Salaried Individuals confirmed in service. Non-salaried class engaged in business, Professional and self-employed persons who are IT assesses and having minimum of 2 years satisfactory dealings with the bank.
The applicant should be eligible to apply to the local Development Authority as per their rules for site/plot. The applicant should undertake to construct the house in the allotted site/ plot with in a maximum period of five years.
To finance the application money(initial deposit) payable to local Development Authority for allotment of residential site/plot.
Maximum loan amount is Rs. 5 lakh or initial deposit payable whichever is less, but should not exceed: 12 times of monthly take home pay in case of salaried persons & 100% of gross annual income as declared in the income certificate produced to development authority in case of other than salaried persons.
For existing customers with 2 years satisfactory track record and those who are drawing salary through the bank : Nil.
For others : 15% of the Application money.
An undertaking from the borrower to deposit the allotment letter issued by Development authority with the bank.
Rate of Interest
Rate of interest is linked to the MCLR & subject to annual reset.