Housing Loan

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Housing Loan under Priority Sector :

  1. Purpose of the Loan : To construction of residential House / Repair and Renovation of House . ( Under Priority Sector )
  2. Target Groups : Any individuals/ Jointly.
  3. Age of Borrower :- 18 to 60 Years.
  4. Type of Advance : Term Loan for a maximum period of 18 years.
  5. Quantum of Advance : Loan to individual upto ₹25,00,000/- ( With the estimate of ₹35,00,000/- ) in general but ₹35,00,000/-in metropolitan center with population 10 lakh and above ( With the estimate of ₹40 ,00,000/- ) . For Repair and renovation of House generally ₹5,00,000/- but for metropolitan center with population 10 lakh and above loan amount will be ₹10,00,000/-.
  6. Margin of the Loan : Minimum 20%.
  7. Rate of Interest : @9.25% P.A.
  8. Repayment:- Maximum 18 years with a gestation period of 9 to 12 months.
  9. Primary : Equitable mortgage of Land and proposed Building where construction of House will be made .
  10. Additional : @5% of liquid security in the name of applicant or Guarantors.
  11. One personal Guarantor having sufficient net worth.
  12. Linking Share : @2.50% of the loan amount.
  13. Processing Fees :@ 1% of the loan amount.
  14. Disbursement: – Phase wise disbursement through SB account of the Borrower depending upon the progress of the work .

Housing Loan for Purchase of Flat (Under Priority Sector) :

  1. Purpose of the Loan : To purchase Flat from the builders for residential purpose .
  2. Target Groups : Any individual / Jointly .
  3. Age of Borrower : 18 Years to 60 Years .
  4. Type of Advance : Term Loan.
  5. Quantum of Advance : Loan to individual upto ₹25,00,000/- ( With the estimate of ₹35,00,000/- ) in general but ₹35,00,000/-in metropolitan center with population 10 lakh and above ( With the estimate of ₹40 ,00,000/-) . For Repair and extension of Flat generally ₹5,00,000/- but for metropolitan center loan amount ₹10,00,000/- (with population 10 lakh and above )
  6. Margin of the Loan : Minimum 20% to Maximum 30% of the Purchase Value .
  7. Rate of Interest : @9.25 % P.A.
  8. Repayment : Maximum 18 years with a gestation period of 9 to 12 months .
  9. Primary : Equitable mortgage of Flat .
  10. Additional : @5% of liquid security in the name of applicant or Guarantors.
  11. One personal Guarantor having sufficient net worth.
  12. Linking Share : @2.50% of the loan amount.
  13. Process Fees : @ 1% of the loan amount.
  14. Disbursement : Payment directly transfer to the Builders account .
  15. I T Return (last 2 to 3 years) / Salary Slip (Last 3 months) / Form 16 (Last 2 Years ) should be obtain from the borrower.
  16. Since mortgage of Flat on the date of Disbursement will not be possible, there would be a registered tripartite agreement between proposed borrower / Purchaser , Builder/ Seller and Financing Branch and 1st installment of disbursement should be made maximum 100% from borrower’s margin as per clause of agreement .The 2nd and 3rd phase should be disbursed upto 60% of the bank’s loan depending upon progress of the work . The 4th Phase another 20% will be disbursed after getting necessary permission of sale of Flat in favour of the borrower from the competent authority if necessary .The rest 20% will be disbursed on the date of Registration of the Flat in favour of the Borrower as well as handing over the possession of the flat to the borrower . Borrower’s consent will be required against each phase of disbursement.
  17. Branch should insisted another liquid security @10% to @15% for the interim period till mortgage of Flat is done in favour of the Bank. This additional liquid security will be released after mortgage . The bank would collect original sale deed and kept record with the branch . Branch also kept time to time follow up for apply of Namzary order and correction of Jamanbandi Copy of the Flat with the borrower as soon as earliest. Payment of revenue receipt and GMC Tax clearance certificate of the Flat in the name of the borrower must be ensured.

Housing Loan (Under Non - Priority Sector) :

  1. Purpose of the Loan:-.To construction of residential House/ Purchase of Flat . ( Under Non Priority Sector )
  2. Target Groups: – Any individuals/ Jointly.
  3. Age of Borrower :- 18 to 60 Years
  4. Type of Advance: – Term Loan for a maximum period of 18 years.
  5. Quantum of Advance: – Loan to individual upto ₹70,00,000/-
  6. Margin of the Loan :- Minimum 20% to Maximum 30%.
  7. Rate of Interest :- @9.25% P.A.
  8. Repayment:- Maximum 18 years with a gestation period of 9 to 12 months
  9. Primary: – Equitable mortgage of Land and proposed Building where construction of House will be made / Flat .
  10. Additional: -@5% of liquid security in the name of applicant or Guarantors.
  11. One personal Guarantee having sufficient net worth
  12. Linking Share :- @2.50% of the loan amount.
  13. Process Fees :@ 1% of the loan amount
  14. Disbursement: – Phase wise disbursement through SB account of the Borrower depending upon the progress of the work . Incase mortgage of Flat on the date of Disbursement will not be possible, there would be a registered tripartite agreement between proposed borrower / Purchaser , Builder/ Seller and Financing Branch and 1st instalment of disbursement should be made maximum 100% from borrower’s margin as per clause of agreement . The 2nd and 3rd phase should be disbursed upto 60% of the bank’s loan depending upon progress of the work .The 2nd and 3rd phase should be disbursed upto 60% of the bank’s loan depending upon progress of the work. The 4th Phase another 20% will be disbursed after getting necessary permission of sale of Flat in favour of the borrower from the competent authority if necessary. The rest 20% will be disbursed on the date of Registration of the Flat in favour of the Borrower as well as handing over the possession of the flat to the borrower. Borrower’s consent will be required against each phase of disbursement. Branch should insisted another liquid security @10% to @15% for the interim period till mortgage of Flat is done in favour of the Bank. This additional liquid security will be released after mortgage . The bank would collect original sale deed and kept record with the branch . Branch also kept time to time follow up for apply of Namzary order and correction of Jamanbandi Copy of the Flat with the borrower as soon as earliest. Payment of revenue receipt and GMC Tax clearance certificate of the Flat in the name of the borrower must be ensured.

Document to be Need :

General Documents :
  • Application in prescribed format
  • PAN Card
  • Address Proof
  • Income Proof
  • Photo - 2 copies
  • IT Return (last 2 to 3 years) /Salary Slip/ Form 16
Documents for purchasing Flat :
  • Agreement for sale
  • Allotment letter
  • Tripatile agreement
  • NOC & GMDA permission
  • Approved Plane
  • Aggrement Between Landlord & Builder
  • Mode of payment
  • Aggrement Between Builder & purchaser
Land Documents :
  • Sales Deed / Gift Deed / Partion Deed
  • Valuation Report
  • Approved Plane
  • Patta
  • Estimated Cost
  • Non encumbrance certificate from the date of allotment till 30/15 years earlier
  • GMDA permission
  • Order of Namzari / Possession certificate
  • Copy of Jamabandi
  • Latest land revenue paid receipt
  • Latest GMC Tax paid receipt
  • Affidavit from the land owner that no litigation is pending.No tendent on land
  • Declaration in the shape of affidavit that land is free from all encumbrance
  • Trace Map
View Rate of Interest
  • Notification