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Eligibility:
a) A permanent employee working in Govt. / Semi-Govt. / Public Sector undertaking/ Autonomous Bodies having completed minimum 2 years of confirmed service as on date of application. The employee should be maintaining his/ her salary or saving bank account with the Bank or maintaining his salary account with other Bank.
b) Employees of Reputed Companies with a minimum of 3 years of service.
(c) Central/ State Govt. Pensioners, except family pensioners, drawing their monthly pension from our bank whose spouse is alive and is eligible for family pension.
(d) Farmers/ Orchardist/ Business-men/ Traders/ Contractors with a minimum standing of two years.
(e) Professionals & Self Employed Persons like Doctors/ Engineers/ Architects/ Chartered Accountants/ Advocates etc. with a minimum standing of 2 years.
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2) Age of the Applicant:
- Minimum : 18 years
- Maximum:
a) For salaried employees the loan repayment period shall be adjusted in such a way that the loan along with interest is adjusted atleast six months prior to the date of retirement.
b) For pensioners the loan sanctioned will be fully repaid by the time pensioner attains the age of 70 years.
c) For others, the maximum age at loan maturity shall be 65 years
(Actual loan amount will be determined taking into consideration such factors as applicant’s income and repaying capacity, age, assets and liabilities, cost of the proposed house etc.)
3) Quantum of Loan:
For the purpose of working out of loan assistance, Project cost shall be estimated on realistic basis at current cost of construction/ valuation in case of readymade houses from qualified approved engineers. The maximum loan that can be considered for sanction under direct finance housing as under:
- i) For construction/ purchase of built House/ flat-
60 months net salary/ income or Rs. 30.00 lacs whichever is lower. For pensioners, the maximum eligible loan amount shall be 36 times the gross monthly pension. - ii) For repairs/ renovation/ extension/ addition-
30 months net salary/ income or Rs.15.00 lacs, whichever is lower. - iii) For purchase of a plot of land for construction of dwelling house:
30 months net salary/ income or Rs. 12.00 lacs whichever is lower. Maximum size of plot of land to be purchased shall not exceed 1 kanal.
Loan cases over and above Rs.30.00 lacs can also be entertained after obtaining proper permission from Head Office
Branches may extend finance to a person who already owns a house in town/village where he resides, for buying/ constructing a second house in the same or other town/ village for the purpose of self occupation.
4) Margin:
25% of the project cost.
5) Security:
For loans upto Rs.2.00 lacs:
Primary: Negative Lien on house property with power of attorney to sell the same in case of default.
Collateral: Third party guarantee of one person of sound financial net means, acceptable to the Bank and good for the loan amount.
For loans above Rs.2.00 lacs:
Primary: Mortgage of the house/ property to be constructed/ purchased along-with the land underneath and appurtenant thereto it.
Collateral: Third party guarantee of one person of sound financial net means, acceptable to the Bank and good for loan amount.
6) Repayment Period:
The loan along-with interest at prevailing rate shall be repayable in 5 Years to 20 years in equal monthly installments after the moratorium period.
In case of salaried employees, the repayment period shall be fixed in a manner that the entire principal amount along with interest is liquidated six months prior to the date of his/ her retirement within the maximum repayment period of 20 years. Moreover, it shall be discretion of the borrower to repay the loan in shorter period with larger sums or pay installments even during the moratorium period. For pensioners repayment period shall be 10 years or till the pensioner attains the age of 70 years whichever is earlier.
7) Processing Charges:
0.25% of the Loan Amount
50% of Concession in Processing Charges for Female Borrowers (Site/Joint Borrowers)
* Conditions Apply
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( With inputs from : kashmirpublication.in )
