Salient Features:
For purchase of House Site on ownership basis; House site should be located in layout approved by Government authority approved by Government Authority.
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:
* 30 times of Gross Monthly Income; Maximum Loan amount : Rs. 10 lakhs.
* 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: 33% on Land cost.
Processing fee: 1.15 % on Loan amount.
Interest Rates: Please see the Interest Rate link on home page.
Repayment Period: Not exceeding 120 EMIs (No Holiday Period)
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.
Security:
* Equitable Mortgage of Property purchased 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 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.
11. Lay out approval.
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 Plot Loan.
This information is gathered from the bank's web site.
Tuesday, November 24, 2009
Monday, November 16, 2009
INDIAN BANK-RENTENCASH
Target Group:
Residential / Commercial building owners (individuals/ joint owners/ trusts/ societies/ corporates/ firms or any other entity*) who have / who propose to let their buildings to top notch Corporates / Public Sector Undertakings / State / Central Government Offices.
Purpose:
Any purpose including repairs, renovation of buildings, marriage, education, household festivals, medical, or any bankable purpose.
Quantum of Loan:
Maximum of 84 months' rent or rental value for the unexpired period (advance received from the tenant to be deducted to arrive at the loan amount) subject to a maximum of 60 % of the market value of property.
Maximum Loan:
Rs.100 lakhs
Repayment:
* Maximum of 84 months in EMI
* No holiday period.
* Repayment to commence from the month immediately following the month of loan availment.
Rate of Interest w.e.f 01.07.2009:
13.50% floating
Margin:
40% on net rent receivables.
Service charges:
1.15% on loan amount.
Security:
# Future Rent receivable during the loan period
# EM of free hold Property which is leased for monthly rentals.- EM by the owner only – EM by P.A. holder not permitted except where owners are impersonal entities.
# In places like Mumbai a negative lien in favour of the bank with necessary advice to the concerned society, as per the prevalent practice/procedure, where negative lien is applicable.
# Leasehold property on perpetual lease.
# Leasehold properties where the lessor is Govt./reputed body
Overdue Instalments :
If any installment becomes overdue a penalty of 2% p.a. on the overdue amount will be levied. If three EMIs are overdue the entire loan balance shall be recalled.
Important guidelines and other terms and conditions:
1. Property should be free-hold. Agricultural properties not considered for this purpose.
2. Properties in socially vulnerable pockets / properties which are difficult to access in case of need to liquidate etc., not acceptable.
3. The borrower should agree to honour the monthly repayment commitments, in case, for any reason, rent is not being paid/remitted by tenant to the bank.
4. Tenancy act provisions will be taken into account. In case of properties under rent control the loan assessment will be based on the rent control value only
5. Up to date tax dues on account of Municipal / Local authorities taxes, water taxes, sewerage, developmental tax etc., should have been paid by the property owner and relative receipts to be submitted along with the documents. No dispute shall persist on account of governmental dues. Till the pendency of loan, the periodical taxes on account of Municipalities, Corporations, etc., should be paid and the relevant receipts should be submitted by the borrower on time.
6. During the pendency of loan, if the borrower wants to sell the property, the loan should be adjusted out of the sale proceeds and release of documents shall be made only after adjustment of loan.
7. Tripartite agreements between the tenant/property owner and the Bank to be entered into or Power of Attorney from the property owner to collect the rent directly from the tenants.
8. Acceptance from the tenants to directly pay the rent to the Bank.
*Trusts, Societies, Corporates, etc., should have proper authority to borrow / charge the assets as authorized by their bye-laws / trust deeds etc.,
Property must be located in Urban / Metropolitan areas.
Residential / Commercial building owners (individuals/ joint owners/ trusts/ societies/ corporates/ firms or any other entity*) who have / who propose to let their buildings to top notch Corporates / Public Sector Undertakings / State / Central Government Offices.
Purpose:
Any purpose including repairs, renovation of buildings, marriage, education, household festivals, medical, or any bankable purpose.
Quantum of Loan:
Maximum of 84 months' rent or rental value for the unexpired period (advance received from the tenant to be deducted to arrive at the loan amount) subject to a maximum of 60 % of the market value of property.
Maximum Loan:
Rs.100 lakhs
Repayment:
* Maximum of 84 months in EMI
* No holiday period.
* Repayment to commence from the month immediately following the month of loan availment.
Rate of Interest w.e.f 01.07.2009:
13.50% floating
Margin:
40% on net rent receivables.
Service charges:
1.15% on loan amount.
Security:
# Future Rent receivable during the loan period
# EM of free hold Property which is leased for monthly rentals.- EM by the owner only – EM by P.A. holder not permitted except where owners are impersonal entities.
# In places like Mumbai a negative lien in favour of the bank with necessary advice to the concerned society, as per the prevalent practice/procedure, where negative lien is applicable.
# Leasehold property on perpetual lease.
# Leasehold properties where the lessor is Govt./reputed body
Overdue Instalments :
If any installment becomes overdue a penalty of 2% p.a. on the overdue amount will be levied. If three EMIs are overdue the entire loan balance shall be recalled.
Important guidelines and other terms and conditions:
1. Property should be free-hold. Agricultural properties not considered for this purpose.
2. Properties in socially vulnerable pockets / properties which are difficult to access in case of need to liquidate etc., not acceptable.
3. The borrower should agree to honour the monthly repayment commitments, in case, for any reason, rent is not being paid/remitted by tenant to the bank.
4. Tenancy act provisions will be taken into account. In case of properties under rent control the loan assessment will be based on the rent control value only
5. Up to date tax dues on account of Municipal / Local authorities taxes, water taxes, sewerage, developmental tax etc., should have been paid by the property owner and relative receipts to be submitted along with the documents. No dispute shall persist on account of governmental dues. Till the pendency of loan, the periodical taxes on account of Municipalities, Corporations, etc., should be paid and the relevant receipts should be submitted by the borrower on time.
6. During the pendency of loan, if the borrower wants to sell the property, the loan should be adjusted out of the sale proceeds and release of documents shall be made only after adjustment of loan.
7. Tripartite agreements between the tenant/property owner and the Bank to be entered into or Power of Attorney from the property owner to collect the rent directly from the tenants.
8. Acceptance from the tenants to directly pay the rent to the Bank.
*Trusts, Societies, Corporates, etc., should have proper authority to borrow / charge the assets as authorized by their bye-laws / trust deeds etc.,
Property must be located in Urban / Metropolitan areas.
Friday, November 6, 2009
Indian Bank-NRI Home Loan
Salient Features:
For purchase or construction of a house / flat / repair / renovate 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.
* NRIs gainfully employed with a residual contract period / service of atleast 3 years.
* NRI professionals with regular monthly income.
Quantum of Loan:
* 36 times of Gross Monthly Income or 60 times of Net Monthly Income whichever is higher.
* 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)
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).
Interest Rates:
Please see the Interest Rate link on home page.
Repayment Period:
* Loans for purchase / construction of House / Flat : 15 years (including holiday period) for floating rate loans.
* (NRI Home Loans are offered on Floating Rates only.)
* Maximum Holiday Period of 18 months allowed for Home Loans for the purpose of construction of House / Flat.
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.
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 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.
Information courtesy: Indian Bank web site.
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