Citizen Credit Co-operative Bank Limited offers home loans to salaried individuals below the age of 50 and Professionals & self employed persons in business for at least 3 years. The main eligibility criteria for a borrower are his repaying capacity.
Maximum of 75% of the agreement value, 75% of estimated cost of construction and 75% of the estimate for repairs/renovation Sanction Limit will be the sanction limit of the loan. The loan amount depends on the repaying capacity of the borrower.
The repayment period offered by the bank is maximum5 years or up to the age of retirement whichever is earlier. The rate of interest depends on the daily reducing balance of the loan in the case of normal home loan.
The Security required by the bank includes mortgage of the property which is to be financed by way of deposit of title deeds, two guarantors, collateral security determined on a case-to-case basis.
The borrower will have to submit documents such as proof of Residence (Xerox copy of Ration Card/Electricity Bill/Telephone Bill/Passport), proof of Income (Salary Slip or Last 3 years Balance Sheets/Tax Returns), title and Valuation Report of Property to be purchased.