Purpose: This home loan finance acquiring a house, purchase of constructed house, flat, construction of house and switching over of the existing housing loan.
Eligibility: Professionals, businessmen, salaried employees and self employed are eligible to get this home loan. The applicant borrower must open Savings Bank / Current Account. The borrower should have exclusive banking with the bank.
Quantum of Loan: The maximum amount of loan that could be granted is Rs. 25 lakhs.
Margin: There is a margin of 25%, which means 75% of the cost of construction of the house will be granted as loan.
Rate of Interest: Interest rates are charged on daily reducing balance. The rate of interest of loans of amounts up to Rs. 5 lakhs is 11% per annum. For loans above Rs. 5 lakhs, the rate of interest is 11.5% per annum.
Repayment: The maximum period of repayment of this personal loan is 180 months i.e. 15 years
Security:
Guarantee: Two sureties / guarantors with adequate means in relation to loan amount and paying income tax should be provided and they should be shareholders / nominal members.
Documents Required: Last three years income statements / financial papers duly certified / audited.