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Housing loan
PURPOSE
|
Loans to fulfill your dream.... |
| Planning to own a home is one of life's most rewarding challenges. Plan building a home / buying a flat. Leave the financing to us. We have the right housing finance scheme for you.. |
- Purchase of a ready built house / flat.
- Construction of house / flat.
- Purchase of site and construction of house thereon. However, loan for purchase of only site shall not be considered under Housing Loans. In case of composite Housing loans, utilisation of loan amount for purchase of plot is restricted to 60% of elaigible / sanctioned loan amount.
- For undertaking repairs, renovation, expansion, upgradation and creation of additional amenities with a monetary ceiling of Rs. 15.00 Lacs in case of repairs & renovations only.
- For acquiring second house/flat where the borrower is already having a House/flat with or without loan.
- For taking over of the HL liability from :
. All Public Sector Banks/Private Sector Banks
. NBFCs/HFCs ( rated externally as A & above ) only in the case of Salaried class of borrowers with proper due diligence and after ensuring that the assessment by the NBFCs is acceptable and conforms to Bank’s policy guidelines.
ELIGIBILITY
- Salaried individuals confirmed in the service with a minimum service of 3 years.
- Individuals engaged in business / professionals and self-employed persons. Such applicants should have been in the business/profession for a minimum period of 3 years.
- The entry age of the borrower/s shall be less than 60 years at the time of availing the loan and the ostensible liability in the normal course should get cleared before the borrower/s attain the age of 70 years.
- Persons above the age of 60 years are also eligible subject to certain stipulations.
HOW MUCH YOU ARE ENTITLED TO
We finance upto:
- 6 times gross annual Salary as per ITR/ITAO of the concluded financial year in the case of Salaried Class.
- 6 times of average gross annual income of all the six years in the case of individuals engaged in business or self-employed persons subject to production of documentary evidence regarding the gross annual income.
- Selectively loan upto 8 years' gross salary/ income also permitted
- Rs.15.00 lacs for repairs / renovations.
WHAT IS YOUR CONTRIBUTION?
|
Amount of Housing Loan |
In case of New House/ Flat & Old House/ Flat (Up to 10 Years Old) |
In case of Old House/ Flat (> 10 Years old) |
|
Up to Rs. 30.00 Lakhs |
10% |
25% |
|
Above Rs. 30.00 lakhs & Up to Rs. 75.00 Lakhs |
20% |
|
|
Above Rs. 75.00 Lakhs |
25% |
The margin is stipulated on the total project cost.
In case of Housing Loans where Project Cost is upto Rs.10.00 Lakh, stamp duty, Registration Charges and other Documentation charges can be included in the Project Cost for the purpose of stipulating Margin as well as for LTV Ratio.
RATE OF INTEREST
SECURITY
- Mortgage of House / Flat
REPAYMENT
In convenient equated monthly instalments upto 30 years or borrower attaining age of 75 years whichever is earlier (subject to conditions).
Repayment Holiday:
- In the case of purchase of ready built house/flat : The repayment shall commence within TWO MONTHS from the date of first disbursement.
- In the case of purchase of Site & Construction of House thereof and OR only construction of House in the existing Site : ‘The repayment shall commence within 2 months after completion of House OR 24 months from the date of first disbursement whichever is earlier’.
- In the case of purchase of flat under construction : ‘The repayment shall start within 2 MONTHS of completion of construction OR 36 Months from the date of first disbursement, whichever is earlier.
PROCESSING CHARGES
- Nominal processing fee of 0.50% (Min Rs.1500/- and Max. Rs.10,000/-) is charged.
PREPAYMENT
- At your choice. In case of take over of liability by other banks / HFIs, no prepayment penalties in respect of Housing Loans carrying floating rate of interest.
DOCUMENTS / FORMALITIES
- Stipulated Loan Application with 2 passport size photos of applicant / guarantor
- Sale Deed
- Agreement for Sale
- Copy of the approved plan for the proposed construction / extension / addition
- Detailed cost estimate / valuation report from Bank's Panel Chartered Engineer / Architect
- Allotment letter of Co-operative Housing Society / Apartment Owners' Association / Housing Board / NOC from the Society / Association / Builders / Housing Board
- Legal Scrutiny Report, EC for the past 13 years, Property Tax paid receipt, Khata and permission for mortgage, wherever necessary
- Salary Certificate and Form No.16 (in case of salaried persons)
- IT Returns filed for the past three assessment years (in case of non-salaried persons)
- A brief note on the nature of business, year of establishment, type of organization, etc., (in case of self-employed)
- Balance Sheet and P&L Account for the past three years (in case of self-employed)
For more details, please visit our nearest branch or call to toll free No. 1800 425 0018.