INDIAN BANK - PLOT LOAN

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.