HOUSE LOAN

Housing Loans above Rs.20.00

General Requirement:

• Age 21 to 65 years.
• Repayment maximum 20 years ( including to excluding gestation period)
• Gestation Period: For Construction of purchase of flats- Maximum 18 months or taking possession whichever is earlier.
• Loan more than 20 lakhs are under non-priority

For houses/flats constructed by State Housing Boards: Maximum of 24 months or taking possession whichever is earlier. Accrued Interest has to be paid during the gestation period.

• 75% of cost of construction OR 85% of Registration value for outright purchase as loan
• Purchase of House: Age of the independent house should not be more than 25 years.
• Age of the flat should not be more than 20 years.

Salaried Persons:

• Maximum 48 times monthly gross income
• Latest salary certificate and 3 years IT return.
• Certificate from the employer regarding leftover service
• Estimates and other related approved documents
• Subject to 30% take home pay.

Housing Loans for Agriculturists, Business & Self-employed persons

• For  Agriculturists, four times of  gross annual income as per certificate issued by  the  competent  Revenue Authority, supported by evidence of  land  holdings
• 4 times the gross annual income (48 times of monthly income)
• Income Tax Returns
• Auditor Certificate
• Estimates and other related approved documents
• Maximum area-wise quantum of loan for acquisition or construction of new dwelling units is - rural  - 25 lacs, semi-urban – 75 lacs, Urban – 150 lacs and Metro – 250 lacs.

Quantum of  finance  for  repairs/ renovation

1.       Upto  5 years – Quantum Maxium -Rs.2.00 lacs

2.       Above  5 years & upto 25  years - Quantum Maxium -Rs.8.00 lacs

Incom proof:

a). Employees: Form 16 issued by the employer/ IT Returns/ Assessment orders

b). Agriculturist: Income Certificate by competent Revenue Authority in respect of  income from agricultural and allied activities

c). Prof. & self employed: Income proof for the last 3 years supported by financial statements signed by Chartered  – income tax returns /assessment orders

• Property statements of applicants and coobligant.
• Location sketch of the proposed house/flat.

In case of purchase:

• Agreement for sale between vendor and purchaser
• Name and address of the vendor and purchaser
• Copies of prior documents of title to the property in possession of the vendor along with tax receipts
• Authorization letter to receive original title deeds on registration from Registrar of Assurances.
• Receipt of delivery issued by Registrar of Assurance to deliver the original title deeds.
• Original receipts for the payment to builder/vendor.
• Copy of the approved plan and a letter from the vendor about the age of the house/flat.
• Certificate from the Approved Engineer about the present value, condition and life of the house/flat.
• Original deed of conveyance of land, conveying the individual / proportionate share of land along with agreement for construction.
• Layout approval plan

In case of construction:

• Copy of the approved plan.
• Detailed estimate of construction.
• Allotment letter of the house / flat issued by the Housing Board.
• Original title deeds of the site
• Development Agreement between the owner of the site and builder.
• Nil Encumbrance Certificate
• Any other document stipulated by Legal Adviser / sanctioning authority

Housing Loans to Non-Resident Indians (NRIs):

Housing Loan to Non-Resident Indians or  Indian Origin residing outside India, for acquisition of a residential accommodation in India, subject to the following conditions, namely:

The quantum of loan, margin money and the period of repayment shall be at par with those applicable to housing finance provided to a person in India; The loan shall be fully secured by equitable mortgage of the property proposed to be acquired, and if necessary, also by lien on the borrower's other assets in India; The installment of loan, interest and other charges, if any, should be paid by the borrower by remitting from outside India through normal banking channels or out of funds in his Non-resident External (NRE) / Foreign Currency Non-resident (FCNR) Non-resident Ordinary (NRO) account in India, or out of rental income derived from renting out the property acquired by utilization of the loan; The rate of interest on the loan shall conform to the directives issued by Reserve Bank of India or, as the case may be, by the National Housing Bank