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Housing Loan
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Purpose
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House purchase / House construction
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Eligibility
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Member of the Bank
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Area of Operation
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Bangalore Urban District as per byelaws
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Number of sureties required
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One (Surety should compulsorily be a member of our bank)
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Documents required: As applicable to security offered
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1.
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Photo of Applicants and Surety
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2.
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Latest IT Returns of Applicants and Surety - for 3 years
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3.
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Sale deed with all relevant previous documents dating to mother deed.
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4.
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Estimation for Construction of Residential house
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5.
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Khatha Certificate and Extract ( if A Khatha), Khatha Certificate for B Khatha
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6.
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Up to date Encumbrance – Minimum 15 Years
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7.
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Up to Date Tax Paid Receipts-Minimum 3 years
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8.
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Approved House Plan for A Khatha, Engineers plan for B Khatha
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9.
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Approved Layout Plan and Property Latest Photo
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10.
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Other relevant documents as per legal opinion and Boards
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Maximum limit
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Rs.1.40 Crore |
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Bank rule and other information for above loan
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1.
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Rate of Interest –
9% PA
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2.
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Period of Loan – 240 Months (6 months to 18 Months Repayment Holidays)
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3.
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Reducing Interest Calculation Method
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4.
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2% penal interest on over due amount
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5.
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Legal and Valuation Charges as per acutal,
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6.
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Processing Charges is 1% of loan amount or maximum of Rs.5000/-(including GST)
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7.
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Maximum Loan Amount Rs.1.4 Crore or 75 % of S.R. Value whichever is lower.
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8.
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Loan Release Method –Installment( Stage by Stage / Requirement of Customers)
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The above rules were subject to revision from time to time as per the directives
of Reserve Bank of India or as per the decision of the Board of Directors.
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Maximum limit
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Rs.1.40 Crore
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Margin
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75% of property value (S R value) + Cost of Construction Or Rs.1.4 Crore (which ever
is less)
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Moratorium period
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Maximum of 6 months to 18 months
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Income Proof
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IT returns
Rental agreement
The applicant should furnish full information about his source of income/ income
generating capacity along with documentary evidence to assess his repaying capacity.
Any other income proof acceptable to the Bank.
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