HOME EQUITY LOANS 1. 2.

Purpose Eligibility Existing - Towards any genuine needs (other than speculation) -Individuals having their own house / flat which is free from encumbrance. Maximum Loan Rs.25 lakh for Business expansion, Education/Marriage purpose, Emergency medical treatment and Foreign purpose, etc,. Actual loan amount will be determined after taking into factors such as repayment capacity, age, stability and continuance of income, number of dependents, coapplicants income, assets/liabilities etc. 4. Loan Cost Ratio Loan will be restricted to 50% of the market value of the property. First charge on residential house/flat Age of the property not more than 25 years House given for security will be self-occupied

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Quantum of Loan

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Security

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Documents to be submitted

For salaried people: Latest salary slip signed by competent authority with details of deductions Employment certificate duly signed by competent authority Latest copy of Form No.16.

For Self-Employed Businessmen/ Professionals: Brief profile of Business/Profession Copy of last 3 years I.T.returns duly certified by Chartered Accountant Copy of Computation of Income duly certified by Chartered Accountant TDS certificate copies Copies of proof of Business premises /Shopownership/Rent proof Copy of Shop and Establishment license Copies of Sales Tax Receipts

Common Documents: Photograph along with completed application form Copy of the Bank pass-book/statement of account for the past 6 months Copy of the Qualification Certificate Copy of the Ration Card/Driving License Passport/proof of residence/proof of age PAN card

Legal Documents Original title deeds of the property along with the approved plan Legal search report Encumbrance certificate Indemnity bond indemnifying the bank against any claim on the property for default on the payment any kind of tax by the borrowers including income tax, property tax and other taxes

Technical Documents 7. Repayment terms Market value report from /architects Copies of Municipal tax receipts approved valuer

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Repayment by Interest Rate Fees Pre-closure charges

10 years or until the borrowers attain the age of 60 in case of salaried, 65 years in case of self employed and 70 years in case of pensioners. Monthly EMI 14.00% Fixed. Administration fees: @0.50% of loan sanctioned. Processing fees: @0.50% of loan sanctioned. Pre-closure charges or prepayment charges in case of clearance of liability ahead of schedule permitted is 2% of the amount cleared. However no prepayment charges are payable if clearance is after 3 years from the date of 1st disbursement. Pre-closure charges @3% of liability, outstanding on account of take over of liability by other financial institutions/Banks is to be collected in respect of all existing loans.