Cauvery Kalpatharu Grameena Bank – Housing Loans

Purpose –           Construction of house along with purchase of site, for purchase of House or flat, repair or renovation, extension, addition to the existing house or flat

Eligibility –           All customers irrespective of their income, but should have satisfactory conduct of account for at least six months, all Government servants, persons working in local institutions whose take home salary is 40% or more including loan installments of the proposed limit, salary certificates and undertaking letter from the employer has to be produced

Age Group                   – Above 21 years and below 55 years and should have minimum five years left over service

Quantum of Loan       – 5 Times of the annual income or 80% of the estimation,

Maximum Rs. 15 lakhs for Construction or outright Purchase; Rs.  5 lakhs for extension, addition or alterations

Margin –           The margin for the home loan is 20%

Period of Loan –           15 years, repayable in monthly equated installments

Moratorium –           18 months from the date of release of first installment, no moratorium will be allowed for purchase of ready built house

Other conditions        – For a ready built house the release will be made in one installment along with margin money from the applicant by way of cheque or demand draft for the full value of sale amount in favour of the seller.