Housing Loan
Purpose
- Purchase of Flat (New or Resale)
- Construction of House
- Extension to existing Flat / House
- Takeover of Housing Loan from other Financial Institutions, etc.
Eligibility
- Any Individual (Businessman, Professional, Self- Employed, Salaried Person having Regular source of Income).
- Property should be in the name of Applicant or Co-Applicant.
| Eligibility as per Agreement Value | Margin |
|---|---|
| Residential Flat/House ( Housing Loan) (Registration & Stamp Duty to be included in the cost of Flat/House. | 20% |
Repayment
A. Eligibility as per Agreement Value OR
B. Eligibility as per Repayment Capacity = Repayment Capacity = Net monthly Income – (Less) minimum Take home Pay – (Less) Other Loan deduction. Minimum Take Home salary/ Income, = 40% of the Net Income/ Salary p.m. Subject to Minimum of Rs.12,000/-
- Up to 20 years (240 months) including moratorium.
- In case of construction of House, longer holiday period upto 18 months can be sanctioned by the sanctioning Authority subject to total holiday period and EMI should not exceed 240 months.
- In case of taking over Housing Loans from other Banks/Financial Institutions, the maximum limit of EMIs will be 240 EMIs.However, if residual EMIs are less than the maximum permissible EMIs then such residual EMIs will be considered.
Membership
Applicant and Co- Applicant as per extant Shareholdings Norms
Sureties
Two Guarantors A class Member or B class Member
Prime Security
Mortgage & Insurance of Flat/ House financed.
Collateral Security
LIP,FDR etc if available.
Service Charges
As per Service Charges Manual.
Legal Charges and Stamp Duty
As applicable.
Share Linkage
As per extent Shareholdings Norms
Documents
- Latest photograph, Photo Identity Proof, Pan Card Copy, Residence Proof of the applicant & Guarantors
- In case of salaried person, salary slips for last 3 months and Bank statement for last 6 months, Form no-16-A & IT Return for last 3 years.
- In case of Businessman, last 2 years financial statement along with ITR copy and Bank statement for business account for last 1 years.
- Title deed of the property.
Prime Security
- No-prepayment charges for closure of housing loan from own funds before due date.
- Purchase of Flats in Building more than 20 years old :- Irrespective of the age of the building, if the residual life of the building, certified by the Structural Engineer, is more than 20 years and Branch Official certifies that it is in good condition, loans for purchase of flats in such buildings will be considered for sanction.