Organization : State Bank of Travancore
Facility : Apply for New Home Loan
Home Page :http://www.statebankoftravancore.com/portal/personalloans#housing-loan
Apply here :https://sbi.co.in/
Housing Loan :
Purpose For construction, purchase/ repair/ renovation/ alteration of a house or for purchase of a plot for the construction of a house, with or without bank finance.
Eligibility :
** All Resident with regular monthly income with a minimum NMI of Rs. 12,000/- and Non-Resident Indians with a regular monthly income with a minimum NMI Rs. 15,000/-.
** Spouses of Non-Residents, who are residents and receiving regular monthly income.
** Salaried persons, self employed businessmen, professionals and agriculturists, who have regular monthly income and who have a minimum of three years of standing / experience in their line of activity.
** Minimum age of 18 years witha a steady source of income. The age should be such that the borrower is able to close the account before he attains the age of 70.
** Relaxation in eligibility criteria from the minimum of 3 years to 1-2 years is allowed to employees of government/quasi government departments /establishments and listed companies whose minimum NMI is Rs. 20,000/- or more.
No. of Co-Borrowers :
Maximum three (including spouse / children / parents)
Loan Amount :
** Maximum loan of Rs 500.00 lacs
** Project cost less margin
** Loan amount based on EMI/NMI
** Loan to Value Ratio
Margin :
** Upto Rs. 75.00 lacs – 20%
** Above Rs. 75 lacs -25%
** Furnishings 10% of the cost of the house or Rs. 6.00 lacs whichever is lower within the project cost of unit. If the borrower prefers for a modular kitchen in the house, an additional amount of Rs. 3.00 lacs can be considered towards furnishings within the project cost.
Interest Rate :
Loan up to and inclusive of Rs 75 lakhs Loan above Rs 75 lakhs
10.15%(base rate)
10.40%(0.25% above base rate)
Disbursement :
Construction of new building :
In three stage, 30%, 40% and 30% of the loan amount. The last instalment will be disbursed three or four weeks prior of the completion of the building.
Outright purchase :
100% to the seller, after payment of the margin by the applicant.
Purchase of plot and construction of the building :
The loan component for purchase of the plot will be 50% of the total project cost upto Rs.75 lac and 30% of the project cost above Rs.75 lac or 80% of the land value whichever is lower.
Repayment
** Upto 30 years subject to liquidation of the loan before the borrower reaches the age of 70 years.
** Upto 45 years of age- Maximum 30 years(Not exceeding the age of the borrower beyond 70 years)
** Above 45 years of age- Maximum 25 years (Not exceeding the age of borrower beyond 70 years)
** It includes the repayment holiday of a maximum of 18 months. Repayment will begin on completion of the house or 18 months from the disbursement of the first installment of the loan, whichever is earlier.
** No prepayment penalty on preclosure of floating rate housing loans w.e.f 31-10-2011.