| Purpose |
- For purchase or construction or additional construction of house or flat
|
| Age of applicant |
- Entry age is 18 years and exit age is 60 years
|
| Income |
- Salaried:Minimum three years of Service (Including previous employment / experience) & confirmed in present employment
- Business:Last three years IT Returns
|
| Take home pay
|
- 40% of Gross pay as Net Take Home Income or Net income of ₹20,000/- p.m. post all EMI deductions (existing and proposed) should be available.
|
| Quantum of Loan
|
- 36 Times Gross Monthly Income
- 60 Times Net Monthly Income (whichever is higher )
|
| Repairs & Renovations
|
- Metro: ₹10 Lakhs
- Others: ₹6 Lakhs
|
| Margin
|
- Upto ₹25.00 lakh - 10 %
- Above ₹25.00 lakh upto ₹75.00 lakh - 20%
- Above ₹75.00 lakh - 25 %
|
| Rate of Interest
|
|
| Period of Loan
|
- Max 30 Years including Holiday period
|
| Repayment
|
- EMI – Repayment starts after 12 months of holiday period or completion of construction whichever is earlier.
|
| Security
|
- EM of house property purchased / constructed under the Home Loan is to be taken as security.
|
| Processing charges
|
- 0.60 % of limit sanctioned
|
| Documents Required
|
- KYC documents of borrower and guarantors for address and identity
- Proof of Business address in respect of Businessman or professionals
- Proof of Employment in respect of salaried person
- Bank account copy for six months to verify salary / other income / nature of other transactions
- Balance sheets for past 3 F.Ys in case of Professionals, Businessman or self employed persons
- Passport size photographs of borrower and guarantors
- CIBIL / other CICs Report (2nd CIC report required if loan amount is 50 Lakhs and above)
- Income proofs - Salary Certificate / Form 16 / IT returns for 3 Years
- Land approval details (wherever applicable )
- Building - Approved Plan and proceedings of the house
- Agreement of sale, in case of purchase of flat or house
- Property tax receipts wherever applicable
|
| How to apply
|
- Please contact nearest Tamil Nadu Grama Bank’s Branch for more details
|
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