alteration/additions to an ancestral property in the name of either father or mother, who is dependent on son, loan can be granted to son by taking him as co borrower and his income can be taken for computation of quantum of loan. However, in all such cases mortgage of house shall be mandatory and all the legal heirs of the father/mother should stand as guarantors to the amount of housing loan.
  • Joint borrowers/Joint Family Members having regular monthly income.
  • Non-Resident Indians are also eligible for financing under the scheme. Sanctioning authorities to satisfy themselves about the income earned by the Non-Resident and take necessary safeguards for extending finance and regular repayment of such loans.

  Rate of Interest (Subject to Change)

  Security

Purchase/Construction

Primary:

  • Equitable/ Registered Mortgage of house property/flat to be constructed/ purchased. (House property to include land underneath & appurtenant thereto in case of independent house only).
  • The title of the property must be clear, marketable and free from encumbrance.
  • Where mortgage of house /flat cannot be created immediately and / or possession of house / flat is not given in situations like house/flat or under construction house / flat or to be constructed house/ flat is being purchased/ from the Housing Board/ Co-operative Society / Development Authority/ Construction Company/ Builder and title/conveyance deed is executed in favour of purchaser only after completion of full or partial construction after purchaser making full payment of the cost of house/flat, a tripartite agreement shall be executed amongst the 1) Housing Board/ Development authority / Co-operative Society/ Construction Company/ Builder, 2) The Borrower and 3) The Bank wherein the Housing Board/ Development Authority / Co-operative Society/ Construction Company/ Builder undertakes that the title to house/ flat shall be transferred to the Borrower immediately on receipt of entire sale consideration and the Bank’s lien shall also be marked in their/ his records, thereafter to be followed by execution of mortgage deed in favour of the Bank once the project has been completed and Sale Deed (Deed of apartment/Conveyance Deed in case of Flats) has been executed. Charge to be registered in favour of the Bank with the concerned authorities. Besides tripartite agreement an affidavit cum undertaking from the Housing Board/ Development Authority / Co-operative Society/ Construction Company/ Builder to the effect that the construction shall be as per the sanctioned plan & building bye laws, to be obtained.

Collateral:

  • No collateral security/3rd party guarantee is required for Govt. Employees drawing their salaries through the bank and where their employer undertakes to deposit the monthly salary in the borrowers salary account.
  • 0.25% of the loan amount with minimum of Rs. 500 and maximum of Rs 10000, plus applicable service tax.
  • In case of takeover from other banks/FIs, no processing charges will be levied.
  • B/U to mention the loan processing charges on the sanctioned letter issued to borrower.

  Repayment
  • Principle along with interest shall be repaid in Equated Monthly Installments (EMIs) after moratorium which shall be refixed with every increase/decrease in interest rate during the tenor of loan in case of floating interest rate loan. However, EMI shall not become less than the amount fixed at the time of initial sanction due to decrease in interest rate.
    The repayment period and the EMIs calculated for repayment shall be decided on the merits of each case on a realistic basis after taking into account the repaying capacity of the borrower.
  • The loans for carrying out repairs or additions shall be repaid in Equated Monthly Installments (EMIs) within a maximum period of 10 years including moratorium period of 3 months.
  • Interest during moratorium has to be serviced by the borrower as and when charged in the account.

  Margin

For fresh construction/purchase.

Loan Amount     Minimum Margin Maximum LTV 
Upto Rs.20.00 lacs 15% 85%
Above Rs.20.00 lacs  20% 80%

For Supplementary/ repairs/renovation/additions/alterations:

  • For Loans Upto Rs.5.00 lacs : NIL
  • For Loans above Rs.5.00 lacs & Upto Rs.10.00 lacs : 10%.
  • For Loans Above Rs.10.00 lacs : 15%

  Processing charges
  • 0.25% of the loan amount with minimum of Rs. 500 and maximum
    of Rs 10000, plus applicable service tax.
  • In case of takeover from other banks/FIs, no processing charges
    will be levied.

  Top (Conditions Apply)
 
 

 
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