| You can apply for Home Loan for the following purposes : |
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Purchase of a plot of land and construction of a house thereon |
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Construction of a house on plot of land already owned |
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Purchase of a new house or flat |
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Residual age of the property should not be less than 30 years old (Home Acquisition Plan) |
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Extension or renovation or repair of a house or flat already owned by self (improvement or extension plan) |
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Take-over of existing Housing Loan (Balance Transfer) |
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Pre-allotment booking finance |
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Loan takeover with additional refinance (Balance Transfer + top up) |
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Loan to NRI for purchase of ready residential property only |
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Purchase of residential plots only |
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| The following documents are required along with your loan application: |
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| Proof of identity |
Voter's ID card or driving license or PAN card or photo credit card or employees ID card or defense or police or government department ID card |
Voter's ID card or driving license or PAN card or photo credit card |
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| Proof of income |
Latest salary slip showing all deductions or Form 16 along with recent salary certificate |
IT returns for the last 2 years and computation of income for the last 2 years certified by a CA |
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| Proof of residence |
Bank account statement or latest electricity bill or latest mobile or telephone bill or latest credit card statement or latest LIC policy or insurance premium receipt or employers letter certifying the current mailing address or latest NSC or other similar instruments indicating the address or existing house lease agreement |
Bank account statement or latest electricity bill or latest mobile or telephone bill or latest credit card statement or latest LIC policy or insurance premium receipt or latest NSC or other similar instruments indicating the address |
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| Bank statement or Pass Book where salary or income is credited |
Last 6 months |
Last 6 months |
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| Guarantor form |
Optional |
Optional |
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Minimum - Rs 5 lac |
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Maximum - Rs 10 Crores |
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| Margin : |
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20% in the case of home loans |
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25% in case of improvement or renovation loans |
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| A. |
Salaried Individuals |
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Any individual who is in permanent service in Government or reputed companies |
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The applicant in all the cases should be above 22 years of age at the time of loan commencement and up to the age of superannuation |
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Professionals |
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Professionals (ie, doctors, engineers, dentists, architects, chartered accountants, cost accountants, company secretary, management consultants only) can apply |
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The applicant should be above 22 years of age at the time of loan commencement and up to 65 years or less at the time of loan maturity |
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| C. |
Self Employed Individuals |
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Any individual filing Income Tax returns can apply |
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The applicant in all the cases should be above 22 years of age at the time of loan commencement and up to 65 years or less at the time of loan maturity |
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Trade Licence for last 3 years |
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Repayment |
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Repayment period for home loans shall not exceed 20 years |
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Repayment period of pre-allotment bookings of housing loans shall not exceed 1½ year |
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Repayment period of improvement or renovation or extension of existing property shall not exceed 10 years |
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Security |
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Equitable mortgage of the property to be financed by way of deposit of title deeds. |
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Disbursement |
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The loan will be disbursed in full or in suitable installments, taking into account the requirement of funds and progress of construction, as assessed by the Bank directly to seller or builder or local development authority or supplier of materials etc. |
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Processing charges or admission fee |
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Processing fee equivalent to 0.5% of the loan amount (applied for) will be collected along with the application form (taxes as applicable). |
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Penalty for early closure |
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Other Conditions |
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Bank reserves the right to reject any application without assigning reasons thereof |
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The applicant will undertake to inform the Bank as and when there is a change in address or employment |
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| The terms and conditions mentioned above and elsewhere under the scheme are subject to modification from time to time solely at Bank's discretion. |
