CORP SITE
LOAN FOR APPLICATION MONEY
1. Eligibility
| v | Salaried Individuals confirmed in service. Non salaried class engaged in business, Professional and self employed persons who are IT assessees and having minimum of 2 years satisfactory dealings with the bank. |
| v | The applicant should be eligible to apply to the local Development Authority as pe their rules for site/plot. |
| v | The applicant should undertake to construct the house in the allotted site/ plot with in a maximum period of five years. |
| v | Applicant should be preferably the Bank’s customer. In case of new customer, he should be well introduced to the bank with proper due diligence exercise . |
2. Purpose
To finance the application money(initial deposit) payable to local Development Authority for allotment of residential site/plot.
3. Nature of facility
Loan in the form of Demand Loan.
4. Quantum of loan
| v | Maximum loan amount is Rs. 1 lakh or initial deposit payable whichever is less, but should not exceed: |
12 times of monthly take home pay in case of salaried persons.
100% of gross annual income as declared in the income certificate produced to development authority in case of other than salaried persons.
5. Margin
| v | For existing customers with 2 years satisfactory track record, and those who are drawing salary through the bank----> Margin is NIL. |
| v | For others –> 15% of the Application money. |
6. Rate of Interest
13.75 % p.a. under floating rate (W.e.f: 02.08.2010 )
In case of refund interest will be charged at 13.75% from date of disbursement to the date of closure.
7.Security
An undertaking from the borrower to deposit the allotment letter issued by Development authority with the bank.
8.Guarantee
Third party guarantee required.
9.Repayment
| v | Within 12 months or 15 days from the date of refund whichever is earlier. |
| v | EMI/Notional interest as a percentage to net income is applicable as per guidelines |
10.Processing charges
Minimum Rs. 500/- irrespective of loan amount (Charges are inclusive of service tax)
11. Disbursement
Directly by DD to Development Authority along with application form. DD should not be handed over to the borrower.
Only identified Branches can sanction the loan of Rs. 1 lakh or application money whichever is less.
CORP SITE
LOAN FOR PURCHASE OF ALLOTTED SITE/ PLOT
1. Eligibility
| v | Salaried Individuals confirmed in service. Non salaried class engaged in business, Professional and self employed persons who are IT assessees and having minimum of 2 years' satisfactory dealings with the bank. |
| v | The applicant should be eligible to apply to the local Development Authority as pe their rules for site/plot. |
| v | The applicant should undertake to construct the house in the allotted site/plot with in a maximum period of five years. |
| v | Applicant should be preferably the Bank’s customer. In case of new customer, he should be well introduced to the bank with proper due diligenceexercise . NRI is also eligible. |
2.Purpose
To finance the purchase of land allotted by the local development authority / housing board as residential site/plot.
3. Nature of facility
Loan in the form of Demand Loan.
4.Loan Amount
Maximum loan is 75% of the total amount payable plus registration charges or Rs.8 lakhs whichever is lower.
5.Margin
25% of the total cost of site/plot.
6.Rate of Interest
13.25 % p.a. under floating rate (W.e.f: 3.02.2009 )
In case of premature closure or closure of the loan at the end of the 5th year without availing housing loan for construction of the house interest will be charged at 13.25% from date of first disbursement to the date of closure.
7. Security
An undertaking from the borrower to deposit the allotment letter issued by Development Authority with the Bank. EMG of site/plot allotted/ purchased from the Development Authority.
8.Guarantee
Third party guarantee is not mandatory.
9.Repayment
| v | Within 60 months in EMI. |
| v | EMI/Notional interest as a percentage to net income is applicable as per guidelines as applicable |
10.Processing charges
0.50% of loan amount subject to a Minimum of Rs.1000/-
(Charges are inclusive of service tax)
11.Prepayment Charges NIL
12. Disbursement
Directly by DD to Development Authority. DD should not be handed over to the borrower.
