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IB Home Loan

IB Home Loan

ELIGIBILITY Who can apply:

  • Resident individuals having steady source of income –Salaried Class, Businessman, Professional & Self-employed people, and Pensioners having adequate income to service the loan can also avail Home loan on selective basis
  • Our Bank staff as well as Spouse of the Staff can also avail home loan. In such cases the Guarantee of  Spouse/Staff is compulsory
MINIMUM EXPERIENCE
  • Who have put in a minimum period of service /experience of 3 years( including previous  employment/experience and confirmed in the present  employment)
AGE
  • Minimum entry age is 18 years and maximum exit age is 70 years
ENTRY LEVEL BARRIER
  • The entry level barrier as per extant guidelines shall be “BBB”.
CIC REPORT
  • Any two of the four (CIBIL/EXPERIAN ,CRIF HIGHMARK /EQUIFAX ) report to be obtained and verified to ascertain the past credit history of the Applicant.
PURPOSE Home Loans can be considered

  • to purchase / construct a new house / flat
  • to purchase house site and construction 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.

However, reimbursement is not permitted for purchase of Plot

QUANTUM OF LOAN A TIERED METHOD OF CALCULATION OF ELIGIBILITY :

As on date of Application, if the Age of the Borrower/ Co-Borrower is less than 45 years

  • In case of salaried class, the loan amount will be restricted to 72 times of monthly Gross salary/income.
  • In case of others, the loan amount will be restricted to 6 times of Gross Annual income as per ITR/Audited financials

As on date of Application, if the Age of the Borrower/ Co-Borrower is  45 years and above

  • In case of Salaried class, the loan amount will be restricted to 60 times of monthly Gross salary/income.
  • In case of others, the loan amount will be restricted to 5 times of Gross Annual income as per ITR/Audited financials.

In case of Joint Borrower’s , the number of times of loan eligibility shall be calculated based on each Individual applicant’s Age.

While computing the  above , 60 % of the rental income from the property  to be purchased /constructed /owned by the applicant can also be included for eligibility calculation.

NTHP A TIERED  NTHP  Method  as envisaged below to be followed .

  • In case Annual income of the Applicants (Individually or jointly) is up to Rs.15.00 lakhs, NTHP (after proposed loan EMI) should not be less than 40 % of the Gross Annual Income.
  • In case Annual income of the Applicants ( Individually or jointly) is  more than  15.00 lakhs, NTHP ( after proposed  loan EMI) should not be less than 30 % of the Gross Annual Income subject to  the minimum Annual Take Home pay of Rs.6.00 lakhs.
MARGIN AND LTV For Loans

  • Up to Rs.30 lakhs : 10% and LTV 90 %.
  • Above Rs.30 lakhs up to Rs.75 lakhs : 20% and LTV 80%
  • Above Rs.75 lakhs: 25% and LTV 75 %
  • For Repairs and Renovation: 30%
PROCESSING FEE
  • As communicated by corporate office from time to time.
INTEREST RATES
  • As communicated by corporate office from time to time.
REPAYMENT
  • The  repayment is restricted to maximum  30 years ( including Holiday period) or up to the Age of 70 years ( the age by which the loan should be fully repaid) of the Borrower whichever is earlier.
  • Maximum repayment period for Repairs and Renovation: 120 months.
PREPAYMENT CHARGES                   NIL
HOLIDAY PERIOD
For Outright  Purchase of  House /flat NIL. However, on case to case basis, maximum 6 months can be permitted
For construction of house on the plot already owned by the Applicant. Maximum 18 months
Purchase of plot and construction of house thereof /flat under construction by promoters/Developers Maximum 24 months
Flat under construction- in case of Bigger projects Maximum 36 months
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 LOAN 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 / Aadhar card /Voter’s ID/Passport/Driving License.
  • Proof of residence such as Recent Telephone Bill / Electricity Bill / Property Tax Receipt / Passport /Aadhar card/ 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.
  • A brief note on the nature of Business/Service, year of establishments, constitution, securities charged in respect of loans availed from our Bank/other Branches /Bank.FI /other sources.
  • 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 and Legal Scrutiny Reports 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
TAKE OVER OF LOANS FROM OTHER BANKS / FIs
  • Permitted only for completed Building and Possession of the Building is taken over by the applicant.
  • Should have repaid a minimum of 12 EMI regularly from the date of commencement of EMI.
  • All the Securities with the existing Bank/FI should be made available to us.
  • Other Terms and Conditions apply.

 However Take over is not permitted loan accounts  from Co Operative Societies .

( Last modified on Jul 24, 2020 at 07:07:26 PM )