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Loan Details
Samruddhi Housing Loan Scheme
Simple and convenient financing solutions for your housing requirements.
Features & Benefits
- Quick sanctioning of the loan
Purpose
- Construction of own house.
- Purchase of under construction flat/ ready built house/ flat / resale flat. In case of resale or old property, loan tenure should not exceed residual life of the property as per valuation report.(Property should not be more than 20 years old)
- For takeover of housing loans from other banks/institutions.
Quantum of Loan / Amount
- Max Rs 140 lacs per individual borrower.
Margin
- Maximum 10% of (Agreement Cost/Sale deed amount). or (Cost of land + construction thereon)
ROI
8.5% p.a.
CIBIL Score Above 750 - at monthly rest
9% p.a.
CIBIL Score Between 650 to 750 - at monthly rest
Documents / Income Proof
- Prescribed loan application form
- Latest Photograph, Photo Identity Proof, Residence proof of the Applicant and Guarantors
- Salaried: salary slip for last 3 months and bank statement for 6 months or ITR or form 16 for two years.
- 60% - 40% for plot purchase and house construction.
- Businessman: last 3 years profit & loss and balance sheet, ITR copies of last three years, 3-month bank statement.
- Documents for creating mortgage as per requirement
- Other requirements as per legal report and banks loan policy
Security
- Equitable/legal Mortgage of house property to be purchased. (Where OC is not available, architect certificate and approved plan to be kept on record)
- Spouse guarantee
- Personal guarantee may be considered depending on the merits of the proposal.
Surety
- Spouse of the applicant in case the applicant is married or one guarantor acceptable to the banks and suitable for the loan amount.
Tenure / Repayment
- Maximum 20 years for all categories (including moratorium)
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