Housing Loan

Purposes : Housing Loan may granted for the purpose 
Construction: single House ,Flat and commercial building
Purchase: house, flat, Apartment and Commercial building new or old (for old within 15 year aged building only )
Extension : House, flat, Apartment and Commercial building already acquired

  1. Eligibility of Loans:
    1. The intending parties must be Local or official or Business man
    2. The intending parties must possess/ proposed to purchase the minimum extent of land fixed by the Bank from time to time. The land so possessed / proposed to purchase, should be in the name of the borrower and should have clear title. The permanent employees of the Govt. /Semi Govt. Public limited Companies / Bank Employees may also be eligible for the loan provided they have at least 7 to 10 years of service to reach superannuation
    3. If party is official he should  have minimum 5 year service
  2. Maximum Limit: 
    The maximum limit of Housing Loan is restricted to 35 times of the monthly pay in the case of salaried persons and 3 times of Annual Gross Income in the case of others. Subject to a maximum limit of Rs.25 lakhs.
  3. Margin:
    Loans will be granted up to 70% of the valuation of property including the cost of investments to be made in the land in case of SC and ST and low income group and 50% in case of middle income and other group.
  4. Period :
    Repayment of Loan will be by way of equal monthly installment (inclusive of interest) and extended over a maximum of 15 years. The repayment of the loan will commence after the next month of completion of construction of house / purchase of house / flat or 12 months of the disbursement of installment of the loan whichever is earlier.
  5. Co-obligants (Sureties):
    There shall be atleast Two co-obligant / surety owing immovable property / salaried persons / or such other persons as decided by the Bank from time to time.
  6. Security: 
    The housing loan shall be secured by Mortgage of un-encumbered immovable property belonging to the applicant situated within the jurisdiction of the Society. In case of direct finance, it should be situated within the territorial jurisdiction of the Branch from where the loan is availed.
  7. Rate of Interest: 
    The Rate of Interest shall be as decided by the Board from time to time subject to the direction of the RBI from time to time.