Eligibility

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

• 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

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

3. 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

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