GreehaWreen Loan


PURPOSE

  • For purchase of ready built house
  • For construction of house
  • For undertaking expansion of existing unit, upgradation and creation of additional amenities
  • For undertaking repair & renovations above Rs. 5.00 lacs subject to ceiling of Rs. 10.00 lakhs. For taking over of the HL liability from other Public Sector Banks/Private Banks/ Co-operative Banks and NBFCs.

  • Quantum

  • The maximum eligible loan amount is four times gross annual income of the concluded financial year.
  • The bank will finance 80% of the total cost, which excludes the stamp duty, processing fee, share money, registration fee, legal & valuation fee to be paid by the applicant separately.
  • Minimum net income/ net take home salary after meeting the installment of the proposed housing loan should be 40%.

  • Interest

    Rate of interest will be upto Rs. 20.00 lacs – 9.95% above Rs. 20.00 lacs- 8.95%. The Penalty interest will be charged @ 2 % as per usual norms of the Bank. The rate of interest may change at the discretion of the Bank.

    Processing Fees

    Processing fee will be 1% of the sanctioned amount subject to a max of Rs. 10000.00 plus service tax extra.

    Repayment

    The Loan will be repaid in 15 years starting from the date of availing the Loan. There will be no prepayment charges.

    Sanctioning Authority

    The Sanction shall be accorded by the Chairman for loan amount upto Rs.10.00 lakh and subsequently ratified by the Loan sub-committee. For loan amount above Rs. 10.00 lakh, up to 20.00 lacs the sanction will be accorded by the Loan Sub- Committee. For amount above Rs. 20.00 lacs the loan will be sanctioned by Board.

    Security

  • Guarantee of a person, shall be obtained to the satisfaction of the Bank.
  • Undertaking from the Employer to deduct the installments regularly from the monthly salary of guarantor in case of default.
  • Mortgage of landed property with registered irrevocable power of attorney. If mortgage is not possible for any valid reasons, 100 % collateral security in the form of NSC/KVP (Face Value) /LICP (Surrender Value) etc. The security margin shall be min 25%.

  • Disbursments

    Four Equal Installments (max).

    Documents Required

  • Two copies of recent passport size photographs of both applicant & guarantor.
  • Loan application form.
  • Guarantors Statement
  • Salary statement for last three months showing all deductions with date of retirement.
  • In case of non salaried person, proof of income like audited statement of accounts (Balance Sheet & Profit & Loss Statements)
  • IT return/Form 16 for the last three year of both applicant and the guarantor.
  • Address proof and Identity proof documents of the applicant and the guarantor.
  • Sale deed.
  • Agreement of Sale.
  • Mutation Order.
  • GMDA permission, etc.
  • Trace Map.
  • Copy of Jamabandhi
  • Up-to-date land revenue receipt.
  • Non encumbrance certificate.
  • Three numbers litigation certificate issued by district and session judge, civil judge, Sardar Munshiff.
  • Copy of approved plan for the proposed construction/extension/addition.
  • Detailed cost estimate/ valuation report/ legal opinion.
  • Details of collateral security of the applicant.
  • Bank statements for the last twelve months of our Bank. Any other documents as may be required by the Bank.