Housing Loan

1.         Amount of Loan:   Upto Rs.15.00 lakhs for construction of house against the approved plan of mortgaged property

2.        Original title deeds of the property with encumbrance certificate and agreement for sale.

3.         Permission for construction with approved plan issued by the competent authority.

4.         Estimate of construction cost and valuation report in case of purchase of ready built up house/flat.

5.        He should be a major but not more than 55 years of age.

6.         Proof of address of the borrower and sureties.

7.         Atleast one to the sureties should be a Govt. employee. In case of female borrower one of the surety should be male member of her family.

8       One passport size photograph.

9.        Income: i)Minimum income should be Rs.2.00 lakh p.a.

                      ii) For salaried persons maximum of 60 month’s gross salary (including salary of spouse) for others maximum of five times average annual income based on income tax assessment orders/income tax returns for the past three years

10.         a) For salaried person -

            i) Latest salary certificate of the borrower and sureties

            ii) Undertaking from the employer of the borrower and sureties to the  effect that he would deduct from the salary and remit to the bank amounts as demanded by the Bank in case of default.

            iii) applicant should have completed five years of service and the remaining period of service left should not be less than 5 years.

            b) For self employed -

            i) Latest Income Tax return of last three years of the  borrower/sureties

            ii) Affidavit , in case not filing the income tax returns.

11.        Post dated cheques for all installments (EMI) at the time of disbursement of the loan.

12.        Share money i.e. 2.50 % of loan amount which is refundable

13.        Processing fee i.e. 0.50 % of the loan amount non-refundable at the time of advancing of the loan.

14.        Loan will be repayable in 120 equated monthly installments.  For salaried class the repayment period will not extend beyond the superannuation and for other beyond 65 years of age

15.       Any other documents deemed necessary on a case by case basis.

                                                                         
Last modified: 02/02/09