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National Toll Free No1800 425 00 000

IB Home Loan

IB Home Loan

Eligibility

Who can apply:

Resident individuals having steady source of income –  Salaried Class, Businessman, Professional & Self-employed people, Hindu Undivided Family (HUF) and Pensioners

Age Criteria

Minimum entry age is 18 years and maximum exit age is 70 years

Purpose

Home Loans can be considered

  • to purchase / construct a new house / flat
  • to purchase house site and construct house thereon
  • to purchase an existing house / flat
  • to extend an existing house/ additional construction
  • to repair / renovate an existing house / flat
  • to take over Home Loans from other Banks / Housing Finance Institutions approved by National Housing Bank for Housing Finance#
  • For reimbursement of cost incurred within a period of 6 months for purchase/construction of house/flat met from own resources during the preceding six months#

# Conditions Apply

Quantum of Loan

60 times of Gross Monthly Income subject to availability of  40% Net Take Home pay on Gross Monthly Income.

If the Net Take Home Pay after deduction of EMI for the proposed loan, apart from other deductions is more than

  1. Rs.20000/- for loans upto Rs.10 lakhs
  2. Rs.25000/- for loans above Rs.10 lakhs  for Salaried Class and Pensioners and
  1. Rs.50000/- for Business Class borrowers

minimum Net Take Home Pay of 40% on Gross Monthly Income will not be insisted

For Repairs and Renovation: Rs. 300 lakhs (Max)

Margin

For Loans

  • upto Rs.30 lakhs : 10%
  • above Rs.30 lakhs upto Rs.75 lakhs : 20%
  • above Rs.75 lakhs: 25%
  • For Repairs and Renovation: 30%

Processing fee

  • 0.230% on loan amount with a max. of Rs.20470/-

Interest Rates

  • Please refer to the Lending Rates link on home page of our Bank`s Website

Repayment

  • Loans for purchase / construction of House / Flat: 30 years (including holiday period)
  • Maximum Holiday Period of 18 months allowed for Home Loans for the purpose of construction of House / Flat
  • Maximum repayment period for Repairs and Renovation: 120 months

Prepayment charges

  • NIL

Security

Equitable Mortgage of Property purchased / constructed 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 }CERSAI Registration (at applicant’s cost) to be done

Documents to be submitted for processing the application

  • Completed Application Form with 3 passport size photograph.
  • Assets and liabilities statement in the Bank’s format from applicant(s), Co-applicant(s) and guarantor(s)
  • Proof of Identity such as PAN Card / Voter’s ID/Passport/Driving License.
  • Proof of residence such as Recent Telephone Bill / Electricity Bill / Property Tax Receipt / Passport / Voter`s ID
  • Proof of business address in respect of businessmen / industrialists.
  • Proof of Employment for salaried class.
  • Salary slips generally for the last 6 months.
  • Statement of Bank account of the applicant(s) for a reasonable period, say 6 months/12 months for verifying salary credit/other income/nature of transaction etc
  • Proof of other income like rent, interest on investment, if any.
  • ITR and Balance Sheet for the past three financial years in the case of Professionals, Businessmen and Self employed.
  • Form16/Income Tax / Wealth Tax (if applicable) Returns for the past 3 years
  • Agreement of Sale / Sale Deed.
  • Approved Building Plan.
  •  Title Deed Documents for 13 years/30 years as the case may be.
  • Proof of title in the Revenue Records.
  • Property Tax receipts wherever applicable (Up-to-date EC, Legal Opinion from Advocate & Valuation of property from Engineer will be arranged by Bank at applicant`s cost)
  • Two independent valuations are required for Home loans exceeding Rs.1.00 Crore

Value addition

Group Insurance cover:

  •  At the option of the applicant, Group Insurance Life Cover is arranged at concessional premium (to be borne by the Applicant).
  • The Premium amount will be financed as a separate loan instead of financing as a part of the loan.

Insurance

  • Property (offered as security) to be insured at borrower`s cost with Bank clause against fire, flood, earthquake, riot and other risks, which are normally covered by insurance companies

( Last modified on Apr 08, 2019 at 02:04:44 PM )