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  Home » Loan Schemes » Non Agricultural Loans » Housing Loans



     

HOUSING LOANS:          

Loan amount: Maximum  of Rs.20.00 Lakhs for Construction or Purchase of house or Flat irrespective of  its location in RURAL or URBAN area.           

Eligible persons: The  applicant should have an Account, introduced
              satisfactorily  to the Bank.  The applicant's age should  not be more than
              55  years and not less than 18 years. In case of farmers where the
            applicant/s  age exceeds 55 years, legal heirs can join as co-applicants.          

LOAN ELIGIBILITY:          

Salaried Persons: Salaried  persons such as, State Government
              Employees,  Employees of Public Sector Undertakings, Central Government
            Employees  and the employees of Public Limited Companies.          

Maximum  loan amount eligible is 36 times net monthly salary of the applicant supported  by latest pay certificate.          

Net  take home pay of the applicant, after deducting proposed loan instalment should  not be less than 40% of his/her gross salary.          

Agriculturists:           

Maximum  loan amount eligible is 3 times net annual income.                        

  • A declaration from the applicant regarding his income from  Agriculture and Allied Activities shall be obtained.               
  • Branch has to submit Income Certificate duly certified by  the Branch Manager regarding the applicant's income from Agriculture and Allied  Activities as per the existing norms. Existing Branch Manager's valuation  report is it to be used for this purpose.               
  • Documentary evidence of land holding of the applicant shall  be obtained.                     

Business Persons and  others:          

Maximum  loan amount of 3 times of the average annual income for the last 3 years  supported by financial statements signed by Charted Account/income tax returns  /Assessment orders in respect of business and other income.         

All types of applicants  should satisfy the following condition:         

Percentage  of Equated monthly/ Quarterly / Half Yearly / Yearly installment should not  exceed 30% of respective Gross Monthly / Quarterly / Half Yearly / Yearly  income of the applicant(s).          

MARGIN:         

Applicant’s  margin should be atleast 25% of total estimated value of the house.          

REPAYMENT PERIOD: Repayment  period should not exceed 15 years
              inclusive  of required moratorium or initial holiday period up to 18 months
              from  the date of disbursement of first instalment of the loan. Incase of
            salaried  people loan is to be recovered before retirement of the applicant.          

GUARANTOR:         

Guarantor  of a suitable person worth at least equal to the loan amount is required.           

SECURITY:                  

  • Primary  Security:
    Mortgage  of house/flat financed by the Bank shall be the primary security.      
                   
  • Collateral  Security:
    In  cases where the title is not available for the site in the villages, because of  ancestral property or Grama Kantam, collateral security worth not less than  150% of the loan has to be obtained. In case of liquid securities like LIC  Policy, Govt. Promissory notes, NSCs, KVPs , gold ornaments of worth 100% of  the loan is sufficient.  This is for  rural areas only.              

PURCHASE OF HOUSES:                      

  • Age of the house should not be more than 10 years.             
  • The life and condition of the house be such that Bank’s  security coverage is not affected till closure of the loan.             
  • Approved Engineer’s Certificate regarding the value and  usefulness of the house is to be obtained.           

REPAIRS, RENOVATION  & EXTENSION OF HOUSE:
The  limit is restricted to Rs.1,00,000/- in Rural and Semi-Urban areas and  Rs.2,00,000/- in Urban areas.  All the  loans have to be covered under priority sector.   The Branch has to satisfy with the estimates. Collateral security worth  150% of the loan shall be obtained. Security may be either immovable property  like house, agricultural land or movable properties like NSCs, KVPs, LIC  policy, gold ornaments etc.  The  repayment period should not exceed 10 years.          

EDUCATION LOANS:        

 Educational loans are allowed only to  meritorious students to help their parents/guardians to meet the expenses of  higher studies.         

Educational  loans can be sanctioned for the following purposes:              

  • Studies in India              
  • Studies in Abroad       

The courses eligible for finance are:                    

  • Professional  courses: Engineering, Medical, Agriculture, Veterinary, Law, Dental,  Management, Computer etc.             
  • Courses like ICWA, CA,  CFA etc.             
  • Courses  conducted by IIM, IIT, IISC, XLRI, NIFT etc,             
  • Courses offered  in India  by reputed foreign universities.             
  • Evening courses  of approved institutes.             
  • Indian  institute of Information Technology (IIIT).             
  • Other courses  leading to diploma/degree etc. conducted by Colleges/Universities approved by  UGC/Govt./AICTE/AIBMS/ICMR etc. & courses offered by National Institutes  and other reputed Private Institutions.             
  • Job oriented  professional/technical courses offered by reputed Foreign Universities.             
  • Post Graduation  - MCA, MBA, MS etc.             
  • Courses  conducted by CIMA- London, CPA in USA etc.             
  • Ph.D (Doctor of  Philosophy)           

If the student  is eligible for any scholarship stipend etc., assistance may be given to bridge  the gap till he gets such scholarship or to supplement such scholarship, grant  etc.         

Eligibility:                    

  • Must be an Indian National              
  • Must be over 16 years of age but below 30 years.              
  • Must be a merit student and have secured  admission to professional/ Technical courses preferably through entrance  test/Selection process.             
  • Must be having valid VISA & Pass Port  for foreign studies.         

Purpose:  Loan under the scheme should be  considered towards:               

  • TUITION FEES             
  • EXAMINAITON FEES             
  • STUDY TOURS,  PROJECT WORK             
  • COST OF BOOKS, STATIONERY             
  • EQUIPMENT ESSENTIAL FOR COURSES             
  • HOSTEL FEES                   

Cost of the  computer subject to a maximum of Rs.50,000/- can also be considered wherever  required.        

However, hostel  fees will NOT be considered if the student is studying at the place where his  parents/guardian is residing.          

Quantum of Finance:

              Need based  finance subject to repaying capacity of parents/student subject to a maximum of  Rs.7.50 lakhs for studies in India  and Rs.15.00 lakhs for studies in Abroad.         

Margin:      A. Upto a loan amount of Rs.4.00 lakhs  margin is NIL. 
               B. For loans above  Rs.4.00 lakhs:  5% of the eligible  expenses for studies in India                       and 15% for studies in abroad.         

Repayment: 
In not more  than 60 Monthly Installments after a holiday period of 1 year after course  period or 6 months after getting job, whichever is earlier.            

           

 

           

 

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