Purpose – The loan is offered for the Purchase / construction of new/old house/flat, for repairing/renovating an existing house/flat, Furnishing the house/consumer durables as a part of project cost, take over of loans from other banks subject to conditions
Eligibility – Individuals
Quantum of Loan – Repairs /renovation 2 lakhs; for furnishings consumer durables and 3 lakhs or 10 % of the project cost.
Margins – Loans up to 8 lakhs 15 %; Loans above 8 lakhs 25 %; Repairs or renovation of existing house 20 %
Rate of Interest – 13%
Repayment – For borrowers up to 45 years the repayment period is 15 years and for borrowers above the age 45 years the repayment period is 10 years
Security – Equitable Mortgage / Registered Mortgage of proposed property
Documents required – The following documents are required by the bank for the sanction of house building loan
a) Application Form
b) Proof of Identity (Voters ID card/Passport/Driving License/ PAN Card)
c) Proof of Residence (Telephone Bills/Elect. Bill / Property Tax receipt)
d) Latest Salary Certificate
e) Form 16 or IT Returns for last two years
f) Statement of Bank Account / Pass Book for last six months
g) Copy of Approved Plan
h) EC / Legal Opinion / Search Report
i) Letter of Allotment/NOC under ULC.