Plot Loan

Target Group	Eligible persons/Age of the Applicants/Recognition of Income level /NTHP as applicable for Home Loan Scheme to Residents/NRIs.
Purpose	Purchase of House site on ownership basis( not on lease basis) layout of which duly approved by Competent Authority .
Quantum of loan	Permitted up to 36 times of the Gross Monthly Income ( as per latest Salary Slip for salary class) or THREE times of Annual Net Income ( in case of P& SE /Business category- based on average of latest Two years ) subject to maximum of Rs,1200.00 lakhs.
	For purchase of property in	Amount of loan ( Rs. In lakhs)
	Rural Area	100.00
	Semi urban	200.00
	Urban	600.00
	Metro	1200.00
Margin	Maximum 25 % for residents and NRIs on the cost of plot. LTV ratio should not exceed 75%. If the value of the plot to be purchased is more than Rs.100.00 lakhs, valuation of two Independent panel engineers are to be obtained
Processing fee	As communicated by Corporate office from time to time.
Interest Rates	Plot loan carry additional Interest of 1 % over and above the applicable interest rate for Home loan and the same can be waived subject to the following. On availment of Home loan for construction from our Bank. On completion of construction of the house from own source based on the request made by the Customers and duly evidenced by the Engineer certificate, However reduction of ROI shall be effective from the date of sanction and not on completion of construction. Construction to commence within Two years from the date of handing over possession in case of Government HAD. For others, Construction to commence within Two years from the date of availing loan. If the construction is not commenced within the maximum stipulated period, higher Interest rate @ Interest rate applicable to Ind Mortgage loan to be charged on the expiry of the stipulated period of commencement fro construction for the delayed period.
Repayment	Maximum 180 Months. No holiday period.
Security	EM of house site to be purchased and the EM are to be registered.
Other Terms	For NRIs /PIOs Purchase of plot in rural areas is not permitted Property should be properly protected by fencing/compound walls Property to be purchased should be in a good, accessible, developed/developing area Interest and installments repaid will not rank for IT benefits

( Last modified on Jul 24, 2020 at 07:07:54 PM )