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SyndNivas
 

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.
For repairs/renovation - Maximum repayment period is 5 to 7 years.

Rates of Interest

 
Repayment
Period
(Including
Repayment Holiday)
Fixed Rate
Upto
Rs. 20 lacs
%
Fixed Rate
Above
Rs. 20 lacs
%
Floating Rate
Upto
Rs.20 Lacs
%
Floating Rate
Above
Rs.20 Lacs and
Upto
Rs.30 Lacs
%
Floating Rate
Above
Rs.30 Lacs
%
Upto 5 years 12.00 12.00 BPLR - 4.00
BPLR - 3.25
BPLR - 2.75
Over 5 years and
upto 10 years
13.00 13.00 BPLR - 3.50
BPLR - 2.75
BPLR - 2.25
Over 10 years and
upto 20 years
Category abolished Category abolished BPLR - 3.25
BPLR - 2.50
BPLR - 2.00
Over 20 years and
upto 25 years
Category abolished Category abolished 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.

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.

 
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