Housing Loan
Eligibility:-
a) Applicant must be a regular member of our bank.
b) Loan shall be granted to individuals & joint .
c) Applicant must duly satisfy KYC Norms.
d) Applicant should not be a defaulter in any bank.
e) Minimum CIBIL Rating shall be above 700
Group A
i) CIBIL score above 700 of (Applicant & Co-applicant )
ii) Min. 3 years ITR (Filed on or before due date)
iii) Project approved by RERA If not registered with RERA, completion certificate from competent authority required.
iv) This scheme is also available for the construction of the residential house if all sanction from the appropriate authority is available. RoI @ 8.25 % p.a.
Group B
i) CIBIL score above 700 (Applicant & Co-applicant ) if the Score less than 700 Proper justification is required.
ii)As per bank policy Self-declaration of income up to Rs.10 lakh is allowed, however, Bank will verify the income source. ROI – @ 11.00% p.a. (AS PER GUNTHEWARI ACT APPLICABLE)
Purpose of the Scheme
For purchase / construction of residential property
Maximum Loan Amount
Up to Rs.200.00 lakh only
Margin
10% of purchase cost/ construction estimate. (Stamp duty & registration charges are not included)
Prime Security
Residential unit / house / Flat to be purchased/ construction
Guarantors
Two Guarantors are acceptable to the Bank.
Repayment Period & Terms
Max. 20 years (Including moratorium period). Moratorium Period should not be more than 18 months.
Nature of Charge on security/ies
Registered Mortgage/Equitable Mortgage with Notice of Intimation/ Equitable Mortgage duly registered.
Nature of Charge on security/ies
Registered Mortgage/Equitable Mortgage with Notice of Intimation/ Equitable Mortgage duly registered.
Disbursement
In the favor of Builder/Vendor,Existing flat owner etc.
Processing Fee [on loan amount]
As per bank policy For Group ” A” Process fee @ 1.50% For Group ” B” Process fee @ 1.50%
Insurance
Comprehensive Insurance cover on primary security.
Other Conditions
This Scheme will be governed as per our Credit Policy & applicant has to fulfill all norms narrated under this Scheme. * NACH Mandate is compulsory, if applicant borrower is having operative account with other bank. * 40% Minimum take off in hand.