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Housing Loan


Loan for Home Construction / Repair / Change
 

  • District Cooperative Bank Ltd. Pilibhit provides the Home Loans as per requirement of customers. Bank meets the complete package of all your housing finance needs, which help you realize your dream.
     

Credit Limits and Margin of the Applicant –

 

  1. For purchase of constructed building or construction of new buildings, maximum credit limit of Rs 20.00 Lakh.
  2. Maximum Credit limit for Repairs/ changes/ additions is Rs 5.00 Lakh.
  3. Minimum Loan Amount Rs 3.00 lakh.
  4. 25% of the approved loan will be as a contribution margin of the applicant.
  5. The loan amount is determined by the purchase price of the proposed building / construction costs, repairs / changes / additions to the applicant's capacity to pay the amount and cost estimates will be on his income.
  6. Authorized Evaluation Report / Intimate / original map / proposed map.

 

Loan Eligibility –

 

  1. Regular employees of the Government of India / U.P.
  2. Permanent Employees of Semi-Government/ Self Governing/ Institute/ Educational Institute (Approved by Government of India / U.P).
  3. In addition to the above, a person who has income tax assessed in the last 3 years and Permanent Account Number (PAN) is allocated to him.
  4. 50 years old employees will be eligible for loans and up to 55 years in specific cases. Debt repayment must be 2 years before retirement.
  5. Loan in the name of two individuals, except one of them is employed. Co-loan applicant may be husband, wife, parent, son or father-in-law.
  6. This plan is limited to the municipality/ towns/ cities, with a population of over 50 thousand.
  7. The applicant should not be defaulter of any bank or financial institution.
  8. The applicant and guarantor should be the A/c holder and nominal member of our bank.
  9. Credit Score of loan applicant should be 700 and more.

 

Duration of Loan –

 

  1. The maximum term of the loan will be 15 years to repay or 6 months earlier than the retirement of the employee.
  2. Repayment of Loan for Repairs/ changes/ additions etc, will be up to 10 years or 6 months before retirement.
  3. Determination of the repayment period of loan will be the subject to sanctions of loan repayment ability of the borrower of loan.

 

Interest Rates –

 

  1. Up to 3.00 Lakh             - 8.50%
  2. Above 3.00 Lakh           - 9.50%

 

  • Calculation of interest on a monthly basis, while on non-payment of outstanding instalments penal interest will be charged at an annual rate of 2%.
     

** These rates will apply till the full repayment of the loan.

 

Processing Fee –

 

  1. 0.50% of sanctioned loan.
  2. Maximum Rs. 10000.00

 

Repayment Capacity / Payment Assessment –

 

  1. Repayment capacity will be equal to the 30% of monthly income of the applicant, but due to the monthly deduction from salary, monthly expenses and savings capacity it may be reduced.
  2. By adding the deduction of the loan installment, the total deduction in the monthly income of the applicant should not exceed 50% of the salary.
  3. In case of Joint Loans, repayment capacity will be assessed on the basis of 30% of sum of both salaries.
  4. 6 months prior to the application, calculation of the full capacity deductions should be assessed of the paid average salary.
  5. Loanee can pay additional amount in the loan and also request to increase the installment amount after increase in repayment capacity.
  6. First Installment of loan repayment will be start from following month from the release of final loan installment.

 

 

** For more details, please contact the nearest Branch of District Co-operative Bank Ltd. Pilibhit.