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Housing Loans

HOUSING LOAN
Purpose  Construction / Purchase of House with ready possession or flats with 85% construction completed
Who can Avail this Loan Any account holder who is a Salaried employee / Businessman / Professional with repaying capacity
Loan Features

Maximum Limit : Rs.50 Lakhs

Repayment Period : Maximum 240 instalments

Margin : 15% (Minimum)

Eligibility : Agreement Value or Market value of the flat whichever is less  (Valuation is required incase the difference between Agreement. Value and Mkt.Value is greater than 20%)

Repayment Capacity : 1/4th take home salary after deduction of loan instalment (All Loans)

Primary Security : Residential Flat

Collateral Security : a. L.I.C

                              b. N.S.C

                              c. Kisan Vikas Patra

                              d. Fixed Deposit. Recurring Dep.
Rate of Interest

 

Women : 8.75%*

Others    : 9.00%*

*Rate applicable for Loans sanctioned after 12/09/2023

 
Documents required
  1. Duly filled Loan form
  2. Account Statement / Passbook for verification
  3. Share holder – Borrower and 2 nos Guarantors
  4. Three Photographs of Borrower & Guarantors
  5. Income proof for last three years if businessman / current 3 months payslips if salary earner, form no 16 of last year
  6. Ration card of borrower and Guarantors
  7. Aadhar card of borrower and Guarantors (point 6,7 bring originals for verification)
  8. Commencement certificate / Permission of construction from Govt.Authority.
  9. Search report / Title clearance certificate from Advocate
  10. 7/12 Extract
  11. Approved Plan
  12. Agreement for Sale / Sale Deed / Allotment Lett
  13. Chain of Documents of flat is purchased in resale
  14. Share Certificate, maintenance receipt
  15. Occupation Certificate
  16. Builder’s / Society’s/ Mhada’s/Cidco’s No Objection letter to mortgage the flat
  17. Advance payment receipts
  18. CIBIL Report
Charges

     1. Shares- 2.5% of Loan amount
     2. Guarantor’s shares Rs.2000/- each
     3. Service Charges 1% of loan amount Min 150/-
     4. Franking – 800/-
     5. Visit Charges – Rs.375/- to Rs 11800/-
     6. Scrutiny charges – Min – 475/- Max 11800/-
     7. Cibil Report – consumer – 295/- commercial - 2065/-
     8. Cersai charges – 295/-
     9. Mortgage draft typing charges Max Rs. 1000/-
Positive Points
  1. No Pre-payment charges
  2. Option of Fixed / floating rate of Interest
  3. Daily reducing balance
  4. Repayment in addition to fixed instalment can be made without any charges