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HOUSING LOAN

Scheme for financing Housing Loan to Public

1 Eligibility:

Ø  Individuals having sufficient income. Joint owners are also eligible.

2 Purpose:

Ø  A) For construction of house  B) For purchase of built house/flat C) Purchase of under construction house/flat D) Purchase of land/plot for house building E) For carrying out repairs/ renovation / alterations/ cost of furnishing to the house/flat

3 Extent of Loan:

Ø  Need based loan depending upon the project cost and repaying capacity of the borrower.

Ø  For purchase of Land/ Plot for House Building: Maximum Rs.50 Lac. Further, it be ensured that the loan amount for purchase of Land/Plot under any circumstance is not more than 60% of the eligible loan amount as per the repayment capacity.

Ø  For repairs / renovation /alterations: Maximum Rs.25 Lac.

4 Margin:

 

Parameters

Margin

For All purposes except to

 

purchase of Land/Plot

Housing Loan Upto Rs.75 Lac

20%*

Housing Loan above Rs.75 Lac

25%*

Purchase of Land/Plot for House Building

40%*

5 Security:

Ø  Equitable/registered mortgage of the property.

Ø  Where mortgage cannot be created immediately in situations like house/flat is being purchased/allotted  by the Housing Board, Development Authorities or Co-operative Society/Builder, and title/conveyance deed are executed in favour of purchaser only after completion of construction  & possession/ making full payment of the cost of house/flat,  a  stamped Tripartite    Agreement   be   executed   amongst   Housing Board/Development Authority/Co-operative  Society/ Builder, the intending borrower and the Bank before release of the loan.

6 Repayment:

Ø  Loan along-with  interest is to be re-paid in equated monthly installments  within a period of 30 years inclusive of moratorium period, if any subject to maximum age of 65 years.

Ø  For carrying  out repairs/  renovation/alterations  to the house/flat:  Loan along- with interest is to be re-paid in equated monthly installments within a period of 15 years inclusive of moratorium period, if any.

Ø  For Construction/ Additions of House/ Flat: Till completion of construction (including additions) or 18 months, from the date of disbursement of first installment of the loan, whichever is earlier.

Ø  For purchase of ready built House/ flat OR land/plot: The repayment to start after the date of possession or 3 months from the date of advance, whichever is earlier.

Ø  For carrying out repairs/ renovation / alterations to the house/flat: Till completion of repairs/renovation  / alterations  or 6 months, from the date of disbursement  of first installment of the loan, whichever is earlier.

Ø  Repayment should be fixed on a realistic basis, which should not normally exceed the prescribed limit of Net Monthly Salary/Income (NMS/I) of the borrower(s).

7 Disbursement:

Ø  For outright purchase of house/flat & Plot, the loan will be paid in lump sum to the vendor at the time of registration.

Ø  For house/flat under construction, the loan amount will be disbursed in stages depending on progress of construction.

Ø  In  case  of  repairs/renovation/alteration,   Incumbents  to  ensure  that  after  having disbursed 50% of the amount sanctioned, the subsequent disbursement (s) should be after proper verification  that the amount earlier disbursed  has been utilized  as per estimates  submitted  by  the  borrower  and  that  he  has  invested  his  pro-rata  share towards required margin.

8 Insurance:

Ø  The property will be kept insured for reconstruction cost in respect of fire, riots and wherever required, against other appropriate hazards, such as earthquake, flood etc. by the borrower, with usual bank clause.