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FAQs >>Loans
>> Housing Loans
Description
FAQs on Rural House Building Loan
1. Who can apply for this loan?
Any individual having well source (except businessman) of income can apply for this loan.
2. What would be minimum or maximum age for getting this loan?
Age should be between 21 yrs max. 65 Yrs.
3. How much loan I can get?
85% of Construction Estimate or purchase agreement or 15 Lacs or as per repaying capacity from the income of the loanee whichever is less.
4. Where can I utilize this loan amount?
For Construction or purchase of build-up house
5. In how much time I can repay this loan?
The Loan can be repaid within 180 Months.
6. Can I prepay this loan?
Yes, loan can be prepaid without any prepayment charges.
7. What would be the Rate of Interest for this loan?
10.50% p.a. or as contracted at the time of advancement on reducing balance.
8. Will there be any Charges?
Yes, Processing Fee @0.50% maximum RS. 1000/-- will be charged before disbursement of loan.
9. What would be the documents required for this loan?
Residential proof, Income Proof, Construction estimate or Purchase Agreement, a/c statement or J form, Salary Certificate and irrevocable authority from employer in case of employee, Map approved from village sarpanch, Non-Encumbrance certificate of property on which loan is taken and also of property offered as collateral security.
10. Will there be any Collateral Security Required?
Yes collateral security is required (exempt in case of govt. employee if provides irrevocable authority by employer), and Guarantors required to stand as Surety for repayment of this loan
Description
FAQs on Urban House Building Loan
1. Who can apply for this loan?
Any individual having well source of income can apply for this loan.
2. What would be minimum or maximum age for getting this loan?
Age should be 21years minimum and loan must be repayable maximum up to 65 years of age.
3. How much loan I can get?
75% of Construction Estimate or purchase agreement or 25 Lacs or as per repaying capacity from the income of the loanee whichever is less.
4. Where can I utilize this loan amount?
For Construction or purchase of build-up house
5. In how much time I can repay this loan?
The Loan can be repaid within 180 Months.
6. Can I prepay this loan?
Yes, loan can be prepaid without any prepayment charges.
7. What would be the Rate of Interest for this loan?
10.50% p.a. or as contracted at the time of advancement on reducing balance.
8. Will there be any Charges?
Yes, Processing Fee @0.50% maximum RS. 5000/-- will be charged before disbursement of loan.
9. What would be the documents required for this loan?
Residential proof, Income Proof, Construction estimate or Purchase Agreement, Map approved from Municipal Corporation, Non-Encumbrance certificate of property and legal opinion of property on which loan is taken, a/c Statement or J form, Salary Certificate and irrevocable authority from employer in case of employee, TS-1 of property in case of purchase of build-up house
10. Will there be any Collateral Security Required?
No collateral security is required, only mortgage of property on which the loan is taken and 2 Guarantors are required to stand as Surety for repayment of this loan
FAQs on Rural House Building Loan
1. Who can apply for this loan?
Any individual having well source (except businessman) of income can apply for this loan.
2. What would be minimum or maximum age for getting this loan?
Age should be between 21 yrs max. 65 Yrs.
3. How much loan I can get?
85% of Construction Estimate or purchase agreement or 15 Lacs or as per repaying capacity from the income of the loanee whichever is less.
4. Where can I utilize this loan amount?
For Construction or purchase of build-up house
5. In how much time I can repay this loan?
The Loan can be repaid within 180 Months.
6. Can I prepay this loan?
Yes, loan can be prepaid without any prepayment charges.
7. What would be the Rate of Interest for this loan?
10.50% p.a. or as contracted at the time of advancement on reducing balance.
8. Will there be any Charges?
Yes, Processing Fee @0.50% maximum RS. 1000/-- will be charged before disbursement of loan.
9. What would be the documents required for this loan?
Residential proof, Income Proof, Construction estimate or Purchase Agreement, a/c statement or J form, Salary Certificate and irrevocable authority from employer in case of employee, Map approved from village sarpanch, Non-Encumbrance certificate of property on which loan is taken and also of property offered as collateral security.
10. Will there be any Collateral Security Required?
Yes collateral security is required (exempt in case of govt. employee if provides irrevocable authority by employer), and Guarantors required to stand as Surety for repayment of this loan
FAQs on Urban House Building Loan
1. Who can apply for this loan?
Any individual having well source of income can apply for this loan.
2. What would be minimum or maximum age for getting this loan?
Age should be 21years minimum and loan must be repayable maximum up to 65 years of age.
3. How much loan I can get?
75% of Construction Estimate or purchase agreement or 25 Lacs or as per repaying capacity from the income of the loanee whichever is less.
4. Where can I utilize this loan amount?
For Construction or purchase of build-up house
5. In how much time I can repay this loan?
The Loan can be repaid within 180 Months.
6. Can I prepay this loan?
Yes, loan can be prepaid without any prepayment charges.
7. What would be the Rate of Interest for this loan?
10.50% p.a. or as contracted at the time of advancement on reducing balance.
8. Will there be any Charges?
Yes, Processing Fee @0.50% maximum RS. 5000/-- will be charged before disbursement of loan.
9. What would be the documents required for this loan?
Residential proof, Income Proof, Construction estimate or Purchase Agreement, Map approved from Municipal Corporation, Non-Encumbrance certificate of property and legal opinion of property on which loan is taken, a/c Statement or J form, Salary Certificate and irrevocable authority from employer in case of employee, TS-1 of property in case of purchase of build-up house
10. Will there be any Collateral Security Required?
No collateral security is required, only mortgage of property on which the loan is taken and 2 Guarantors are required to stand as Surety for repayment of this loan
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