||Resident individuals having steady source of income and a minimum period of service/experience of 3 years (including previous employment/experience and confirmed in the present employment)
- Salaried Class
- Self-employed persons
- Indian Bank Staff & Spouse of the staff
||Entry Age: 18 years
Exit Age: 70 years
- to purchase / construct a new house / flat
- to purchase house site and construction of house thereon
- to purchase an existing house / flat
- to extend an existing house/ additional construction
- to repair / renovate an existing house / flat – in such case
- to take over Home Loans from other Banks / Housing Finance Institutions approved by National Housing Bank for Housing Finance
- Up to Rs.30 lakhs: 10%
- Above Rs.30 lakhs up to Rs.75 lakhs: 20%
- Above Rs.75 lakhs: 25%
In case of Repairs and Renovation: 30%
|Quantum of loan
||As on date of Application, if the Age of the Borrower/ Co-Borrower is less than 45 years
- In case of salaried class, the loan amount will be restricted to 72 times of monthly Gross salary/income.
- In case of others, the loan amount will be restricted to 6 times of Gross Annual income as per ITR/Audited financials
As on date of Application, if the Age of the Borrower/ Co-Borrower is 45 years and above
- In case of Salaried class, the loan amount will be restricted to 60 times of monthly Gross salary/income.
- In case of others, the loan amount will be restricted to 5 times of Gross Annual income as per ITR/Audited financials.
In case of Joint Borrower’s, the number of times of loan eligibility shall be calculated based on each Individual Applicant’s Age.
|Net Take Home Pay
||In case Annual income of the Applicants (Individually or jointly) is up to Rs.15.00 lakhs, NTHP (after proposed loan EMI) should not be less than 40 % of the Gross Annual Income.
In case Annual income of the Applicants ( Individually or jointly) is more than 15.00 lakhs, NTHP ( after proposed loan EMI) should not be less than 30 % of the Gross Annual Income subject to the minimum Annual Take Home pay of Rs.6.00 lakhs.
||Maximum tenor of 30 years (including Holiday Period) subject to exit age criteria.
In case of Repairs & Renovation, maximum 10 years.
- Outright purchase of house/flat – NIL
- For construction of house on the plot already owned by the applicant – Maximum 18 months
- Purchase of Plot and construction of house thereof / flat under construction by promoters / developers – Maximum 24 months
- Flat under construction – in case of bigger projects – Maximum 36 months
- Takeover accounts – NIL
||Equitable Mortgage of Property purchased / constructed out of loan proceeds
|Life 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.
|Takeover of Loans from other Banks/FIs
- Permitted only for completed Building and Possession of the Building is taken over by the applicant.
- Minimum 12 EMI should have been paid from the date of commencement of EMI.
- All the Securities with the existing Bank/FI should be made available.
- Takeover from Co-operative Societies is not permitted
- Other Terms and Conditions apply.
- Completed Application Form with 3 passport size photograph.
- Assets and liabilities statement in the Bank’s format from applicant(s), Co-applicant(s) and guarantor(s).
- Proof of Identity such as PAN Card / Aadhar card /Voter’s ID/Passport/Driving License.
- Proof of residence such as Recent Telephone Bill / Electricity Bill / Property Tax Receipt / Passport /Aadhar card/ Voter`s ID.
- Proof of business address in respect of businessmen / industrialists.
- Proof of Employment for salaried class.
- Salary slips generally for the last 6 months.
- 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
- Proof of other income like rent, interest on investment, if any.
- ITR and Balance Sheet for the past three financial years in the case of Professionals, Businessmen and Self-employed.
- A brief note on the nature of Business/Service, year of establishments, constitution, securities charged in respect of loans availed from our Bank/other Branches /Bank.FI /other sources.
- Form16/Income Tax / Wealth Tax (if applicable) Returns for the past 3 years
- Agreement of Sale / Sale Deed.
- Approved Building Plan.
- Title Deed Documents for 13 years/30 years as the case may be.
- Proof of title in the Revenue Records.
- 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).
- Two independent valuations and Legal Scrutiny Reports are required for Home loans exceeding Rs.1.00 Crore.