|
|
Scheme for Housing Loans
(for purchase of House / Flats / Plots)
i. |
Type of Facility |
- |
Term Loan |
ii. |
Purpose |
* |
Construction or purchase of new dwelling units, financing of old dwelling units (not more than 15 years old) provided it is in a good condition. |
|
|
* |
Repair/renovation/extension of existing house. |
|
|
* |
Repayment of loan availed from housing Finance companies/banks. |
|
|
* |
Purchase of plot to construct a house subject to condition that a house will be constructed there on within a period of 2 years from the date of purchase of plot. |
ii. |
Eligibility |
- |
Individual(s) and co-op. group housing societies. |
iv. |
Amount |
- |
Upto the maximum of Rs. 25.00 Lacs per beneficiary of a dwelling unit [subject to 36 times of monthly income of the applicant(s)] |
v. |
Margin |
- |
New House Flat |
: 15 % |
|
|
|
Renovation/Repairs/Extensions |
: 20 % |
|
|
|
Old house/flat |
: 25 % |
|
|
|
Purchase of plot |
: 30 % |
vi |
Interest |
|
Loan Amount |
Tenure of |
Loan |
|
(Upto 10 years) |
(Above 10 years) |
Upto
Rs. 20.00 Lacs |
3.50 % below the applicable rate of interest as per bank’s rules. |
2.50 % below the applicable rate of interest as per bank’s rules. |
Adove
Rs. 20.00 Lacs |
3.00 % below the applicable rate of interest as per bank’s rules. |
2.00 % below the applicable rate of interest as per bank’s rules. |
|
vii. |
Processing Charges |
- |
As per Bank’s rules. |
viii. |
Repayment |
- |
< 15 years (including moratorium period) |
ix. |
Security |
- |
Mortgage of house/flat constructed/ purchased out of loan, duly permitted by the Lessor in case of Lease hold properties |
|
|
|
OR |
|
|
|
Bank may also accept security of adequate value in the form of LIC policies, NSCs, etc. |
x. |
Surety/ies |
|
One or two sureties of good means as per bank’s discretion. |
Other Conditions :-
1. In case of finance of old house, a certificate from Bank’s approved architect/engineer certifying that the condition of the house/flat is good enough and the expected life of the house/flat is more than the repayment period stipulated for the loan, be obtained.
2. The repayment schedule should normally be around 30% of his income.
3. Estimates and valuation to be done by any registered valuer or architect or civil engineer at following 3 stages
a) Initial estimate at the time of sanction
b) Construction while in progress (once)
c) Final Valuation
4. Housing Loan for building construction :
Requirement
- A copy of the sanctioned plan by competent authority in the name of a person applying for such credit facility
- An affidavit-cum-undertaking must be from the person applying for such credit facility that he shall not violate the sanctioned plan, construction shall be strictly as per the sanctioned plan and it shall be the sole responsibility of the executant to obtain completion certificate within 3 months of completion of construction, failing which the bank shall have the power and the authority to recall the entire loan with interest, costs and other usual bank charges.
- An Architect appointed by the bank must also certify at various stages of construction of building that the construction of the building is strictly as per sanctioned plan and shall also certify at a particular point of time that the completion certificate of the building issued by the competent authority has been obtained.
5. Housing Loan for purchase of constructed property/built up property
Requirement :
- An affidavit-cum-undertaking of the Applicant/s that the built up property has been constructed as per the sanctioned plan and/or building bye-laws and as far as possible has a completion certificate also.
- An Architect appointed by the bank must also certify before disbursement of the loan that the built up property is strictly as per sanctioned plan and/or building bye-laws.
6. No loan should be given in respect of those properties which fall in the category of unauthorized colonies unless and until they have been regularized and development and other charges paid.
7. No loan to be given in respect of properties meant for residential use but which the applicant intends to use for commercial purposes and declares so while applying for loan.
|
|
| Services |
|
| Reach Us |
|
| Calculator |
|
| Help |
|
|
|
