LOAN TO OWN A HAPPY HOME
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Purpose
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Construction/purchase (direct or in re-sale) of house/flat/ takeover of housing loans from other Banks/ Financial Institutions and/or repairs-renovations/extensions of own residence. |
| Eligibility | Salaried Employees /Businessmen/Professionals |
| Limit of loan | Depending upon repayment capacity and cost of project, Per beneficiary per unit maximum Rs. 140.00 lakh |
| Basis of Advance | 80% of Cost of flat OR Cost of land & construction thereon subject to repayment capacity based on income. |
| Repayment Period | Maximum 15 years. |
| Rate of Interest | CLICK HERE FOR THE RATES |
| Processing fees | As per policy of the Bank from time to time . At present NIL. |
| Shareholding/ Membership Contribution | 2.50% of loan amount. |
| Security | Equitable/ legal Mortgage of house property to be purchased/repaired. |
| Guarantors | Two guarantors as acceptable to the Bank. ( with good net worth) |
| Documentation |
1. Duly filled prescribed application form
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2. Photo Identity & Residence Proof of the Applicant & Guarantor
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3. Allotment Letter /Banakhat/Esimate of Construction-Repairs-Renovation as the case may be.
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4. Income proof a) or b) from below as applicable
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a) Salaried person : salary slips for last 6 months, ITR/Form 16 for last 3 years. Bank Statement for last 6 months
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b) Businessman/Professional/self employed: last three years profit & loss account and balance sheet, & ITR and Bank statement for last 6 months.
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5. Legal Documents for creating mortgage as per requirement.
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