Housing Loan

Purpose of Loan :-

The housing loan products can be categorized broadly into the following types. Definitions of major housing loan schemes are as under:

Purpose: Housing Loan Loan will be sanctioned for

A) New House / Resale,

B) Construction of House

C) Loan Balance Transfer

D) Home Improvement

Loan Amount:

A. Maximum Loan Limit Rs. 60 Lakh for purchase of flat, construction etc.
B. Maximum Rs.6 lakh for House repairing/renovation.

Rate of Interest / EMI:

Lowest Rate of Interest & EMI.

Period:

Maximum period for repayment is 240 months or 20 years (inclusive of Moratorium Period).

Security:

Mortgage of residential premises to be purchased / constructed.
Bank at its discretion may accept security in the form of Insurance Policies, etc.
Age of the property shall not exceed 30 years. Residual/ balance life of the building should cover the loan tenure.

Guarantor:

Two Guarantors having a regular source of income including any family member (may vary from case to case basis) based on the merits of the case.
CIBIL Report of all guarantors to be obtained.
Spouse / legal heir to be explored where properties are in single name. In such cases, CIBIL report of spouse/legal heir to be obtained.
Applicant/s should become member of the Bank & hold requisite number of the Bank’s share & guarantee the advance and comply all the prescribed KYC norms from time to time.

Documents:

Business Address Proof / License details/ establishment year/& License Agreement (if the applicant is currently staying on rent)
Proof of Business / profession- copy Shop and Establishment Act Licenses, VAT/TIN/TAN/MST/CST no. / Goods and Service tax regn - Signature Proof - Age Proof - Bio data from professionals
Tax Return - Min 2 - 3 Yr. , Audited/C.A. certified Balance Sheet and P&L accounts,
Audited Profit & Loss a/c - Min 2- 3 Yr.
Audited Balance sheet - Min 2 - 3 Yr.
Business Profile
Education Qualification certificate for professionals
Bank Statement - 6 month to 1 Yr. In case of business, especially if income is from a proprietary concern,:- Payment of statutory liabilities should be complied with. Proof of payment of latest statutory liabilities to be obtained Assessed liability should not be higher than declared liabilities - as per last IT assessment done