Housing Loan

Purpose

To purchase / construct house / flat.
To purchase a plot of land* for construction of house
To renovate / extend / repair existing house / flat.
To acquire embedded furniture & fixtures along with the house / flat.

Who are eligible

All Individuals, who are

Member of the Bank
Residing and employed in gainful activity in the area of operation of the Bank
Salary earners/businessman/entrepreneur/self-employed/ professional or engaged in any of valid gainful activity.

Quantum of Loan

For construction / purchase of a house / flat : Rs.140 Lac
For Purchase of a plot to construct a house : Rs.30 Lac
For repairs / renovation of house / flat : Rs.6 Lac
Minimum size of Housing Loan : Rs.1 Lac
Maximum size of Housing Loan : Rs.140 Lac

Margin

20% *

For Purchase of House/Flat 100% on DLC value of the property.

Deviation

Cost incurred by the applicant(s) / borrower(s) in the form of land already purchased / acquired by him / her (from their own sources) can be accepted as part of above said margin at the request of applicant(s) / borrower(s). Liquid securities such as Banks Time Deposits, NSC, KVP etc., can also considered as Margin, for higher quantum of loan.

Security

Equitable / Registered Mortgage (1st charge) on land / flat / house to be financed. Third Party guarantee with worth of the Guarantors not less than the Loan amount.

Repayment (Highly flexible and can be customized)

For construction of new house / purchasing new flat, maximum period of 20 years or age of retirement or up to borrower reaching the age of 65 years, whichever is earlier
The repayment shall start after 18 months (Maximum) from the date of first disbursement or from the subsequent month after the date of completion, whichever is earlier.
In case of repairs and renovations, alteration of existing house / flat, maximum repayment period of 10 years and repayment shall start from the subsequent month of the disbursement.

Eligible Quantum of Loan / EMI

Calculation of quantum of loan is related to Income / repayment capacity of applicant(s) / borrower(s) based on IT Returns of the applicant(s) / borrower(s) of last 2 / 3 years as below:

Maximum Eligibility

Net take home pay / income (net of EMI of existing and proposed loan(s) should not be less than 40% of the gross monthly salary / income of applicant(s).

60 times of gross monthly salary or 5 times of average gross annual income based on IT Returns / Form 16 of last 2 / 3 years for Salaried Employees.
5 times of their average gross annual income based on I-T Returns of last 2 / 3 years for Self-employed / Professionals / Individuals engaged in Trade / Commerce / Business.
6 times of Gross annual income based on IT Returns for Chartered Accountants.
7 times of Gross annual income based on IT Returns for Doctors.

Rate of Interest (Floating) Interest on daily reducing balances.

FLOATING ONLY	Loan Amount up to Rs.25 Lac	Loan Amount up to Rs.140 Lac
Loans repayable within 20 years	BPLR – 1.25%	BPLR – 0.75%

In case of Loan for purchase of plot only for construction of house thereon, margin shall be 25% of cost of plot and the house shall have to be constructed within a maximum period of 24 months from the date of disbursement. In case of failure to do so commercial rate of interest shall be recovered / charged, i.e., BPLR + 4% for the entire period of loan.

Charges for deviation from scheme norms

Additional Interest of 0.25% on the applicable rate of interest

Disbursement in advance

Request for 100% disbursement before completion of house / flat can be permitted subject to availability of additional security of 125% of the unsecured portion of loan amount to be disbursed

Others

Tax benefits available (as per extant / applicable Income-tax laws) on:

Repayment of Installments of Housing Loan
Payment of interest on Housing Loan

Extra Benefit

In the installment type loan you can pay the extra amount when you have financial facilities.

THE UDAIPUR URBAN CO-OPERATIVE BANK LTD.