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Housing loan to public for renovation/alteration

MAXIMUM AMOUNT OF LOAN: RS. 10.00 LACS (AS PER REPAYMENT CAPACITY AND REQUIREMENT)

Rate of Interest: 11.5 % P. A. (Calculation of interest rests monthly)

Disbursement of loan four equal installments

MAXIMUM REPAYMENT PERIOD: 10 YEARS IN EQUAL MONTHLY INSTALLMENTS

Terms and Conditions:

i) Loanee and guarantors should be a nominal member of the bank.

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

iii) Plot/house should be in Chandigarh and should be in the approved area of the local authority.

iv) 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.

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

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

vii) 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.

viii) Estimate and approved map of the house for renovation/alteration should also be attached with the loan application

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

x) Two good sureties acceptable to bank.

xi) Insurance of property should also be made in favour of bank.

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

xiii) 5 Advance cheques in favour of bank for repayment of loan

xiv) Utilization certificate.

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

xvi) EMI will start from next month from the date of advancement.