HOUSING Loan

1. Purpose

• Acquisition of a house, flat, or apartment (new or old).
• Acquisition of a site/plot and construction of a house/flat.
• Construction of a house on an already acquired plot.
• Extension or renovation of an existing house/flat.
• Acquisition and renovation/demolition & reconstruction of an old house.
• Development of dwelling house compound (compound wall, water well, etc.).

2. Eligibility

The borrower must possess a minimum extent of land as per bank norms. The land must have a clear title. Permanent employees of Govt./Semi-Govt./Banks/Public Ltd. Companies with at least 5-10 years of service before retirement are eligible.

3. Loan Limit

Max loan amount: 48 times monthly salary (salaried individuals) or 4 times annual gross income (others), up to ₹50 Lakhs.

4. Margin & Repayment

Loan covers up to 60% of property valuation. Repayment in equal monthly installments over a maximum of 15 years.

5. Security & Sureties

• At least 1 co-obligant or 2 sureties (immovable property owners or salaried persons).
• Mortgage of property with clear title and road access.

6. Required Documents

• Loan application with two passport-sized photographs.
• ID & income proof of applicant and guarantor.
• Property title deeds, latest tax receipts, valuation & legal reports.
• Approved building plan (if applicable).
• Financial statements for the past two years (for non-salaried individuals).

7. Interest Rate

The interest rate is decided by the bank from time to time and is applicable at loan disbursement.