• No ceiling on maximum loan amount for purchase/ construction of house/ flat
• Income of your spouse and children can be clubbed to compute eligible loan amount
• Provision to club expected rent accruals from property proposed to be purchased for eligible loan amount
• Provision for reimbursement of cost already incurred
• Loans upto 65 years of age
• Provision to finance cost of furnishing and consumer durables as part of project cost
• Facility of repayment permitted upto 70 years of age
• Group Insurance from SBBJ Life at concessional premium (Upfront premium financed as part of project cost)
• Interest applied on daily diminishing balance basis
• ‘Plus’ schemes which offer attractive packages with concessional interest rates and margins to Teachers etc.
• Special scheme to grant loans to finance Earnest Money Deposits to be paid to Urban Development Authority/ Housing Board, etc. in respect of allotment of sites/ house/ flat
• No Administrative Charges or application fee
• Prepayment penalty is recovered only if the loan is pre-closed before half of the original tenure (not recovered for bulk payments provided the loan is not closed)
• In-principle approval can be issued This gives you flexibility while negotiating purchase of a property
• Attractive packages in respect of loans granted under tie-up with Central/ State Governments/ PSUs/ reputed corporates and tie-up with reputed builders (Please contact your nearest branch for details)
• Concessional package under ‘Credit Khazana’ for prospective car loan borrowers whose accounts are conducted satisfactorily
• Facility to pay your regular instalments at any of our branches.
• Home loan borrowers of Rs.10 lacs and more and having deposit of Rs.2 lacs are given various concessions.

Purpose

• Purchase/ Construction of new House/ Flat
• Purchase of an existing House/ Flat
• Purchase of a plot of land for construction of House
• Extension/ repair/ renovation/ alteration of an existing House/ Flat
• Purchase of Furnishings and Consumer Durables as a part of the project cost
• Takeover of an existing loan from other Banks/ Housing Finance Companies
  
  Eligibility
  Minimum age 18 years as on the date of sanction
  Steady source of income
  
  Loan Amount
• Applicant/ any one of the applicants are aged over 18 years and upto 45 years – 60 times Net Monthly Income (NMI) or 5 times Net Annual Income (NAI), subject to aggregate repayment obligations not exceeding 57.50% of NMI/ NAI
• Applicant(s) aged over 45 years of age– 48 times NMI or 4 times NAI, subject to aggregate repayment obligations not exceeding 50%of NMI/ NAI
  
  To enhance loan eligibility you have option to add:
• Income of your spouse
• Income of your son/ daughter living with you, provided they have a steady income
• Expected rent accruals (less taxes, cess, etc.) if the house/ flat being purchased is proposed to be rented out
• Regular income from all sources
  
  Margin

Interest
Click here to view the interest rates.

Processing Fee
0.60% of Loan amount (including Service Tax)

Prepayment Penalty
2% of the loan prepaid if the prepayment is made before expiry of half the original tenure.

Security

• Equitable mortgage of the property

• Other tangible security of adequate value like NSCs, LIC policies etc., if the property cannot be mortgaged

• Personal Guarantee of spouse /son/daughter if his /her income clubbed for eligibility
  
  Maximum Repayment Period

• For applicants upto 45 years of age: 20 years

• For applicants over 45 years of age: 15 years
  
  Moratorium
  Upto 18 months from the date of disbursement of first instalment or 2 months after final disbursement in respect of loans for construction of new house/ flat (moratorium period will be included in the maximum repayment period)
  
  Disbursement

• In lump sum direct in favour of the builder/ seller in respect of outright purchase

• In stages depending upon the actual progress of work in respect of construction of house/ flat etc.
  
  Documents

• Completed application form

• 3 Passport size photograph

• Proof of Identity – PAN Card/ Voters ID/ Passport/ Driving License

• Proof of Residence – Recent Telephone Bill/ Electricity Bill/ Property tax receipt/ Passport/ Voters ID

• Proof of business address in respect of non salaried borrowers.

• Sale Deed, Agreement of Sale, Letter of Allotment, Non encumbrance certificate, Land/ Building Tax paid receipt etc. (as applicable and subject to satisfaction report from our empanelled lawyer)

• Copy of approved plan and approval from the Local Body

• Statement of Bank Account/ Pass Book for last 6 months

• Signature identification from present bankers

• Personal assets and liabilities statements

• Brief write up of securities charged in respect of other loans availed from our Banks/Housing and Auto Finance Co./other sources