| Eligibility | Minimum entry age is 18 years and maximum exit age is 60 years |
| Amount of Loan | * 36 times of Gross Monthly Income or 60 times of Net Monthly Income whichever is higher.
* Spouse Income can be included for calculating eligible amount if he / she has steady income.
* 60% of future rental income, if any from the house property to be purchased /constructed shall also be included (quantum of rent receivable to be certified by our panel engineer). (Take home Income should be more than 40% of gross monthly income after deduction of
EMI for the proposed loan, apart from other deductions.) |
| Margin | * For Loans upto Rs. 20 lakhs : 10%
* For Loans above Rs. 20 lakhs : 20%
|
| Processing fee | Processing charges and administrative charges are waived upto 31.03.2013 |
| Interest Rates | Please refer the Lending Rates link on home page in our Bank’s Website
Variable rate/Fixed rate options are available
• Fixed rates are subject to reset once in 5 years
• After the account has run for 3 years, from the date of sanction, one time option can be exercised for converting fixed rate into variable rate. For the said Switch over, a one time fee of 1% on the outstanding balance in the loan account will be charged as service charges.
• If conversion of fixed rate to variable rate is sought after 5 years, from the date of sanction, the one time fee of 1% shall not be applicable.
• Conversion from floating to fixed rate is not permitted. |
| Repayment | * Loans for purchase / construction of House / Flat: 20 years (including holiday period)
* Maximum Holiday Period of 18 months allowed for Home Loans for the purpose of construction of House / Flat |
| Prepayment charges | NIL |
| Security | * Equitable Mortgage of Property purchased / constructed out of loan proceeds
*{Equitable Mortgage to be registered (at Applicant’s cost) if there is a provision for the same
in the State where property is located } |
| Documents to be submitted for processing the application | 1. Completed Application Form with 3 passport size photograph.
2. Assets and liabilities statement in the Bank’s format from applicant(s), Co-applicant(s) and guarantor(s)
3. Proof of Identity such as PAN Card / Voter’s ID/Passport/Driving License.
4. Proof of residence such as Recent Telephone Bill / Electricity Bill / Property Tax Receipt / Passport / Voter’s ID
5. Proof of business address in respect of businessmen / industrialists. Proof of Employment.
6. Salary Certificate generally for the last 6 months.
7. Statement of Bank account of the applicant(s) for a reasonable period, say 6 months for verifying salary credit/other income/nature of transaction etc
8. Proof of other income like rent, interest on investment, if any.
9. Balance Sheet for the past three financial years in the case of Professionals, Businessmen & Self employed.
10. A brief note on the nature of business/service, year of establishment, constitution, securities charged in respect of other loans availed from our Bank/other Branches/Banks/Finance companies / Other sources.
11. Form16/Income Tax / Wealth Tax (if applicable) Returns for the past 3 years
12. Agreement of Sale / Sale Deed.
13. Approved Building Plan.
14. Title Deed Documents for 13 years/30 years as the case may be.
15. Proof of title in the Revenue Records.
16. Property Tax receipts wherever applicable (Up-to-date EC, Legal Opinion from Advocate and Valuation of property from Engineer will be arranged by Bank at applicant’s cost)
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| Value added | Group Insurance cover:
* At the option of the applicant, Group Insurance Life Cover is arranged at concessional premium (to be borne by the Applicant).
* The Premium amount will be financed as a separate loan instead of financing as a part of the loan. |
| Salient Features | Home Loans can be considered
a) to purchase / construct a new house / flat
b) to purchase house site and construction of house thereon
c) to purchase an existing house / flat
d) to extend an existing house/ additional construction
e) to repair / renovate an existing house / flat
f) to take over Home Loans from other Banks / Housing Finance Institutions approved by National Housing Bank for Housing Finance/ Co-operative Societies.
g) For reimbursement of cost incurred for purchase/construction of house/flat
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| Insurance | Property (offered as security) to be insured at borrower`s cost with Bank clause against fire, flood, earthquake, riot and other risks, which are normally covered by insurance companies. |
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