Purpose – The home loan is offered for the Purchase or construction of new house
Eligibility – Salaried, self employed and professional
Margin – 20%
Rate of Interest – Up to Rs.2 lakhs 11%, above Rs.2 lakhs 12%
Duration – Up to Rs.2 lakhs 180 months, Above Rs.2 lakhs 120 months
Documents –
- Allotment letter/Booking Agreement/Agreement to Sale
- Receipts of Payments made to builder
- No Objection letter from the Society/Landowner & Developers as per Format
- Share Certificate/Sale Deed/Registered Allotment Letter
- Possession Letter
- Charge noting letter from Society
- Sale Deed of the Land on which property is located
Other Conditions – Hypothecation of Vehicles/used car, used car should not be less than 3 years, Hypothecation of Vehicle
The applicant borrower must open Saving Bank/Current Account and furnish all papers/ documents as per the bank’s requirements.
The applicant borrower eligible as per byelaws (Residing/carrying on business within the area of operation of the bank) must apply for entrance fee of Rs.10/-. Upon sanction of the loan, shares up to 5% of the loan amount or Rs.1 Lac, whichever is less must be acquired before disbursement of the loan etc.