HOME LOAN
About home Loan
A home provides security. It’s the cornerstone upon which we build our lives. Understanding the various needs of a diverse group of customers, Indrayani Bank provides you with a wide range of Home Loan Solutions that suit your needs.
Who can apply ?
- Individual/s, salaried employees, Businessmen, Self- Employed, Professionals having regular source of income.
- If property is registered in the joint names, all the joint owners should join as Co-Borrowers.
- If income of the Applicant alone is not sufficient, other earning family members (spouse/ father/ mother / son / daughter) can join as Co-Borrower.
- If the Applicant’s age is above 50 Yrs. in case of salaried employee, and 60 Yrs. in case of Businessman, his / her earning son / daughter to be taken as Co-Borrower
Purpose
- For construction of own House
- For purchase of ready built / under construction house or flat.
- For purchase of old house / flat (on resale basis).
- For takeover of existing housing loans from other Bank/ Finance company.
Repayment
- 120 or 180 Equated monthly installments
- For businessmen 120 installment.
Maximum Limit
- Minimum ₹ 5.00 lakhs, & Maximum ₹ 45.00 lakhs.
Margin
New Flat/ House: Minimum 20% of the purchase price Resale Flat / House: Minimum 20% of Market value or Agreement value, whichever is less. [Age of the building should not be more than 20 year& remaining expected life of the property should not be less than 30 years] .
Securities
- Minimum two Sureties who should be an income tax payer
- The Borrower and all the sureties should be Regular/Nominal members of the Bank.
- The house for which loan is sanctioned.
- Collateral security
- Registered Mortgage of House/Flat/Land and House property constructed thereon to be financed.
Collaterals
- Not essential, but may be called for on case to case basis.
Documents Required
- Loan application.
- Residential proof of Applicant and sureties.
- Certified Balance sheet and Profit & Loss A/c. Statements of the borrowers and sureties other than salaried persons.
- Income Tax Returns of last three years of the Borrower(s) and the sureties.
- All the original documents related to house with Tile Clearance Certificate.
- Latest valuation report of property, vehicle etc
- NOC of Society, Builder, CIDCO etc., is required
- In case of old house valuation report is required.
- Any other document required by bank.