| PURPOSE |
- Purchase of new/old residential unit. [House/ flat/villa/apartment etc.]
- Construction of residential unit on exiting plot.
- Purchase of non-agricultural plot and construction of residential unit.
- Take-over of housing loan availed from another bank / FI
- Completion of under construction residential unit.
- Purchase of solar power panel along with purchase / construction of house.
- Repairs/ Renovation of the existing residential property.
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| ELIGIBILITY |
- The minimum entry age is 18 years and the maximum exit age is up to 70 years.
- Above 70 year family member having right on the property should join as Co-applicant.
- Individuals may apply singly or jointly with other eligible family members.
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| QUANTUM OF LOAN |
- Maximum Rs.30.00 lacs.
- Maximum for Repairs/Renovation is ₹.15.00 lakhs.
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| MARGIN |
- Margin 10 % & Loan To Value [LTV] Ratio 90%
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| MORATORIUM PERIOD |
- Moratorium period of up to 12 months.
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| REPAYMENT TENURE |
- Repayment period of up to 20 years in case of purchase/construction etc.
- Repayment period of 10 years in case of repair & renovation.
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| REPAYMENT METHOD |
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| RATE OF INTEREST |
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| PROCESSING CHARGES |
- Processing charges are 0.50% of the loan amount subject to a maximum of Rs. 10,000 plus GST
- Valuation/Legal/Stamp Duty/CERSAI/GAHAN charges as per actual.
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| SECURITY |
- Mortgage of Residential Property - GAHAN
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| OTHER TERMS & CONDITIONS |
- Property should be comprehensively insured for an amount not less than the value of the property (less cost of land), covering all risks with Bank clause.
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| Processing Guidelines. |
- Branch Manager should conduct: Residence verification, Office/ Business verification, Income verification based on the documentary proof submitted by the applicant.
- KYC documents, other documents submitted by customer should be self-attested by borrower & verified and attested by Branch manager.
- Due diligence report covering the above should be submitted along with the loan proposal.
- Genuineness of Salary certificate, IT return, Proof of income etc. should be cross checked by Branch manager.
- Credit score & history should be analyzed.
- Bank statement for the previous 6 months should be obtained & verified.
- Repaying capacity of the applicants should be assessed by the branch manager.
[Repayment capacity assessment:
Total deduction, including the proposed loan EMI, should not exceed 65 % of monthly income // Ensuring 35 % of income as sustenance parentage]
- Branch Manager’s opinion on valuators certificate should be specific with remark on Valuation amount quoted & marketability of the plot / house.
- Any adverse remark about the property or area of house construction should be highlighted.
- Pre-sanction visit, Stage wise visit, Post sanction inspection, End verification visit etc. should be conducted by Branch Manager & report on that should be held on record.
- In case of purchase of old house by the borrower, the age of the building should not be more than 25 years.
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