Purpose

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. 70.00 lakh 

Basis of Advance

70% of  Cost  of flat OR Cost of land &  construction thereon subject to repayment capacity based on income.

Repayment Period

Maximum 10 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

1.00% of loan amount.

Security

Equitable/ legal Mortgage of house property to be purchased/repaired.

Guarantors

Two bank shareholder guarantors as acceptable to the Bank. ( with good net worth)

Documentation

1. Duly filled prescribed application form
2. Photo Identity & Residence Proof of the Applicant &  Guarantor
3. Allotment Letter /Banakhat/Esimate of Construction-Repairs-Renovation as the case may be.
4. Income proof a) or b) from below as applicable
    a) Salaried person : salary slips for last 6 months, ITR/Form 16 for last 3 years. Bank Statement for last 6 months
    b) Businessman/Professional/self employed: last three years profit & loss account and balance sheet, & ITR and Bank statement for last 6 months.  
5. Legal Documents for creating mortgage as per requirement