Swagruha Home Loan


Purpose
  • For purchase or construction or additional construction of house or flat
Age of applicant
  • Entry age is 18 years and exit age is 70 years
Income
  • 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)
Loan amount
  • Max. 60 times of Gross Monthly income
Purchase / Construction of House
  • Metro:  35 Lakhs (Overall cost 45 Lakhs)
  • Others:  25 Lakhs (Overall cost 30 Lakhs)
Repairs & Renovations
  • Metro:  10 Lakhs
  • Others:  6 Lakhs
Margin
  • 25%
Rate of Interest
  • Upto 25 Lakhs - 7.9% p.a
  • > 25 Lakhs to 75 Lakhs - 7.9% p.a
  • Above 75 Lakhs - 8.4% p.a
Period of Loan
  • Max 20 Years including Holiday period
Repayment
  • 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
Take home pay
  • 40% (need not observe 40% norm if leftover income after EMI is > 20,000/-)
Period of Loan
  • Max 20 Years including Holiday period
Security
  • Site and house property financed
Security Coverage
  • 133%
Processing charges
  • 1.00% + GST
Mortgage charges
  • NIL
Documents Required
  • 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
Designed by Yaswanth Gupta Bondada & Raghav Vellore