Housing Loan

Purpose of Loan       Purchase/Construction of Residential Building / Flat for his own use.
Eligibility of borrower ·         Regular Income-Tax Return  for the last 3 year

·         Minimum 6 month gap between two Income-Tax Return

·         Borrower age limit between 21 Year To 60 Year
Quantum of finance ·         Minimum Loan Amount : Rs. 1 Lacs

·         Maximum Loan Amount : Rs. 70 Lacs

·         Up to 75% of value mentioned in Registered Property Document.
Share Linkage Borrower must Purchase Bank’s share @ 2.5% of the Loan Amount.
Repayment period Maximum 240 months (Including Moratorium Period)
Rate of Interest 8.50%  p.a. (Loan amount Up to Rs. 10.00 Lacs)

08.75%  p.a. (Loan Amount above Rs. 10.00 Lacs To Rs. 20.00 Lacs)

9.25%  p.a. (Loan Amount above Rs. 20.00 Lacs )
Security Prime: Equitable mortgage of Property purchased /constructed out of the Bank finance. Must have Building use Permission / Completion certificate.

Collateral:
Personal guarantee of two financially sound guarantors having good Credit Worthiness.
Documentation 1.       D.P. Note

2.       Letter of Instalment

3.       Acceptance Letter of Loan Amount

4.       Letter of consent

5.       Letter of Lien and set off

6.       Letter of Guarantee

7.       Equitable mortgage of Property

8.       Affidavit Cum Undertaking ( as per prescribed format )

9.       Letter of sanction duly acknowledged by the borrower and guarantors.