HOME LOAN

Features: This loan is meant for those who desire to own their own shelter.

Purpose of Loan:

• To individuals for purchase of newly built house/flat or construction of residential house.

• To owners of house for Renovation or up-gradation/ extension /addition/major repairs of their existing houses

Eligibility:

• Applicant must be a Regular/associate Member of the Bank with credibility.

• Credit worthy and have sufficient income to repay the loan.

• The person may be in service or following a profession or business.

• Employment of the government/semi government organization or public sector institution/reputed private sector institution should have completed confirmed service of five years and should possess at least seven years of residual service.

• Professionals or business should be within 60 years of age and have five years standing in the profession or business.

Security: Mortgage of the residential house/flat to be purchased/constructed. Mortgage deed to be registered at

the cost of the Applicant.

Processing fee: Rs. 500/- (Non refundable)

Documents to be submitted for processing the application:

• Completed Application Form with passport size photograph.

• Proof of Identity such as PAN Card / Voter’s ID/Passport/Driving License. Aadhaar Card

• Proof of residence such as Recent Telephone Bill / Electricity Bill / Property Tax Receipt / Passport / Voter’s ID Aadhaar Card

• Proof of business address in respect of businessmen / industrialists.

• Proof of Employment.

• Salary Certificate.

• Proof of other income like rent, interest on investment, if any.

• Balance Sheet for the past three financial years in the case of Professionals, Businessmen & Self employed.

• Income Tax / Wealth Tax (if applicable) Returns for the past 3 years

• Agreement of Sale / Sale Deed

• Mother deeds relating to the property.

• Approved Building Plan.

• Encumbrance for last 15 years.

• Geological tree (Family tree)

• Proof of title in the Revenue Records such as khata extract.

• Tax paid receipts relating to the property to be mortgaged.

• Please note that one proof containing the identity and present address ( as mentioned in account opening form ) is enough.

• Legal Opinion from Banks’ Advocate & Valuation of property from Banks’ Engineer at applicant’s cost

Insurance:

• Property insurance for full value of the property with Bank clause against fire and other risk from the approved insurance companies.

Release of Loan Amt:

• Execution of prescribed document by the borrower.

• Creation of charge in favour of the Bank on security.