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IB Home Loan

IB Home Loan

Eligibility

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

Amount of Loan

  •  60 times of Gross Monthly Income subject to availability of 40% Take Home Pay or more than Rs.20000/- after the proposed EMI including the requisite margin.
  • For Repair or Renovation: Rs. 10 lakhs (Max)

Margin

For Loans

  • upto Rs. 20 lakhs : 10%
  • above Rs. 20 lakhs upto Rs.75 lakhs : 20%
  • above Rs.75 lakhs: 25%
  • For repairs or renovation: 30%

Processing fee

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

Interest Rates

  • Please refer the Lending Rates link on home page in 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

  • For Loans up to Rs 5 Lakhs – Rs 50 + ST
  • For Loans above Rs 5 Lakhs – Rs 100 + ST

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 added

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.

Silent Features

Home Loans can be considered

  • to purchase / construct a new house / flat
  • to purchase house site and construction of 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# h) Take over from approved Banks / Financial Institutions#
# Conditions Apply

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 Jul 19, 2018 at 07:07:13 AM )