Eligible Applicants:
First time buyers only. i.e., the borrowers availing Home Loans under this Scheme should not already own a house.
Applicants having sufficient, regular and continuous source of income for servicing the loan under the following categories:
* Salaried Class with minimum service of three years
* Professionals and Self-employed with minimum experience of three years
Age criteria:
* Maximum permissible age at the time of applying : 50 years
* Maximum permissible age at the end of repayment period : 60 years
Purpose of Loan:
* For purchase / construction of House / Flat
Building Plan approved by competent authority to be submitted If the loan is availed for both purchase of Land Construction of House, the construction of the house to be done immediately after purchase of Land.
Minimum Margin to be brought in by the applicant:
Quantum of Loan:
* 36 times of Gross Monthly Income or 60 times of Net Monthly Income whichever is higher.
* Spouse income can be included for calculating eligible loan amount, provided he/ she has steady income
Take home Income should be more than 40% of gross income after deduction of EMI for the proposed loan, apart from other deductions.
Disbursement:
For outright purchase of ready-built house / flat : Lump sum directly to the seller / builder
For construction: In stages as under:
a) Purchase of Land / upto basement : 30%
b) Upto Lintel : 20%
c) Upto Ceiling : 20%
d) on completion : 30%
Maximum Repayment Period:
* 240 Equated Monthly Instalments, including a holiday period up to a maximum of 18 months.
Rate of Interest :
The Rate of Interest shall be re-set after 5 years from the date of drawal of the first instalment and the borrower will then have the option for going for a fixed rate or a floating rate of interest prevailing at that time (The rate depending upon the then market contitions)
Interest is calculated on daily reducing balance basis and, from the date of disbursement.
Processing / Service Charges: NIL
Pre-closure charges: NIL
Security:
* Equitable Mortgage of the property.
*Equitable Mortgage to be registered (at Applicant’s cost) if there is a provision for the same in the State where property is located.
Group Insurance cover (IB Griha Jeevan):
Free life insurance cover for the entire amount of outstanding loan will be provided under IB Griha Jeevan Policy at Bank’s cost, subject to the terms and conditions of LIC Of India.
This Special Scheme for fresh loans is not applicable for take over of Home loans of any kind from any Institution/Bank including swapping of the existing Normal Home Loan of our Bank.
Checklist of documents required for processing Home Loan Proposals:
1. Completed Application Form with passport size photograph
2. Proof of Identity such as PAN Card / Voter’s ID/Passport/Driving License
3. Proof of residence such as Recent Telephone Bill / Electricity Bill / Property Tax Receipt / Passport / Voter’s ID
4. Proof of business address in respect of professionals / self-employed
5. Proof of Employment
6. Salary Certificate
7. Proof of other income like rent, interest on investment, if any
8. Balance Sheet for the past three financial years in the case of Professionals & Self employed
9. Income Tax / Wealth Tax (if applicable) Returns for the past 3 years
10. Agreement of Sale / Sale Deed
11. Approved Building Plan
12. Title Deed Documents for 30 years
13. Proof of title in the Revenue Records
This information is brought to you by Harmony Infotech.
Contact us if you are looking for a Free Website.
No comments:
Post a Comment