Purpose
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- For purchase or construction or additional construction of house or flat
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Age of applicant
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- Entry age is 18 years and exit age is 70 years
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Income
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- Salaried: Minimum three years of Service (Including previous employment / experience & confirmed in present employment
For Govt. employees 100% of salary
For Pvt. Organizations 50% of salary is considered (100% on merits)
- Business: Last three years IT Returns (Gross income net of tax)
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Loan amount
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- Max. 60 times of Gross Monthly income
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Purchase / Construction of House
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Repairs & Renovations
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Margin
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Rate of Interest
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Period of Loan
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- Max 20 Years including Holiday period
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Repayment
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- In case of construction: EMIs start after 12 months of holiday period or completion of construction whichever is earlier
- In case of Purchases: Up to 6 months on merits Interest during holiday period is to be serviced every month, unless it is permitted to capitalise
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Take home pay
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- 40% (need not observe 40% norm if leftover income after EMI is > 20,000/-)
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Period of Loan
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- Max 20 Years including Holiday period
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Security
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- Site and house property financed
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Security Coverage
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Processing charges
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Mortgage charges
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Documents Required
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- KYC documents of borrower and guarantors for address and identity
- Proof of Business address in respect of Businessman or professionals
- Proof of Employment in respect of salaried person
- Bank account copy for six months to verify salary / other income / nature of other transactions
- Balance sheets for past 3 F.Ys in case of Professionals, Businessman or self employed persons
- Passport size photographs of borrower and guarantors
- CIBIL / other CICs Report (2nd CIC report required if loan amount is 50 Lakhs and above)
- Income proofs - Salary Certificate / Form 16 / IT returns for 3 Years
- Approved Plan and proceedings of the house
- Agreement of sale, in case of purchase of flat or house
- Property tax receipts wherever applicable
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