SIB HOME LOAN 
 
 
Purpose
  • Purchase of ready to occupy/repurchase of house aged up to 30 years.
  • Purchase of ready to occupy/repurchase of flat 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 residential unit under construction in Housing Projects approved by bank.
  • Additions to the house / flat/ residential unit (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/ residential unit under Construction, and Purchase of Ready to occupy Flat/ Villas subject to the condition:
    • Reimbursement should not be beyond one year from the date of handing over, in the case of Purchase of Ready to occupy Flat/ residential unit
    • Reimbursement should not be beyond two years from the launching of the project, for Flats/ residential unit under Construction and branch to confirm that the project is on-going.
  • Reimbursement of Expenses incurred within one year for individual houses subject to the condition that reimbursement should not be beyond one year from the issue of Building Number/ Occupancy Certificate from local body/ any valid document issued by competent authority evidencing the date of completion of the unit.
  • Reimbursement of Expenses incurred for Repairs, Alteration and Additions within one year.
Takeover of Housing Loans
Target
Customers

Resident Indian

  • Salaried
  • SENP (Self-employed nonprofessional):- Manufacturers, Traders, Wholesalers, Retailers, Service Providers
  • SEP (Self-employed professionals) Doctors, CA, CS, ICWA, Architect, Engineer, IT enabled professional services, Professional Start Ups
  • Agriculturist
  • Senior citizen / Pensioner 

Non-Resident Indian

 
HUF
Age
Minimum
21Years
Maximum

Age at the time of maturity of the loan* - 65 Years

Amount
Minimum

Rs.10 Lakhs(NRI’s)
Rs.5 Lakhs (Others)

Maximum
  • Rs.1500.00 Lakhs ( In case of NRI Business Class- Rs.1.00 crore)
  • Rs.100 Lakhs (Surrogate Program)
  • Rs.50.00 Lakhs (Repairs & Renovations)
Tenure
Minimum
5 Years
Maximum
Salaried

30 years or date of retirement whichever is earlier.

Business Class & Agriculturist

Max. 30 years or till borrower attaining 65 years of age whichever is earlier.

NRI

Max. 20 years or 65 years of age of borrower whichever is earlier for businessmen

And

Max. 20 years or until the date of retirement whichever is earlier for salaried class.

Senior Citizen/ Pensioner

Max. 20 years or 65 years of age of the borrower whichever is earlier.

Surrogate Program

Max. 20 years or 65 years of age of the borrower whichever is earlier

Interest rate
LTV
up to 90% *(based on loan amount)
*conditions apply
 
Eligibility

Simple assessment based on FOIR. Maximum FOIR 70%

Features
  • 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 with 12 months’ regular repayment track record, Subject to conditions.
Processing fees

0.50% of loan amount (Minimum Rs.5000 + GST ; Maximum Rs.10000.00 + GST).

Penal Interest

2% p.a. for the defaulted amount for the defaulted period.

Prepayment / Pre-closure charges
Nil

List Of  Documents Required With Respect To The Purpose Of Loan

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 Clearance etc.
  • NOC from Project Financing Bank if applicable.
  • RERA certificate 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. 
  • Copies of Approval

*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

List of other documents required

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 3 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 years personal ITRs supported by Computation sheet, Profit & Loss account and Balance sheet.
  • Proof of Business.
  • Last 6 months Bank account statement. 

NRI Salaried 

  • Salary Certificate and employment contract / embassy attested salary certificate.
  • 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 1year 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.