Corp Ghar Sansar

Eligibility

  • The existing housing loan borrowers enjoying loan under Corp Home Scheme including variants, Corp Home- Premium NRI and Corp Ghar Shobha Schemes and having regular income and sufficient repayment capacity .
  • Main applicant shall invariably have income.
  • Where the house property is in the name of close relative/s, who do not have regular/ independent income, he/she must join as co-applicant or guarantor, irrespective of age.
  • Maximum of ONE co-applicant may be obtained for arriving at repayment capacity.
  • The applicant will be eligible for the loan only after completion of 12 months from the date of commencement of repayment and provided the repayment is regular.
  • In case of housing loans taken-over from other banks, commencement of repayment period at transferor bank may also be considered. In other words, the applicant will be eligible for loan after completion of 12 months from the date of commencement of repayment at transferor bank and our bank put together.
  • The applicant who has closed his existing housing loan with our Bank will also be eligible for loan under the scheme provided the repayments were regular and loan was closed in normal course or prematurely closed. '
  • In case of salaried class, repayment period shall not exceed the retirement age.
  • In case of other than salaried class repayment tenor shall not exceed 70 years of age, unless co applicant has independent income to service the loan.

Purpose

To meet any personal /domestic expenses.

Loan Amount

Minimum of Rs.1 lakh and Maximum of Rs.10 lakh

Margin

25% margin shall be maintained on un-encumbered value of the house property as per latest valuation report, not older than 6 months from the approved valuer of the Bank.

Security

  • Continuing security of residential property already mortgaged to the existing housing loan.
  • Loan under the Scheme shall be fully secured after maintaining prescribed margin on respective credit facilities availed against the housing property.
  • More than one loan may also be extended, to the applicant against the same property subject to required margin on security, Income, repayment capacity etc.
  • Loan against second charge /Pari –Passu charge is strictly not permitted.

Guarantee

Not mandatory.

Rate of Interest

Rate of interest is linked to the MCLR & subject to annual reset.

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Processing Charges

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Prepayment Charges

-Nil-

Repayment

  • The loan shall be repayable in EMI within maximum repayment period of 7 years without any IRH/Moratorium.
  • In case of salaried class, repayment period shall not exceed the retirement age.
  • Repayment period shall not go beyond 70 years of age of the borrower unless co applicant/s has independent income to service the loan.

Nature of facility

Facility shall be in the form of Term Loan and subject to annual review.

Other Conditions

  • Property shall be insured under Reinstate value method for the aggregate amount of loan/limits availed against house property, if already not covered.
  • Insurance of the mortgaged property is mandatory and the insurance premium shall be borne by the borrower.