Dear Mr. Suresh,
For the housing loan some conditions should be meet and for your convenience, I'm depicting conditions here below, check it and test your eligibility though these conditions :-
Eligibility
You are eligible for a loan under
jointly as husband-wife/parent-son/parent-daughter, if you are
Indian resident having regular source of income.
Minimum 21 years of age.
Maximum 65 years of age inclusive of repayment period
Singly or Jointly as Husband-Wife, Parent-Son & Parent-Daughter
Maximum 75 years of age for Senior Citizens availing finance to secure Shelter in Old
Age Home against full coverage by Bank’s own Term Deposit.
Purpose
Purchase of new independent house/ready built flat for residential purpose.
Construction of independent house on the site already owned by the applicant or site proposed to be purchased from own sources.
Purchase of old house/flat not more than 30 years old, free from tenancy and constructed as per approved plan.
Extension/Repair/Renovation of existing house/flat not more than 50 years old.
Takeover of home loans availed from other banks/FIs subject to certain terms.
Purchase of plot of land for housing purpose under certain conditions.
Quantum of loan
The quantum of loan will be decided as per loan entitlement subject to a maximum of 85% of the total project cost of construction/purchase price of house/flat. Required margin of 15% may be by way of cost of land.
Quantum of loan for furnishing will be 75% of cost of such furnishing subject to a ceiling of 20% of loan eligible for construction/acquisition of house/flat.
The area-specific maximum limits for construction/purchase are as under :
Rural Areas : Rs.25 Lac
Semi-urban/Urban/Metro Areas : Rs.100.00 Lac
Maximum limits for Repair/Extension/Renovation are Rs.7.50 lac in rural areas and
Rs.25.00 lac in Metro/Urban/Semi-Urban areas.
Purchase of Land – financing the cost of land in deserving cases upto 50% of cost of land purchased from Urban Development Authorities/Govt. Bodies subject to the ceiling of 30% of the project cost (i.e. Cost of land + Construction Cost).
Loan Entitlement
Within the above limits, loan entitlement will depend on the following income criteria:
Monthly income should be equal to/more than EMI + Rs.4,000/- in case of a family with up to four members – Salaried/Non-salaried and agriculturist and bank’s own staff are entitled for loan
With increase in number of members, monthly income requirement goes up progressively by Rs.1,000/- for each additional member. Income of spouse & major children may be considered for enhancing the loan entitlement on their agreeing to stand as guarantor/ co-obligant
Loan limit can be enhanced if additional liquid security is offered.
Second Loan- Allowed for repair/renovation/extension of existing house after one year of first loan with minimum margin requirement of 25%
Processing Fee
0.5% of the loan amount minimum Rs.1000.00. Only 0.25% payable on issuance of in-principle sanction. Balance amount payable on final sanction.
CAclubindia
