| Purpose |
These loans are granted to
- Purchase of a ready built house / flat.
- Construction of house / flat.
- Purchase of site and construction of house thereon
- For undertaking repairs, renovation, expansion, upgradation and creation of additional amenities with a monetary ceiling, in case of repairs & renovations only.
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| Eligibility |
- Salaried individuals confirmed in the service with a minimum service of 2 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
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| Security |
Mortgage of House / Flat
There shall be atleast one co-obligant / 2 surety owing immovable property / salaried persons / or such other persons as decided by the Bank from time to time |
| Quantum |
The 25 % margin is stipulated on the total project cost.
Maximum Loan up to 40.00 Lakh |
| Period |
In convenient equated monthly instalments upto 10 years. |
| Interest Rate |
As fixed by Bank from time to time |
| Repayments |
Repayment Holiday:
- In the case of purchase of ready built house/flat : The repayment shall commence within 2 Months from the date of first disbursement .
- In the case of Construction of House The repayment shall commence within 2 months after completion of House OR 12 months from the date of first disbursement whichever is earlier’.
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| Documents Required |
- 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 Banks 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 , Latest 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)
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| Other Conditions |
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