This scheme provides loan facility for the purpose of construction of dwelling houses or for purchase of an existing dwelling house including the land it situates, against mortgage of property at the rate of interest fixed by the Bank. The product provides an opportunity to customers to fulfill their dreams of constructing a house with a minimum cost and hardship.

Purpose

To purchase/construct house

To renovate/extend/repair existing house.

Eligibility

Persons having A-class D Class membership in the Bank, engaged in trade, commerce,salary deposites for professionals.

Security

The Housing loans are secured loans sanctioned on the basis of mortgage of immovable properties.

The property offered as security must be the land in the possession and title deed of the applicant. In order to prove the possession and title of the applicant, the following documents must be produced:

1. The original document of the property

2. Back documents of the property or its duly attested copies

3. Possession certificate of the property

4. Encumbrance certificate of the property for the last preceding 14 years without any breaks

5. Revenue Tax receipts of the property containing the name of the applicant, extend of property, survey number of the property etc.

6. Purchase certificate issued by the revenue authorities (if found necessary).

7. Copy of the identity card as per the KYC norms.

8. A copy of the plan, approved plan by local authority, location map, building plan and the estimated cost of house construction of the constructing/ purchasing house.

9. Income proof.

Procedure

The application should be submitted along with all the relevant documents to create equitable mortgage in favour of the Bank

Branch manager, after making a detailed scrutiny and site verification, should report over the application and has to submit the application to the Head Office along with detailed report.

After getting legal report & valuator‘s report the loan applications will be sanctioned depending upon the merits of the case.

The Housing loans are disbursed on instalment basis, for disbursement of instalments sanctions from the H.O has to be obtained.

1st instalment of loan amount will be disbursed on the completion and reporting of the foundation of the constructing house as per to the submitted plan

2nd instalment will be disbursed on the completion construction of walls up to lintel level

3rd of instalment will be disbursed after completion of roofing either by laying of tiles or completion of concrete terrace

The last instalment will be issued only after producing of building tax receipt /completion certificate issued by the engineer/ supervisor/overseer

Full amount as one instalment will be disbursed for land with house/ flat. This shall avail with one year from sanction date.

Charges and other costs

The charges levied are forms, insurance, notice, legal fee, valuation charge and miscellaneous charges.

Period

Upto 10 Years

Eligible amount

Maximum Rs. 25,00,000/-

percentage of share linking is 2.5 %

Repayment

Monthly instalment

Customers are free to repay part amount of loan and/or accrued interest thereon at anytime. Interest is calculated on daily product basis on the amount of loan outstanding at the end of the day

To see the interest rate please visit the page interest rate.