CORP SITE ( CCPL)
LOAN FOR APPLICATION MONEY
1.Eligibility
Salaried Individuals confirmed in service. Non salaried class engaged in business, professional and self employed persons who are IT assesses and having minimum of 2 year’s satisfactory dealings with the bank.
The applicant should be eligible to apply to the local development authority as per their rules for site/plot.
The applicant should undertake to construct the house in the allotted site/plot with in a maximum period of five years.
Applicant should be preferably the Bank’s customer. New customer should be well introduced to the bank with proper due diligence exercise.
2.Purpose
To finance the application money(initial deposit) payable to local development authority for allotment of residential site/plot.
3.Amount
Maximum loan amount is Rs.1 lakh or initial deposit payable whichever is less , but should not exceed 12 times of monthly take home pay in case of salaried persons.
100% of gross annual income as declared in the income certificate produced to development authority in case of other than salaried persons.
4. Margin
For existing customers with 2 years satisfactory track record, and those who are drawing salary through the bank : Margin is NIL.
For others : 15% of the application money.
5. Rate of Interest wef 11.08.2008
Towards Application Money: 14.25%
In case of refund of application money: 14.25% for the entire period
Land Allotted by HB/UDA 14.25%
In case of Premature closure or normal closure of A/c. without availing Housing Loan from our Bank for construction: 14.25% for the entire period of loan
6. Disbursement
Directly by DD to Development authority along with application form.
DD should not be handed over to the borrower.
7. Security
An undertaking from the borrower to deposit the allotment letter issued by Development authority with the bank.
8. Guarantee
Third party guarantee to be obtained. However sanctioning authority may waive the same based on merits of the case.
9. Repayment
Within 12 months or 15 days from the date of refund whichever is earlier.
EMI should not exceed 50% of take home (including proposed loan).
10. Service charges
Minimum Rs.500/- irrespective of loan amount.
11. Delegated lending power
Only identified branches can sanction the loan of Rs.1 lakh or application money whichever is less.
Note Branches will be identified by Zonal Office after ensuring that the nodal branch has entered into prior arrangement with the development authority/ housing board to pay the refund,/ send allotment letter./ title deeds directly to the branch.
CORP SITE ( CCPL)
LOAN FOR PURCHASE OF ALLOTTED SITE/ PLOT
1. Eligibility
Salaried Individuals confirmed in service. Non salaried class engaged in business, professional and self employed persons who are IT assessees and having minimum of 2 year’s satisfactory dealings with the bank.
NRI is also eligible.
The applicant should be eligible to apply to the local development authority as pe their rules for site/plot.
The applicant should undertake to construct the house in the allotted site/plot with in a maximum period of five years.
Applicant should be preferably the Bank’s customer. New customer should be well introduced to the bank with proper due diligence exercise .
2. Purpose
To finance the purchase of land allotted by the local development authority / housing board as residential site/plot.
3. Amount
Maximum loan amount shall be 75% of the total amount payable plus registration charges or Rs.8 lakhs whichever is lower.
4. Margin
25% of the total cost of site/plot.
5. Rate of Interest
13.25 % w.e.from: 01.06.2007. ( in case of premature closure or closure of the loan at the end of the 5th year without availing housing loan for construction of the house interest will be charged at 13.25% (COBAR) from date of first disbursement to the date of closure.
6. Disbursement
Directly by DD to Development authority.
DD should not be handed over to the borrower.
7. Security
An undertaking from the borrower to deposit the allotment letter issued by Development authority with the bank. EMG of site/plot allotted/purchased from the development authority.
8. Guarantee
Third party guarantee is not mandatory.
9. Repayment
Within 60 months in EMI.
EMI should not exceed 50% of take home (including proposed loan).
10. Service charges
0.50% of loan amount subject to Minimum Rs.1000/-
11. Delegated lending power
Branch head of identified Urban/Metro branches can sanction maximum loan of Rs.8 lakh.
Note
Branches will be identified by Zonal Office after ensuring that the nodal branch has entered into prior arrangement with the development authority/ housing board to pay the refund,/ send allotment letter./ title deeds directly to the branch.
