Housing Loan Scheme

Who can apply? Any individual.   What should be  the purpose? For purchasing a dwelling  house/flat for self occupation   What is income criteria? salaried person: Prof & self-employed :. Businessman (proprietor) :Net profit Businessman ( partner) : Age criteria Min age : 18   How much loan can be granted ? Maximum upto  Rs.70.00 lakhs   What is rate of interest?  9.50% p.a. upto 25.00 lakhs & 11.00% p.a. above 25.00 lakhs   What will be the share linkage 1% of loan sanctioned   What will be the repayment period?  Max upto 240 months   What will be  the securities? Prime: Equitable mortgage of  the property financed   What about guarantors? Two  guarantors acceptable to Bank   How to apply? Application in prescribed format Address proof : Passport / telephone / electricity bill, Ration card / Voter identity card etc Identity proof : Passport / voter identity card / PAN card telephone/electricity bill etc. Income proof : Last 3 months` Salary certificates, Form-16, IT Return copies for salaried person), Copies of  audited Profit & Loss account and Balance sheet  of last 3 years, IT Return  copies for last 3 years, Audited income / exp statement & Balance sheet, IT Return of last 3 years for professional & self-employed ,  Copy of registered sale agreement Search report/ valuation report   NOC from builder / Society, NOC from CIDCO share certificate Consent letter & financial papers of guarantors  What about insurance? Property shall be fully insured with Bank clause   How disbursement will be made? By way of direct disbursement to seller/builder by Bank` Account Payee Pay Order .   Additional Loan (to Housing / mortgage loan borrowers) Loan Limit : Up to Rs. 25 Lakhs Repayment Period : Up to 7 years Rate of Interest : 8.50% (First year fixed rate of interest and Floating thereafter Processing Fees : 0.5% Margin : No Addl margin, if adequately secured by the existing security. Otherwise 25%