HOUSING LOANS

LOANS
Purpose	Purchase of Flat Construction of house Takeover of Housing loan from other Purchase of Plot Property Mortgage (House or Plot)
Max Amount	Maximum amount of 30.00 Lakh
ELIGIBILITY	Any individual (Businessman, Professional, Self-employed, Salaried person, and Agriculturist having regular source of income.) Age Limit Minimum 18years Maximum 55 years Property should be in the name of the Applicant. If Applicant age is above 60 years The co-applicant is necessary for housing loans. Co-applicant will mainly be spouse or son or father or Mother of the principal barrower. And in these cases the income of the co-applicant is include for calculation of eligible amount. In case of Joint Agreements in Housing Loans The purchasers (owners) will be the Borrowers and hence there is no need for separate Co-applicants

Eligibility as per Agreement value:

Agreement Value	Loan Eligibility
Construction of house Note: Loan amount should not exceed Rs 30.00 Lakh	75% of the estimation value or Bank value whichever is less
Property Mortgage Note: Loan amount should not exceed Rs 40.00 Lakh	60% of the valuation in urban areas. And in Rural area maximum Rs.5.00 lakh

Original Sale Deed/Gift Deed/Partition Deed/Relinquishment Deed
Records Of Rights (Property extract)
Nil encumbrance for 14 years
Building Construction Permission/Completion Certificate in case of Mortgage Loan
Estimation / valuation certificate in case of Mortgage Loan
Tax paid receipt
Income Proof

A maximum 240 month or till the retirement age if salaried whichever is earlier.
In case of takeover loan maximum repayment tenure till residual tenure of earlier sanction or actual whichever is less

Rate of interest:
Interest of the amount of the loan will be applied at the prevealing rate per Annam on reducing balance.
Processing charges:
Processing charges are applied as per Bank rule along with GST
Co-obligates (sureties):
There shall be two co-obligants/ surety owing immovable property/ salaried persons, Less than the age of 55 years.
Security :
The Housing Loan shall be secured by Mortgage of un-encumbered immovable property belonging to the applicant situated within the Jurisdiction of the society.
Insurance: :
The house shall be insured comprehensively for the loan amount covering fire, flood, earthquake, etc. in the joint name of bank & borrower. Premium of the insurance shall be paid by the borrower.