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IB Home Loan
EligibilityMinimum entry age is 18 years and maximum exit age is 70 years
Amount of Loan* 60 times of Gross Monthly Income subject to availability of 40% Take Home Pay or more than Rs.20000/- after the proposed EMI including the requisite margin.
* For Repair or Renovation: Rs. 10 lakhs (Max)
MarginFor Loans
a) upto Rs. 20 lakhs : 10%
b) above Rs. 20 lakhs upto Rs.75 lakhs : 20%
c) above Rs.75 lakhs: 25%
d) For repairs or renovation: 30%
Processing fee0.230% on loan amount with a max. of Rs.20470/-
Interest RatesPlease refer the Lending Rates link on home page in our Bank`s Website
Repayment• Loans for purchase / construction of House / Flat: 30 years (including holiday period)
• Maximum Holiday Period of 18 months allowed for Home Loans for the purpose of construction of House / Flat
• Maximum repayment period for Repairs and Renovation: 120 months
Prepayment chargesNIL
SecurityEquitable Mortgage of Property purchased / constructed out of loan proceeds
*{Equitable Mortgage to be registered (at Applicant’s cost) if there is a provision for the same in the State where property is located }
CERSAI registration (at Applicant’s cost) to be done
(i) For Loans up to Rs 5 Lakhs - Rs 50 + ST
(II) For Loans above Rs 5 Lakhs – Rs 100 + ST
Documents to be submitted for processing the application1. Completed Application Form with 3 passport size photograph.
2. Assets and liabilities statement in the Bank’s format from applicant(s), Co-applicant(s) and guarantor(s)
3. Proof of Identity such as PAN Card / Voter’s ID/Passport/Driving License.
4. Proof of residence such as Recent Telephone Bill / Electricity Bill / Property Tax Receipt / Passport / Voter`s ID
5. Proof of business address in respect of businessmen / industrialists.
6. Proof of Employment for salaried class.
7. Salary slips generally for the last 6 months.
8. Statement of Bank account of the applicant(s) for a reasonable period, say 6 months/12 months for verifying salary credit/other income/nature of transaction etc
9. Proof of other income like rent, interest on investment, if any.
10. ITR and Balance Sheet for the past three financial years in the case of Professionals, Businessmen and Self employed.
11. Form16/Income Tax / Wealth Tax (if applicable) Returns for the past 3 years
12. Agreement of Sale / Sale Deed.
13. Approved Building Plan.
14. Title Deed Documents for 13 years/30 years as the case may be.
15. Proof of title in the Revenue Records.
16. Property Tax receipts wherever applicable (Up-to-date EC, Legal Opinion from Advocate & Valuation of property from Engineer will be arranged by Bank at applicant`s cost)
17.Two independent valuations are required for Home loans exceeding Rs.1.00 Crore
Value addedGroup Insurance cover:
• At the option of the applicant, Group Insurance Life Cover is arranged at concessional premium (to be borne by the Applicant).
• The Premium amount will be financed as a separate loan instead of financing as a part of the loan.
Salient FeaturesHome Loans can be considered
a) to purchase / construct a new house / flat
b) to purchase house site and construction of house thereon
c) to purchase an existing house / flat
d) to extend an existing house/ additional construction
e) to repair / renovate an existing house / flat
f) to take over Home Loans from other Banks / Housing Finance Institutions approved by National Housing Bank for Housing Finance.
g) For reimbursement of cost incurred within a period of 6 months for purchase/construction of house/flat met from own resources during the preceding six months# h) Take over from approved Banks / Financial Institutions#
# Conditions Apply
InsuranceProperty (offered as security) to be insured at borrower`s cost with Bank clause against fire, flood, earthquake, riot and other risks, which are normally covered by insurance companies



 
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