അംഗങ്ങളുടെ ആവശ്യത്തിന് അനുസരണമായ നിലയില് താരതമ്യേന കുറഞ്ഞ പലിശ നിരക്കില് വായ്പ അനുവദിച്ചുവരുന്നു.
Application of Loan
Loan will be available for
Construction of new house
Outright purchase of a house and house site
Extension or renovation of existing house
Limit of Assistance
The loan amount for the construct/outright purchase/remodeling and expansion of houses shall be fixed as a maximum amount of Rs.50 lakhs
Disbursement
Housing loan shall be limited to 80% of the expenses required for the construction, extension or renovation or for the purchase.
In the case of construction of new house 50% of the loan will be advanced in the first instance and the balance in convenient installment after utilization of the 1st installment. After completion of work a certificate of completion duly signed by a competent engineer shall be obtained
For additions and improvements the loan will be released in convenient installments
For the outright purchase of house or house site the sale shall be effected in favour of the bank and the borrower together as mortgage and mortgager respectively and the bank shall directly pay the seller
Repayment/ Tenure of loan
Loan shall be repaid in equated monthly installments spread over a maximum period of 18 years. Borrowers are free to remit more than one installment or lumpsum at any time. Repayment holiday will be granted till the completion of construction or 12 months from the date of disbursement of first installment, whichever is earlier
Collateral Security
Advance is made against the mortgage of landed property as equitable mortgage or registration. Building shall be insured at the cost of the borrower and the insurance policy shall be assigned in favour of the bank
Share Linking
Share linking will be 3.50% of the loan amount
Authority to sanction the loan
Title deeds
Tax Receipts of the property & Buildings, if any
Encumbrance certificate for 20 year.
Plan and Estimate of the building proposed to be constructed duly certified by a competent authority
Possession Certificate
Location Certificate and Sketch etc
Affidavit cum undertaking that he shall not violate the sanctioned plan
General
A completion certificate to be obtained within three months of the completion of the construction
Certificate of Bank’s Valuers also to be obtained at various stages of construction that the construction is as per the sanctioned plan
