Dombivli Nagari Sahakari Bank Limited – Sukh Vastu Housing Loan

By Pradeep Yuvaraj | March 29, 2011

Purpose: This loan finances purchase of new Flat/ Bungalow and construction of own house.

 

Eligibility: Salaried person and Self-professionals can avail this home loan.

 

Quantum of Loan: The maximum amount of home loan that can be granted per beneficiary of a dwelling unit is Rs.20 lakhs.

 

Rate of Interest: The rate of interest for loans up to Rs. 10.00 lakhs 9.50% per annum. For loans above Rs. 10 lakhs to Rs. 20 lakhs, the rate of interest is 10% per annum.

 

Margin: The margins for this home loan are; 15% of cost for first purchase of a flat/house in new building, 20% of cost for purchase of a flat/house under resale, in a building not older than 10 years and 25% of cost for purchase of flat/house, under resale in a building older than 10 years, but not older than 30 years.

 

Repayment: The maximum period of repayment is 15 years.

 

Security & Guarantee: Minimum two guarantees acceptable to Bank is required. The house constructed/ purchased is the prime security. The collateral security is assignment of Single Premium Term Insurance Policy on the life of the applicant. The sum assured should be sanctioned with term which is at least the repayment period.

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Pradeep Yuvaraj

About Pradeep Yuvaraj

Pradeep Yuvaraj is a Co-Founder and Director at Finerva Financial Solutions Private Limited, a financial education company focused on personal finance education. He has penned over 250 articles relating to Personal Finance and clocked over 500 hours of educating individuals on managing personal finance. He is a serial entrepreneur and has been associated with 7 Start-ups. His entrepreneurial experience spans industries as varied as Education, Gas Engineering, Automobile Design, Software development and more recently a Pure play presentation design company. Prior to turning entrepreneur in 2005, he has worked for 3 of the top ten companies of the world - Shell, ExxonMobil and Total SA. This experience included handling Branch Operations, Channel Sales and Business Development across 5 states over a period of 8 years. He holds an MBA from Symbiosis and an Electronics Engineering Degree from the University of Pune.

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