SIB HOME LOAN (click here for home loan application form)
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Purpose
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- Purchase ready to occupy/Repurchase of flat/house aged up to 20 years
- Purchase of land and Construction of House. (In cases where plot is purchased and construction is undertaken at a later stage, declaration to be obtained from the borrower that he intends to construct a house on the said plot with the help of bank finance)
- Purchase of Flat or villas under construction in Housing Projects approved by bank.
- Additions to the house / flat (Since Estimate/plan/permit is available & equivalent to new construction, no restriction on loan amount).
- Alteration / Repair/ Reconstruction to the house / flat.
- Reimbursement of Expenses incurred within two years for Flats/ Villa under Construction, and Purchase of Ready to occupy Flat/ Villas.
- Takeover of Housing Loans.
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Target
Customers
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Resident Indian
- Salaried (Employees of Government, PSU, MNC, Listed companies and reputed Public and Private limited companies only)
- SENP (Self employed non professional) Manufacturers, Traders, Wholesalers, Retailers, Service Providers
- SEP (Self employed professionals) Doctors, CA, CS, ICWA, Architect, Engineer
- Agriculturist
- Senior citizen / Pensioner
Non-Resident Indian
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Age
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Minimum
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21Years
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Maximum
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- 60 years (for loans up to Rs. 10.00 Lakhs)
- 70 years (NRI, Senior/Pensioner & Surrogate program)
- 75 years (for all other programs)
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Amount
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Minimum
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Rs 2.00 lacs
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Maximum
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- Rs. 1500.00 Lakhs
- Rs. 100 Lakhs (Surrogate Program)
- Rs. 50.00 Lakhs (for renovation)
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Tenure
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Minimum
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Maximum
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- 30 years or 75 years whichever is earlier.
- 20 years or 70 years of age whichever is earlier (for Surrogate program)
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LTV
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up to 90% (based on loan amount) |
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Interest rate
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Eligibility
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Minimum Bureau Score of 730 |
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Features
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- Security for the loan will be Mortgage of Land and building to be constructed/Purchased
- Repayment period may be extended beyond retirement, if pensionable
- Surrogate Program available– Assessment is based on Last 12 months Average Bank Balance (excluding months with lowest and highest Average Bank Balances) in Personal Account, in case income documents are not available
- Top up Loan available for existing customers as well as for take over accounts – 20% of the existing loan amount (at the time of sanction) or Rs.25.00 lacs whichever is lower, who are having regular repayment track history for at least 12 months.
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Processing fees
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0.50% of loan amount (Minimum Rs 5000 +Service Tax; Maximum Rs 10000.00). |
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Penal Interest
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2% p.a. for the defaulted amount for the defaulted period. |
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List Of Documents Required With Respect To The Purpose Of Loan
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For Construction of Residential House in Own Land
- Approved Building Permit.
- Approved Building Plan.
- Construction Estimate
- Location Sketch Issued by Village Office/Revenue Office.
- Possession Certificate Issued by Village Office/Revenue Office.
- Latest Land Tax Receipt.
For Purchase of Land with Residential House
- Sale Agreement.
- Approved Plan.
- Latest Building Tax Receipt.
- Location Sketch Issued by Village Office/Revenue Office.
- Possession Certificate Issued by Village Office/Revenue Office.
- Latest Land Tax Receipt.
For Purchase of Land and Construction of House Later
- Sale Agreement.
- Self Declaration from the applicant mentioning Approx Construction Estimate and area of the building proposed to construct.
- Location Sketch Issued by Village Office/Revenue Office.
- Possession Certificate Issued by Village Office/Revenue Office.
- Latest Land Tax Receipt.
For Purchase of Ready to Occupy Flat
- Sale Agreement.
- Latest Building Tax Receipt.
- Completion/Occupancy Certificate in case of purchase from builder directly.
For Purchase of Flat under Construction
- Agreement for Sale and Construction.
- Approved Plan and Building Permit.
- Tripartite Agreement (to be obtained before disbursal of the loan).
- Statutory approval.i.e Pollution Control Board, Fire and Safety, Aviation Clearence etc.
- NOC from Project Financing Bank if applicable.
For Repairs/Renovation/Extension
- Repairs/Renovation Estimate.
- Approved Plan and Permit if applicable.
- Latest Land Tax Receipt.
- Latest Building Tax Receipt.
For Takeover
- Sanction Order of Existing Housing Loan.
- Latest 12 months Loan account statement.
- Valid and Necessary approvals for under construction projects.
- Tax paid Receipt for the Completed Projects.
Reimbursement in Case of Construction of New House
- Occupancy Certificate/Tax Demand Notice from the local Govt Body.
- Engineer Certificate supporting the investment made.
- Approved Building Plan.
- Location Sketch Issued by Village Office/Revenue Office.
- Possession Certificate Issued by Village Office/Revenue Office.
- Latest Land Tax Receipt.
Reimbursement in case of Renovation
- Engineer Certificate supporting the investment made.
- Licensed Engineer to certify that the renovation is within one year.
- Latest Land Tax Receipt.
- Latest Building Tax Receipt.
- Location Sketch Issued by Village Office/Revenue Office.
- Possession Certificate Issued by Village Office/Revenue Office.
Reimbursement in case of Purchase of House/Flat*
- Sale Deed Copy.
- Latest Building Tax Receipt.
- Latest Land Tax Receipt.
*Reimbursement of Expenses incurred within two years for Flats/Villas under Construction are also allowed
In addition to the above documents, all other documents for Legal Clearance as required by the Bank’s Panel Advocate
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List Of Other Documents Required
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KYC Documents:
- Two Passport Size Photos of the applicant/co-applicant and the guarantor.
- Identity Proof – Passport/Voters ID/Driving License/PAN Card/ Aadhar Card.
- Address Proof - Passport/Voters ID/Driving License/PAN Card/ Aadhar Card.
- Copy of VISA, Passport, Work Permit, ID Card (Applicable for NRI customers) .
Income Documents
Salaried Class (Resident)
- Min 2 latest salary slips (min 6 pay slips in case monthly income is variable) / Latest Salary Certificate.
- Latest 2 Years ITR with Computation/ Form 16 for the last 2 Years.
- Minimum last 6 months bank statement with min 5 salary credits.
Business/Self Employed (Resident)
- Latest Two Year Personal ITRs supported by Computation of Income.
- Proof of Business .
- Last 6 months Bank account statement.
NRI Salaried
- Salary Certificate and employment contract .
- Latest 1 year NRE a/c statement with any bank in India and/or resident accounts of spouse in which regular remittance is made OR Salary Credit account statement for last 1 year.
NRI Business
- Valid Proof of Business & Financials.
- Latest 24 months overseas bank account statements in Personal Name in which regular income is credited and Latest 24 months NRI account statement with any bank in India in which regular remittances are being made.
Agriculturists
- Latest 2 year ITRs along with Computation Sheet.
- Latest Tax Receipts of agri land.
- Latest 1 year SB a/c statement.
Senior Citizen/Pensioners
- Pension Order Copy.
- Latest 6 months Pension Credit a/c statement.
- Latest 1 Year SB a/c statement.
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