All Resident / Non-Resident Indians with a regular monthly income

Spouses and close relatives jointly with Non-Residents.

Salaried persons, self employed businessmen, professionals and agriculturists, who have regular monthly income and who have a minimum of three years of standing / experience in their line of activity.

The age should be such that the borrower is able to close the account before he attains the age of 65.

60 times of NMI/5 times of Net Annual Income (NAI) for borrowers of age 21 years to 45 years.

48 times of NMI/4 times of Net Annual Income (NAI) for borrowers of over 45 years of age.

Maximum amount of the loan is Rs.50 lacs. However the repayment obligation is restricted to Maximum 50% of the Net Monthly Income.

Margin  20% of project cost

Interest click here for interest rates

Construction of new building

In three stage, 30%, 40% and 30% of the loan amount. The last installment will be disbursed three or four weeks prior of the completion of the building

Outright purchase 100% to the seller, after payment of the margin by the applicant.

Purchase of plot and construction of the building

The loan component for purchase of the plot will be only 30% of the total project cost or 80% of the land value which ever is lower.

Mortgage of property by deposit of title deeds.

Limit upto Rs.25,000 - Nil

Limit above Rs.25,000 to Rs.2 lacs - 0.5% of the loan amount (Max.Rs.500/-)

Limit above Rs.2 lacs - 0.5% of the loan amount

Insurance is to be arranged for the total cost of building.

Period: Up to 15 years in a maximum of 180 Equated Monthly Installments (EMI). May be extended upto 20 years in certain cases.
 

In addition to the application form (in duplicate) and two passport size photographs, the following papers are to be submitted to the Bank.

In case of salaried persons:

Salary certificate showing deductions (Average monthly remittance into A/C also accepted in case of NRIs).

Authorisation to deduct monthly installments from the salary of employee for credit of the loan account wherever available.

In the case of self employed / professional / business men.

Audited accounts and Balance Sheets/income tax assessment orders/Returns/Memo/Statements of computation of taxable income filed for the last 3 years.

DOCUMENTS TO BE SUBMITTED FOR CONSTRUCTION/ IMPROVEMENT OF HOUSES

A copy of the plan inclusive of site plan approved by the Corporation/ Municipality/Development Authority/Panchayat as required.

A copy of the building permit issued by the Corporation/ Municipality / Panchayat as required. In areas where building permit is not required a No Objection Certificate
from the authority concerned.

Estimate approved by an official not below the rank of Asst.Engineer (Civil/ Registered Architect/ Chartered Engineers).

Original and prior title deeds.

Latest tax receipts.

Possession Certificate.

Encumbrance certificate from the Sub Registrar for the last 15 years.

Title clear certificate from the banks approved advocate.

Valuation report from the banks approved valuator.

DOCUMENTS TO BE SUBMITTED FOR PURCHASE OF HOUSES/FLATS

A copy of the agreement for sale.

A copy of the Title deeds of the present owner.

A copy of the land tax receipt.

A copy of the building tax receipt.

Encumbrance certificate from the Sub Registrar for the last 15 years.

Title clear certificate from the banks approved advocate.

Valuation report of the property and building from the banks approved valuator.

After the sale deed is executed, the original deed along with fresh encumbrance certificate and possession certificate should be submitted.

After availment of the loan, encumbrance certificate for four months after the date of mortgage is to be produced.

Any other documents that the sanctioning authority thinks necessary to obtain.

After the sale deed is executed, the original deed along with fresh encumbrance certificate and possession certificate should be submitted. For purchase of plot alone all the documents shown in 11.3 except the no. iv are to be submitted. After allotting the loan, encumbrance certificate for four months after the date of mortgage is to be produced.