Home Loan
Salient Features:
For purchase or to construct a house / flat / renovate / repair or alter an existing house / flat.
Eligibility:
* Maximum permissible age at the time of applying is 50 years & at the end of repayment period is 60 years.
* Salaried Class with minimum service of three years.
* Businessmen, Professionals and Self-employed with minimum experience of three years.
* Pensioners with repayment capacity.
Quantum 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.
* (Take home Income should be more than 40% of gross income after deduction of EMI for the proposed loan, apart from other deductions.)
Margin:
Loan for construction / purchase of a new house / flat:
* For Loans upto Rs. 20 lakhs : 20% & for loans above Rs. 20 lakhs : 25%
* Loan for purchase of old house / flat: 30% (for all loan amounts)
Repayment Period:
* Loans for purchase / construction of House / Flat : 20 years (including holiday period) for floating rate loans and 10 years (including holiday period) for fixed rate loans.
* Maximum Holiday Period of 18 months allowed for Home Loans for the purpose of construction of House / Flat.
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 }
Processing fee:
* 0.25 % on Loan amount (Non refundable) (to be remitted at the time of submission of application)
* 0.32 % on Loan amount (at the time of acceptance of sanction)
Prepayment charges:
* No pre-closure charges, if loan is closed out of own funds.
* 2% on Balance outstanding or applicable Drawing Limit whichever is higher, if loan is closed by way of take over by another Bank / Financial Institution.
Documents to be submitted for processing the application:
1. Completed Application Form with passport size photograph.
2. Proof of Identity such as PAN Card / Voter’s ID/Passport/Driving License.
3. Proof of residence such as Recent Telephone Bill / Electricity Bill / Property Tax Receipt / Passport / Voter’s ID
4. Proof of business address in respect of businessmen / industrialists.
5. Proof of Employment.
6. Salary Certificate.
7. Proof of other income like rent, interest on investment, if any.
8. Balance Sheet for the past three financial years in the case of Professionals, Businessmen & Self employed.
9. Income Tax / Wealth Tax (if applicable) Returns for the past 3 years
10. Agreement of Sale / Sale Deed.
11. Approved Building Plan.
12. Title Deed Documents for 30 years.
13. Proof of title in the Revenue Records.(Legal Opinion from Advocate & Valuation of property from Engineer will be arranged by Bank at applicant’s cost)
Value added:
Group Insurance cover (IB Griha Jeevan):
* At the option of the applicant, Group Insurance Life Cover is arranged (at present through L I C) at concessional premium (to be borne by the Applicant).
* The Applicant may opt for including the premium amount as part of Home Loan Project Cost.
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.
Interest Rates:
Please see the Interest Rate link on home page.
This information is read from the bank's web site and posted for the use of consumers.
