Kalyan Vastu is the name of the home loan offered by the Kalyan Janata Sahakari Bank Limited for construction and purchase of houses.
Purpose – The loan is offered for the construction of own house, for purchase of ready built or under construction house or flat, for purchase of old house or flat (on resale basis), for takeover of existing housing loans from other bank/ finance co.
Eligibility – Salaried employees, businessmen, self-employed, professionals having regular source of income, if property is registered in the joint names, all the joint owners should join as co-borrowers
Loan Amount – Maximum Rs.50 lakh
Margin – New flat/ house: Minimum 10% of the purchase price (Agreement price + stamp duty + registration charges).
Old flat/ house – Minimum 20% for age up to 15 years, Minimum 25% for age more than 15 years (of marker value or agreement price, whichever is less).
Repayment Period – Maximum 15 years
Guarantors – Two guarantors with sufficient net worth and income, to be acceptable to the Bank
Collaterals – Not essential but may be called for depending up on other factors like applicant’s age, income etc.
Processing Charge – 1% of the Loan limit sanctioned
Pre-payment Charges – Pre-payment charges at 2% p.a. will be charged on the outstanding balance at the time of its closure before the due date.