Home Loan Back

Home / Housing Loan is sanctioned by the Bank for the following purposes

  • For construction of house on developed Plot
  • For purchase of ready built house / flat
  • For repairs / renovation of house / flat
  • For take-over of housing loans availed from other banks & financial institutions (including top-up loans)

  • Eligibility
    • Applicants below the age of 60 years having assured/perennial source of  income are eligible for the home / housing loan.
  • Documents Required
    • Original title deeds / sale deed of the plot / flat
    • Latest copy of city survey record
    • Copy of sanction plan (corporation / NIT)
    • Latest corporation tax paid receipt
    • Copy of Deed of declaration (in case of flat)
    • Copy of PAN card
    • Address proof (copy of electricity / telephone bill / election card)
    • Income proof of the applicants
    • Certified copy of latest salary receipt for 3 months. (in case of salaried person)
    • Other relevant applicable documents.
  • Extent of loan considered
    • Upto 85% of the cost of construction / sale agreement / estimate of repairs renovation
    • Based on repayment capacity of the applicants, maximum  up-to Rs 70 Lakhs
    • For repair and renovation max limit is 5 lacs
  • Rate of Interest
  • Repayment
    • Repayment period is maximum upto 20 years i.e. equal to 240 months.
    • Period for repairs and renovations is maximum upto 10 years i.e. equal to 120 months.
  • Construction of House
    • Moratorium period of maximum 6 months can be considered. Thereafter the repayment of the EMI will start. The borrower will however pay the monthly interest regularly during moratorium period.
  • Purchase of House / Flat / Repairs / Renovation
    • Repayment will start immediately from next month of disbursement
  • Security to the loan
    • Registered / Equitable Mortgage of the Plot / Flat / House
    • The Loan shall be guaranteed by two guarantors with adequate means / net worth.
  • Terms and Conditions
  • The applicant / member of the Bank shall have to pay following charges towards the loan

    • Share linking - Borrower will be required to purchase the shares of the Bank (to the extent of 2.50% of the loan sanctioned or as per sanction terms)
    • Processing / Scrutiny Charges @ 1.15% of the loan or as per sanction terms
    • Mortgage Charges ( franking, registration etc)
    • Legal charges, towards registration of deed, charge with city survey, search of the property, valuation of the property etc.
    • Insurance charges of the property
  • Other Conditions
    • Processing / Scrutiny Charges : 1.15% of the loan amount or as per the sanctioned terms.
    • Loan sanctioned shall be disbursed in stages of construction / repairs against the bills / certificate from the Architect / Engineer
    • Loans against Unauthorized / Undeveloped property shall not be considered
    • Penal interest @ 2% over and above the interest charged shall be recovered from the borrower on account of default of EMI
    • Other Conditions- as per sanction terms


Other Loans facilities

172, Shraddhanand Peth,
South Ambazari Road,
0712 - 2221120, 2221686
+91 9158884855,
+91 9158884844, +91 9158884845