Housing Loan  Documents

PERSONS ELIGIBLE

1. All Resident / Non-Resident Indians with a regular monthly income
2. Spouses of Non-Residents, who are residents and receiving regular monthly income.
3. Salaried persons, self employed businessmen, professionals and agriculturists, who have regular monthly income and who have a minimum of three years of standing / experience in their line of activity.
4. The age should be such that the borrower is able to close the account before he attains the age of 65.

AMOUNT OF LOAN

1. 60 times of Net monthly income (NMI)/ Average monthly income (AMI) for individuals upto 45 years of age.
2. 48 times of Net monthly income (NMI)/ Average monthly income (AMI) for individuals over 45 years of age

MARGIN  20% of project cost

INTEREST click here for interest rates

DISBURSEMENT

1. Construction of new building

   In three stage, 30%, 40% and 30% of the loan amount. The last installment will be disbursed three or four weeks prior of the completion of the building

2. Outright purchase 100% to the seller, after payment of the margin by the applicant.
3. Purchase of plot and construction of the building.

REPAYMENT

1. For applicants upto 45 years of age – Maximum 20 years.
2. For applicants above 45 years of age – Maximum 15 years.

Mortgage of property by deposit of title deeds.

Limit upto Rs.25,000 - Nil

Limit above Rs.25,000 to Rs.2 lacs - 0.5% of the loan amount (Max.Rs.500/-)

Limit above Rs.2 lacs - 0.5% of the loan amount

Insurance is to be arranged for the total cost of building.

In addition to the application form(in duplicate) and two passport size photographs, the following papers are to be submitted to the Bank.

PROOF OF INCOME

In case of salaried persons:

1. Salary certificate showing deductions.
2. Authorisation to deduct monthly installments from the salary of employee for credit of the loan account wherever available.

1. In the case of self employed / professional / business men.

DOCUMENTS TO BE SUBMITTED FOR CONSTRUCTION / IMPROVEMENT OF HOUSES

1. A copy of the plan inclusive of site plan approved by the Corporation/ Municipality/Development Authority/Panchayat as required.
2. A copy of the building permit issued by the Corporation/ Municipality / Panchayat as required. In areas where building permit is not required a No Objection Certificate from the authority concerned.
3. Estimate approved by licenced Egineers/Architects approved by local bodies.
4. Original and prior title deeds.
5. Latest tax receipts.
6. Possession Certificate
7. Encumbrance certificate from the Sub Registrar for the last 15 years.
8. Title clear certificate from the banks approved advocate.
9. Valuation report from the banks approved valuator.

1. DOCUMENTS TO BE SUBMITTED FOR PURCHASE OF HOUSES/FLATS

1. A copy of the agreement for sale.
2. A copy of the Title deeds of the present owner.
3. A copy of the land tax receipt.
4. A copy of the building tax receipt.
5. Encumbrance certificate from the Sub Registrar for the last 15 years.
6. Title clear certificate from the banks approved advocate.
7. Valuation report of the property and building from the banks approved valuator.

NOTE:

After the sale deed is executed, the original deed along with fresh encumbrance certificate and possession certificate should be submitted. For purchase of plot alone all the documents as above except the no. iv are to be submitted. After availment of the loan, encumbrance certificate for four months after the date of mortgage is to be produced.