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Housing Loan

Loans granted for construction, additions, alterations, repairs, etc. granted as under would be categorized as housing loans:

  • Direct housing loans can be sanctioned to individuals up to maximum of Rs.15 lakhs, irrespective of location, as part of their Priority Sector lending. Loans granted by banks up to Rs. 1 lakh in rural and semi urban areas and Rs.2 lakh in urban areas for repairs, additions and alterations etc. to individuals borrowers, would be reckoned as Priority Sector advances.
  • Assistance granted to any governmental agency for the purpose of construction of houses exclusively for the benefit of SC/ STs, where the loan      component does not exceed Rs.5.00 lakh per unit and all advances for slum clearance and rehabilitation of slum dwellers would be classified as      priority sector advances as well as weaker section advances.
  • Besides the government agencies, assistance given to non-governmental agencies approved by National Housing Bank (NHB) for the purpose of      refinance, will also be eligible for all the categories of borrowers as applicable to governmental agencies as priority sector advances.

Purpose :

  • For purchase of residential flats either new or old one.
  • For repairs and renovation of residential premises.
  • For construction of house.

Features :

  • A customer friendly scheme.
  • Offers maximum loan options.
  • Extremely flexible in its repayment options.
  • A scheme that meets the needs of the middle class – both salaried and self employed.
  • Professional and businessman too can apply for loan.

Extent:

Maximum Rs.15.00 lac. Exception can be done on justifying ground up to the ceiling fixed by R.B.I.

Margin : 15 %

Requirements :

  • Application Form duly completed and signed both by the Applicant and sureties.
  • Should be a permanent employee working in a reputed company / firm or should have sufficient income to repay the loan amount.
  • Offer two sureties acceptable to the Bank.
  • In case of employed persons, latest Salary Slip duly certified by the employer.
  • ITS 3 along with a copy of Form no.16 (Non-Business assesse ) for the latest Assessment Year (In case of applicant/co-applicant and sureties are not employed)
  • ITS 2 along with a copy of Computation of Total Income and Financial Statements of the latest Assessment year. (In case of applicant/co-applicant are not employed and are Business Assesses)
  • Copy of agreement for sale of the flat (including title search report) in case of purchase of old flat.
  • NOC of builder/society to create mortgage in favor of the bank.
  • Documents in respect of the sureties.
    • Salary Slip
    • Income Tax proof as above.
    • Agreement by surety in case of salaried person to execute and remit to the Bank directly the loan instalment u/s 49 of M.C.S. Act, 1960.
  • Latest photographs of applicant and the guarantors.

In case of purchase of Residential Premises :

  • Agreement to Sale.
  • Receipt of registration of Agreement to Sale.
  • Certificate of clear & Marketable Title.
  • Search Report for at least 30 years.
  • N. A. Order/Permission wherever applicable.
  • Certificate under Urban Land Ceiling Act.
  • N. O. C. from the Society / builder to mortgage the flat.
  • Receipts of payment made to the builder.
  • In case of old building, stability certificate from the Approved Structural Engineer.
  • Salary slip (original) for the latest month.
  • Consent of the employer to undertake the repayment of loan, if sanctioned, by remitting the loan installment /entire salary
    to the Bank under Section 49 of Maharashtra Co-operative Societies Act.
  • Applicant will have to provide additional information and documents if called for the Bank at any time.
  • Xerox copy of Ration Card.
  • Completion certificate\occupancy certificate.
  • All documents of ownership and possession of the flat.

In case of Purchase of Re – Sale Residential Premises :

  • Re-sale Agreement
  • Receipt of Registration.
  • Part Payment Receipt if made any.
  • N O C from the Society /builder /to mortgage the flat.
  • A copy of Share Certificate.
  • Valuation Report from the Bank?s Approved Valuer.
  • All documents of ownership and possession of the flat.

Repayment Period :

  • Repayment period is extremely flexible. Based on the capacity of the borrower for repayment and his age, this period will be fixed. This includes moratorium period.
  • Maximum period is 180 months.
  • Cases where the disbursement by way of reimbursement should be discouraged / avoided.

The repayment will commence from the month succeeding the month of disbursement.

Consumption Loans :

Consumption loans include loans for general consumption, medical expenses, marriage ceremonies, funerals, births, religious ceremonies etc. not exceeding Rs.1,000/- per individual.

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