Housing Loan
Purpose
- Construction of own house
- Purchase of ready built house
- Purchase a new flat
- Takeover of housing loans from other Banks/Institutions
Eligibility
- Salaried Employees confirmed in service /Businessmen/Professionals/ Agriculturist
- Age of the person should not be more than 55 years.
Repayment Period
- Maximum 20 years
- Moratorium period available
Rate of Interest
- 14.50%
Processing fees
- 1.30%
Share holding
- 2.50% of loan amount
Quantum of Finance
- 75% (loans upto Rs. 25 lakh) or 75% ( loans above Rs. 25 lakh) of Cost of flat +Stamp Duty +Registration OR Cost of land & construction thereon OR
- Salaried : Maximum 5 year gross salary. However Borrower shall have 40% net take home salary (after meeting this loan's installment)
- Businessman : Maximum 5 years Gross annual income. But in such cases, net annual income should be adequate to cover the loan installment in a year.
- 1 or 2 stated above whichever is lower
Interest Calcualtion Method
- Reduced Balance method
Loan for construction of house
- The Cost of land should not exceed 65% of total cost of project.
- Construction should be completed within 24 months
Documentation
- Duly filled prescribed application form
- Photo Identity & Residence proof of the Applicant & Guarantor
- Income proof a)Salaried person : salary slips for last 3 months, ITR/Form 16 for last 3 years or b) Businessman/Professional/self employed: last three years profit & loss account and balance sheet, & ITR and Bank statement for last 3 months.
- Legal Documents for creating mortgage as per requirement