Vastu Siddhi home loan |
| Purpose | - For construction of house/ flat
- Purchase of ready built house/ flat/ old flat not more than 30 years in Mumbai, 15 years elsewhere
- For takeover of housing loans from other banks/ institutions
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| Eligibility | - Salaried Employees/ Businessmen/ Professionals having regular source of income.
- Applicant in the age group of 21 years – 50 years
- Salaried employees should have minimum 2 years of confirmed service with minimum net take home salary (net off all EMIs) of Rs.10000/-
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| Loan Amount | - Maximum Rs. 70 lacs
- Where home loans are taken over from other Bank/ FIs, top up loan upto 20% or maximum Rs.5 lacs can be granted
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| Basis of Advance | - Upto Rs. 25 lacs – (i) Or (ii) whichever is less
(i) 85% of Cost of flat + Stamp Duty + Registration OR Cost of land & construction thereon (ii) 60 times of the Average Net Salary (Salaried person) or 3 times of Average Net Cash Accruals (Businessman / professional) |
| Above Rs. 25 lacs – (i) Or (ii) whichever is less (i) 80% of Cost of flat + Stamp Duty + Registration OR Cost of land & construction thereon (ii) 60 times of the Average Net Salary (Salaried person) or 3 times of Average Net Cash Accruals (Businessman / professional) |
- 100% Loan can be given if the required margin is kept in the form of Fixed Deposit/ NSC/ KVP/ LIC policy/ Government Securities
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| Repayment | - Maximum 20 years for salaried individuals
- Maximum 7 - 10 years for businessmen
- In case of salaried borrower - holiday for the repayment of principal maximum up to 12 months or date of possession of house whichever is earlier
- Various repayment options such as Progressive, Step-up and Bullet repayment available
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| Rate of Interest | | Loan Amount | Fixed | Floating | | Upto Rs. 25 lacs | 11.75% (PLR – 2.75%) Min : 11.75% | 9.90% (PLR – 4.60%) Min : 9.90% | | Above Rs. 25 lacs | 12.00% (PLR – 2.50%) Min : 12.00% | 10.10% (PLR – 4.40%) Min : 10.10% |
Present PLR @ 14.50% p.a. |
| Security | Mortgage of house property to be purchased |
| Personal Guarantee | If required based on merits of the proposal |
| Processing Fees | | Loan Amount | Processing Fees | | Upto Rs. 25 lacs | Rs. 5000/- | | Above Rs.25 lacs & upto Rs. 50 lacs | Rs. 15000/- | | Above Rs. 50 Lacs | Rs. 25000/- |
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| Shareholding | 2.50% of loan amount, Maximum Rs. 25000/- |
| Conversion from Floating rate to Fixed rate or vice versa | - Borrower must specify interest rate option (fixed/floating) prior to disbursement of loan
- Borrower cannot switch from one Interest option to another for a period of 4 years from 1st disbursement
- 1% of the outstanding balance subject to satisfactory repayment record for at least one year
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| Additional Conditions for construction of House | - Cost of the site / land should not exceed 65% of the total cost of the project
- Construction to commence within 12 months from purchase of plot and to be completed within next 12 months (i.e. Total within 24 months from purchase of plot)
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| Documents Required | - Duly filled Loan Application Form
- Latest Photograph, Photo Identity Proof, Residence proof of the Applicant and Guarantors
- For salaried person, copies of
(i) Salary slip for last 3 months (ii) Bank Account statement (where Salary is credited) for last 6 months (iii) ITR & Form 16 for last 3 years - For businessman / professional, copies of
(i) Last 3 years’ Audited Profit & Loss & Balance Sheet (ii) ITR with Computation of Income for last 3 years (iii) Bank Account Statement (related to business/profession) for last 6 months. - Documents for creating mortgage as per list to be provided by the Bank
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| Insurance | - Comprehensive Insurance of assets charged to the Bank
- Optional Life Insurance cover at concessional rates
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