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Loan against Property

Corp Site- Loan for Purchase of housing site




Corp SITE


LOAN FOR APPLICATION MONEY


1. Eligibility

vSalaried 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.

vThe applicant should be eligible to apply to the local Development Authority as pe their rules for site/plot.

vThe applicant should undertake to construct the house in the allotted site/ plot with in a maximum period of five years.

vApplicant 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

vMaximum loan amount is Rs. 5 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

vFor existing customers with 2 years satisfactory track record, and those who are drawing salary through the bank----> Margin is NIL.
vFor others –> 15% of the Application money.

6. Rate of Interest

Please click here to download:

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

vWithin 12 months or 15 days from the date of refund whichever is earlier.
vEMI/Notional interest as a percentage to net income is applicable as per guidelines

10.Processing charges

Minimum Rs. 500/- irrespective of loan amount
Note : The charges are exclusive of applicable service tax

11. Disbursement

Directly by DD to Development Authority along with application form. DD should not be handed over to the borrower.

12. Other Conditions

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

vSalaried 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.

vThe applicant should be eligible to apply to the local Development Authority as pe their rules for site/plot.

vThe applicant should undertake to construct the house in the allotted site/plot with in a maximum period of five years.

vApplicant 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.25 lakh whichever is lower.

5.Margin

25% of the total cost of site/plot.

6.Rate of Interest

Please click here for Interest Rate Chart

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

vWithin 60 months in EMI.
vEMI/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.

13. Please click here to download the Application Form:

Most Important Terms & Conditions:

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