SyndNivas - Housing Loan Scheme

Details for Product Literature

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 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.

Eligibility

• 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.

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.

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

• 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.

Processing Charges

• 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)

Repayment

For acquiring a house

• 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

Other terms and conditions :

• BPLR with effect from 01.07.2009 is 12.00%
  
  
• 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.

Surety

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.