Housing Loan

Purpose :

Housing Loan can be availed by member for purchase a Flat/Row House/Bunglow from the BUILDER/ CIDCO/MHADA/HUDCO/ Co-op.Housing Society/seller(Re-Sale).

Housing loan facility extended to construct a House/Bunglow on a plot allotted by the Co-op. Housing Society/owned by self or take over the Housing Loan availed from other Bank/Financial Institutions.

Maximum Loan Limit :

If Husband and wife both are members of the bank then jointly they can availing Housing Loan upto Rs. 60 Lakhs for the same House/Flat.

Housing loan granted to member for purchase of house in which Agreement to Sale / Sale Deed includes the name of the Member as a first purchaser and the name of the member's spouse as a second purchaser.

Non Member's (spouse) income will help to borrow for house property upto 90% of Member’s Net Salary

Rate of Interest :

• 8.50 % p.a. (fixed) upto Rs. 60.00 Lakhs
• 7.75 % p.a. (floating) upto Rs. 60.00 Lakhs

Repayment Term :

Maximum Repayment term is of 20 years. Terms of loan depend on Maximum repayment period or remaining service period less 3 months whichever is less. Remaining service of borrower and guarantor(s) should be equivalent.

Surety Guarantee Fund will be Rs 5 for every thousand or the fraction of their minimum compulsory deposit recovery must be received from salary .

HOUSING LOAN-TOP UP :

Maximum Limit :

Maximum Loan Limit is Rs. 25,00,000/-. Member can avail the loan upto Rs. 25,00,000/- or 90% of property cost as per the property valuation report obtained from Government Valuer or as per the repayment capacity of borrower, whichever is low. Structural Stability certificate is must in case of property is older for 25 year or more.

Rate of Interest :

10.00% p.a.

Guarantor :

One Guarantor required if property located in Grampanchayat area. Eligibility criteria for guarantor will be same borrower.

Repayment term :

Maximum Repayment term is of 120 months. Terms of loan depend on Maximum repayment period or remaining service period less 3 months whichever is less. Remaining service of guarantor should be more than or equal to loan term.

Other Requirements :

• Legal Fees of Rs. 2,500/- + G S T
• Architect Fees : Rs. 2,500/- + G S T for purchasing Ready possession home within the limit of MMRDA else Rs. 4,000/- + GST in addition to lodging and boarding charges Rs. 500/- per day and return travelling expenses will be borne by the member.
• If the Flat/House is under construction, then the Architect fees will be charged Rs.2,500/- + GST for first and second visit and subsequently Rs.1,000/- per visit+ G S T. also if under construction property is out of limit of MMRDA then then the Architect fees will be charged Rs.2,500/- + GST for first and second visit and subsequently Rs.1,000/- per visit + G S T and lodging and boarding charges Rs. 500/- per day and return travelling expenses will be borne by the member.
• Processing Fees Rs. 1,500/-. + G S T.
• Cersai Fee Rs 100/- + G S T
• * Surety Guarantee Fund will be Rs. 5 for every thousand or the fraction there off
• * The terms and condition and charges may vary subject to modifications in Loan Policy as approved by Board of Directors

List of Empaneled Advocates :

List of Empaneled Architect and Valuers :