Purpose
⇒ Construction of own house
⇒ Purchase of ready built house
⇒ Purchase a new flat
⇒ Takeover of housing loans from other Banks/Institutions
Eligibility
⇒ Salaried Employees confirmed in service /Businessmen/Professionals/ Agriculturist
⇒ Age of the person should not be more than 55 years.
Repayment Period
⇒ Maximum 20 years
⇒ Moratorium period available
Processing fees - 1% service charges on Loan A/c +18% GST
Share holding - 2.5% of loan amount
Quantum of Finance (in housing loan)
⇒ Minimum of land for house construction 3cents
⇒ 75% of registered value of the property constructed house /Flat (stamp paper charges)
⇒ Incase of new house construction as per plan loan amount is calculated
⇒ 75% of estimated value of construction approved by the TMC/Panchayath
Interest Calcualtion Method
⇒ Reduced Balance method
⇒ Fixed rate of Interest
Documentation
⇒ All Assigned documents related to property (E.khatha / 9& 11 of the property )
⇒ Plan & estimation Valuation of property .
⇒ Duly filled prescribed application form
⇒ Photo Identity & Residence proof of the Applicant & Guarantor
⇒ Income proof a)Salaried person : salary slips for last 3 months, ITR/Form 16 for last 3 years or b) Businessman/Professional/self employed: last three years profit & loss account and balance sheet, & ITR and Bank statement for last 3 months.
⇒ Legal Documents for creating mortgage as per requirement
⇒ *Cibil report above 700 points
