HOUSING LOAN FOR PUBLIC

For construction of house/addition in house/purchase of built up house/flat and purchase of plot

MAXIMUM AMOUNT OF LOAN: RS. 30.00 LACS (AS PER REPAYING CAPACITY AND REQUIREMENT)

Rate of Interest:
11.50% P.A. up to Rs. 10.00 lacs (Calculation of interest rests monthly)
12% P.A. Above Rs. 10.00 Lacs (Calculation of interest rests monthly)

Disbursement of loan installments:

In case of purchase of plot + Construction, the disbursement shall be in 3 installments as follows.
For purchase – 50%
Up to roof level- 25%
After roof level-25%

Ist installment for construction after plinth level -50%
IInd installment for construction after the roof level -50%

MAXIMUM REPAYMENT PERIOD: 20 YEARS IN EQUAL MONTHLY INSTALLMENTS

Terms and Conditions:

i) Loanee should be nominal the member of the bank.

ii) Loanee and guarantors should be residents of Chandigarh/Mohali/Panchkula.

iii) Seller should be the owner/allottee/transferee of flat of Cooperative House Building Societies and flat owners/allottees of the Chandigarh Housing Board, Estate office and other agencies of Chandigarh Administration.

iv) Plot/house should be in Chandigarh and should be in the approved residential area by the Local Authority.

v) Original registered deed of plot or original allotment letter and possession letter (in case of housing society-share certificate), shall remain in the custody of the bank till full & final payment of loan amount.

vi) Property/house/plot/flat must be equitable mortgaged in favour of the bank (Ownership, possession, valuation, non-encumbrance certificate issued by competent authority should submit with the application)

vii) There should be a clear title to the property.

viii) Estimate and approved map of the house should also be attached with the loan application in case of construction of house.

ix) 25% of total estimate should be arranged by the loanee

x) Two good sureties acceptable to the bank.

xi) Insurance of house /plot/flat should also be made in favour of bank.

xii) Every installment will be released after the verification and utilization certificate issued by the bank officer not below the rank of Accountant/Assistant Manager.

xiii) However, the aggregate of housing loan outstanding on any day against individual institutions and societies should not exceed 10% of the bank’s total deposits.

xiv) 5 Advance cheques in favour of bank for repayment of loan.

xv) Loanee shall submit utilization certificate.

xvi) Valuation certificate from govt. authority or govt. approved valuer or architect approved by the bank at the cost of loanee.

xvii) In case of purchase of plot/flat/house which is not mortgage-able then loanee can give collateral security of another house/flat/plot as security of loan however the value of house/flat/plot should be double of the loan amount.

xviii) EMI shall start after six months from the date of Ist installment in case of construction only.

xix) In case of built up and purchase of plot, the EMI will start from next month from the date of advancement of loan.

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