Housing Loan

PURPOSE	Housing loan
CONSTRUCTION	Single House ,Flat and commercial building
PURCHASE	House, flat, Site, New Commercial building new
REPAYMENT	In the case of purchase of ready built house/flat : The repayment shall commence within One Year from the date of first disbursement. In construction of House in the existing Site : The repayment shall commence within 24 months from the date of first disbursement.
ELIGIBLITY	The intending parties must possess / proposed to purchase the minimum extent of land fixed by the Bank from time to time. Individuals engaged in business / professionals and self-employed persons. Such applicants should have been in the business/profession for a minimum period of 3 years.
QUANTUM	Individual- Maximum Rs. 40,00,000/- Trust/ Firm/ Associations : As decided by the board.
MARGIN	Loans will be granted up to 70% of the valuation of property including the cost of investments to be made in the land.
PERIOD	Purchase – 11 Years Construction – 12 years (1 year Moratorium Period)
RATE OF INTEREST	(click here for inetrest rate)
DOCUMENTS AND FORMALITIES TO BE SUBMITTED	Stipulated Loan Application with 2 passport size photos of applicant / guarantor Sale Deed and Mother Deed. G tree Building License, Building Plan approval Agreement for Sale Copy of the approved plan for the proposed construction / extension / addition Detailed cost estimate / valuation report from Bank's Panel Chartered Engineer / Architect Allotment letter of Co-operative Housing Society / Apartment Owners' Association / Housing Board / NOC from the Society / Association / Builders / Housing Board Legal Scrutiny Report, EC for the past 13 years, Property Tax paid receipt, Khata and permission for mortgage, wherever necessary Salary Certificate IT Returns filed for the past three assessment years (in case of non-salaried persons) A brief note on the nature of business, year of establishment, type of organization, etc., (in case of self-employed) Conversion Orders- Layout Plan
SECURITY	Mortgage of House / Flat