Housing Loans upto Rs. 20 lacs

Eligibility

General

• Age 21 to 65 years.
• Repayment maximum 20 years.
• 80% of cost of construction OR 80% of Registration value for outright purchase as loan.
• Purchase of House: Age of independent house should not be more than 25 years.
• Age of the flat should not be more than 20 years.
• Loan upto and inclusive of Rs. 20 Lakhs treated as priority sector.

Salaried Persons

• Maximum 48 times monthly gross income or 75% of cost of construction whichever is less.
• Latest salary certificate and 3 years IT returns.
• Certificate from the employer regarding leftover service.
• Estimates and other related approved documents.
• Subject to 30% take home pay.

Housing Loans for Agriculturists, Business & Self-employed persons

• For Agriculturists, four times of gross annual income as per certificate issued by the competent Revenue Authority, supported by evidence of land holdings.
• Income Tax Returns.
• Auditor Certificate.
• Estimates and other related approved documents.
• 4 times the gross annual income (48 times of monthly income).

Income Proof

• For Agriculturists, four times of gross annual income as per certificate issued by the competent Revenue Authority, supported by evidence of land holdings.
• Income Tax Returns.
• Auditor Certificate.
• Estimates and other related approved documents.
• 4 times the gross annual income (48 times of monthly income).

• Property statements of applicants and coobligant.
• Location sketch of the proposed house/flat.

In case of purchase

• Agreement for sale between vendor and purchaser.
• Name and address of the vendor and purchaser.
• Copies of prior documents of title to the property in possession of the vendor along with tax receipts.
• Authorization letter to receive original title deeds on registration from Registrar of Assurances.
• Receipt of delivery issued by Registrar of Assurance to deliver the original title deeds.
• Original receipts for the payment to builder/vendor.
• Copy of the approved plan and a letter from the vendor about the age of the house/flat.
• Certificate from the Approved Engineer about the present value, condition and life of the house/flat.
• Original deed of conveyance of land, conveying the individual / proportionate share of land along with agreement for construction.
• Lay out approval plan.

In case of construction

• Copy of the approved plan.
• Detailed estimate of construction.
• Allotment letter of the house / flat issued by the Housing Board.
• Original title deeds of the sight.
• Development Agreement between the owner of the site and builder.
• Nil Encumbrance Certificate.
• Any other document stipulated by Legal Advisor / sanctioning authority.

Pre-Payment Charges

• No prepayment charges, if the housing loan borrower makes payment from own savings / windfall gains for which documentary evidence is produced by the borrower.
• 2% flat prepayment charges on prepaid amount if the borrower makes payment by borrowing funds from other sources.
• 2% flat prepayment charges on prepaid amount if the borrower makes payment by take over by other banks / financial institutions.
• NO pre-payment charges for all housing loans with floating interest rates, new and existing.