SyndNivas - Housing Loan Scheme
Details for Product Literature
- 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 25 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.
- 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 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.
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.
- 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.
- 25% of total project cost for construction/purchase of new flat or house upto 5 years old.
- 30% for acquiring house which is above 5 years old.
- 30% of the estimated cost of addition/extension/repairs/renovation.
- Rs.700/- per lac or part thereof with a minimum of Rs.1000/- at present. (Processing charges are subject to change from time to time)
For acquiring a house
For repairs/renovation - Maximum repayment period is 5 to 7 years.
- Equated monthly instalments with maximum repayment period of 25 years including repayment holiday of 18 months where eligible.
- In case of salaried persons, repayment period shall not extend beyond superannuation and for others beyond 65 years of age.
Rates of Interest
|Upto 5 years
||BPLR - 4.00
||BPLR - 3.25
||BPLR - 2.75|
|Over 5 years and
upto 10 years
||BPLR - 3.50
||BPLR - 2.75
||BPLR - 2.25|
|Over 10 years and
upto 20 years
||BPLR - 3.25
||BPLR - 2.50
||BPLR - 2.00|
|Over 20 years and
upto 25 years
||BPLR - 3.00
||BPLR - 2.25
||BPLR - 1.75|
Other terms and conditions :
- The above rates are applicable for loans sanctioned/disbursed on or after 17.01.2009
- Interest rates are to be compounded monthly
- Fresh Fixed Rate Housing Loans should be repaid within a period of 10 years
- Reset Clause : Bank has the option to reset the interest rates on Fresh Fixed Rate Housing Loans sanctioned after anytime after completion of 3 years from the date of availment.
A good third party security acceptable to the Bank. The following important documents are to be submitted along with the application
- 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.