Housing loan

The Sri Ganapathi Urban Co-Operative Bank Ltd. offers housing loans for various purposes, including:

♦  Purchase of a house/flat.

♦  Construction of a house.

♦  House renovation.

♦  Takeover of an existing housing loan from another bank or financial institution.

Key Features and Details:

• Maximum Loan Limit: Up to Rs. 140 lakhs.
• Repayment Period: The maximum repayment period is 240 months (20 years), which may include a moratorium period of up to 15 months.
• EMI Calculation: EMIs are calculated on a monthly reducing balance.
• Disbursement: Loan disbursement is made directly to the vendor (seller) or to the bank/financial institution in case of a takeover.

Interest Rates:

• Individual/Residential Purpose: 9.50% p.a. 
• Commercial Purpose: 10.00% p.a. 

Note: The interest rates are subject to revision as per the bank's policies and Reserve Bank of India (RBI) directives. Interest is charged and compounded at monthly intervals.

Eligibility Criteria:

1. Applicants must be a member or an associate member of the bank.

2. The applicant's spouse can also be a co-obligant or surety, and their income may be considered to assess the family's repayment capacity.

3. Any existing loan liability with the bank must be up-to-date with timely payment of installments and interest.

4. A legal opinion may be required to reckon the income of family members for repayment capacity.

Documents Required:

The bank requires a comprehensive set of documents for the loan application, including but not limited to:

Property-related Documents:

• Parent/Vendor's title deed
• Sale deed
• Possession certificate
• Khatha extract
• Up-to-date tax paid receipt
• Encumbrance certificate (for 15-30 years)
• Approved plan and estimate sanctioned by the proper authority
• Approved layout plan
• NOC (No Objection Certificate)
• Betterment charges paid receipt
• DC conversion order (if applicable)
• RTC extract
• Mutation record
• Genealogical tree
• Legal Opinion
• Pahani

Applicant-related Documents:

• Income proof
• Self-affidavit (self-acquired/ancestral)
• Any other documents as required by the Legal Scrutiny Report.

For Takeover of Housing Loan:

• Loan Pass Sheets from the previous bank.
• NOC from the current bank/financial institution.

Other Requirements:

♦  Proof for margin money (the applicant's own contribution).

♦  Sale agreement.

♦  Letter from the builder regarding non-encumbrance of the property.

♦ The property must have a fire insurance policy in the name of the borrower with a "Bank Clause," which must be renewed annually.