Purpose – The home loan is offered for the purpose of Purchase or Construction of a House Property for residence within the District – Surat
Eligibility – Any person having sufficient repaying capacity is eligible for the loan
Quantum of Loan – Loan maximum up to 85 % of the Purchase Cost as per Sale Agreement OR Cost of Construction as per Construction Agreement in case new Construction OR Valuation by the approved valuer of the Bank whichever is less
Personal Guarantee – of at least two persons having income / asset expectable to the Bank
Primary Security – Mortgage of the House Property
Rate of Interest – Floating Scheme: 10 %. (Shall be changed if required by the bank after a Period of 2 years); Fixed Scheme: 11 %. (Interest Scheme once selected at the time of disbursement can’t be changed afterwards)
Processing Charges – Minimum Rs. 250/- Or 0.50 % of the Sanctioned Amount out of which Rs.250/- to be deposited at the time of submission of the loan application.
Pre-Payment Charges – Nil
Share Money Contribution – 2.5 % of the Loan Sanctioned.
Tenure For Repayment – Maximum 180 Months, depending upon the age of the applicant/ co-applicants