SyndNivas SyndNivas - Housing Loan Scheme Purpose: For construction/acquisition of a house/flat or for acquiring a site and building a house thereon. For acquiring a new house or existing house not more than 20 years old. For making extensions/additions to existing house. For NRIs, loan available for acquisition of house for self-occupation on return to India. For acquisition of furniture/fixtures including air conditioners, geysers, fridge, cots, tables, sofas etc which form part of improvements to the home purchased or constructed out of the Housing Loan not exceeding of 10% total cost of the project, may be included. Take over of existing Housing loan from other banks/ financial institutions in the case of salaried class are permitted. Eligibility: Resident Indians, Non-resident Indians, Pensioners, Hindu undivided families. Self-employed/business class having gainful employment in a profession or business for a period of minimum period of 5 years. Individuals not owning a house/flat at the place of work / business / profession having sufficient and regular income. NRIs holding Indian passport, persons of Indian origin, residents outside India, with adequate repayment capacity. Applicant should be a major and not more than 55 years of age. For salaried class, applicant should have completed 5 years of service and the remaining period of service left shall not be less than 5 years. Loan to third house is not permitted. Quantum: For Salaried persons: Maximum of 72 months gross salary (including salary of spouse) For Others: Maximum of 6 times average annual income based on Income Tax Assessment Order/IT returns for the past 3 years. Income/salary of spouse/father/mother/son/daughter with the applicant can also be considered. Security: First mortgage of the site/house/flat to be constructed/acquired or as advised by the Legal Adviser/Law Officer of the Bank. Hypothecation of furniture & fixtures. Margin: Loans below `.20.00 lakhs : 10% (Minimum) Loans of `.20.00 lakhs and less than 75.00 lakhs : 20% (Minimum) Loans of `.75.00 lakhs and above: 25% (Minimum) Processing & Documentation Charges: Loans upto `.25.00 lakhs : 0.25% of loan (min `.1000 – max `.5000) Loans above `.25.00 lakhs upto `.75.00 lakhs : 0.25% of loan (max `.6500) Loans above `.75.00 lakhs : `.10000 (flat) Mortgage charges : NIL Repayment: For acquiring a house Equated monthly instalments with maximum repayment period of 25 years or 70 years of age whichever is earlier (including repayment holiday if any) For repairs/renovation: Maximum repayment period is 5 to 7 years. Rates of Interest: Interest linked to Loans-Base Rate of the Bank at monthly compounding. SyndNivas-Fixed rate of interest upto 10 years is 12.00% subject to reset clause Reset Clause: Bank has the option to reset the interest rates on Fresh Fixed Rate Housing Loans sanctioned anytime after completion of 3 years from the date of availment. Surety: Waived. However possibility of obtaining surety/guarantee of Spouse wherever necessity is felt shall be obtained Other requirements: Proof of income. Original title deeds of the property with Encumbrance Certificate and agreement for sale. Permission for construction with approved plan issued by Competent Authority. Estimation of construction cost, valuation report in case of purchase of ready built house/flat. Any other documents depending upon the individual case. For more details contact our nearest branch.
Posted on: Sun, 29 Sep 2013 05:23:57 +0000
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