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Home Loan


Eligibility

  • Individuals, HUF, Association of individuals, Corporate entities are eligible under the scheme
  • Applicant must be fully compliant KYC customer with Aadhar No., PAN Card, Mobile number seeded to Cust Id and with cheque book facility & photo.
  • Proponent should be permanent employee in Govt./semi govt/PSU/Reputed public or pvt.sector co. [OR]
  • Established in business/trade/profession for at least three years
  • Purpose

  • To purchase/construct new house/flat on ownership basis.
  • Purchase of constructed (second hand) house/Flat which has estimated future life of at least 1.5 times of repayment period. This should be certified by panel valuer.
  • To repair/renovate/extend existing owned house/flat.
  • Purchase of plot of land for construction of house. Composite loan for plot and house to be considered. House should be constructed within 18 months otherwise commercial ROI to be charged.
  • To acquire household articles along with house/flat for its furnishing.
  • To take over housing loans from other Banks/Institutions/NBFCs
  • One time insurance premium related to mortgage redemption policy.
  • Proponent should not own more than two houses (including proposed) in his name.
  • Age

  • It should be maximum 60 years that is age by which the repayment period is over. It is not entry age.
  • In case of joint accounts age of senior person should be reckoned for age criteria.
  • Income Proofs

    For salaried persons-

  • Salary certificate in prescribed format.
  • ITR return/Form No. 16 copies of last three years.
  • Latest Income tax assessment order
  • Statement of account where salary is credited for preceding one year.
  • For businessman/professional

  • ITR returns copies along with assessment orders for preceding three years.
  • Balance sheet/Profit & Loss statement for preceding three years. (If limit is more than Rs. 10.00 Audited statements required).
  • Clarifications:

  • Eligibility can be assessed on latest ITR income, provided there is no unreasonable jump in income comparing to previous years.
  • If ITRs of last three years are not available, limit can be assessed on last year’s ITR if branch can substantiate/justify with documentary proofs like Form 16, about income level of previous years.
  • Quantum of Finance

  • For construction/purchase of house/Flat- Rs. 300.00 lakhs
  • For purchase of open plot –Rs. 100.00 lakhs
  • For addition/extension/renovation/repairs – Rs.50.00 lakhs
  • For furnishing of house/flat- Rs. 5.00 lakhs of 15% of home loan limit whichever is lower.
  • Calculation of quantum of finance

  • In case of salaried persons- 72 times of gross monthly salary (as per salary slip) or 6 times of gross annual income as per ITR whichever is lower.
  • In case of businessman- 6 times of gross annual income based on ITRs.
  • Margin(Loan to Value ration0- LTV)

  • Margin to be calculated on the net cost of dwelling unit i.e. excluding stamp duty, registration charges, documentation charges.
  • Margin to be calculated on the net cost of dwelling unit i.e. excluding stamp duty, registration charges, documentation charges.
  • - LTVR- 80% i.e. 20% margin for first Home.

    - LTVR -75% i.e. 25% margin for second Home


  • Loan limit above Rs. 30.00 lakhs
  • - LTVR -75% i.e. margin 25%


    Security

  • Equitable Mortgage of house/Flat/land proposed to be financed.
  • Legal mortgage of land/house only if property is ancestral with permission from General Manager.
  • efilling to be done in case of EQM.
  • Third party guarantee is not to be insisted upon.
  • CERSAI charge to be created.
  • Insurance of property to be obtained with Bank clause. Policy to be taken from New India Assurance Co.
  • Repayment terms

  • Repayment by Equated Monthly Instalment only. No quarterly/half yearly/yearly methods allowed.
  • EMI should start from next month after disbursement in case of purchase of readymade house/flat.
  • In case of house/flat under construction moratorium maximum 18 months. Repayment should start one month after completion of construction.
  • Maximum repayment period for new house/flat – Maximum 30 years including moratorium period or upto attaining of 60 yrs of age of senior most borrower, whichever is earlier.
  • For renovation/repairs/addition- Maximum repayment period of 10 years including moratorium of maximum 6 months.
  • Recovery of interest charged during moratorium period should be stipulated as and when interest is debited to account, in consultation with borrower.
  • Selectively interest during moratorium period can be capitalised, however in such cases, EMI should be stipulated on amount of loan limit plus estimated interest for the moratorium period.