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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75 Years
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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 lacs
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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 less
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LTV
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Up to 90% |
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Interest rate
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- Attractive interest rate at:
- MCLR (6 Months) +0.10 % (concession of 0.05% to women borrowers)
- MCLR (1 Year)
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Eligibility
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Minimum Bureau Score of 600 |
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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 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 12 months overseas bank account statements in Personal Name in which regular income is credited OR Latest 1 year 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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