Purpose:

• A Loan Scheme to individuals for purchase of Housing sites from State Development/Town Planning Development authorities, Central and State Governments local authorities either exclusively or in partnership with private sector entities, or from any other body constituted by the Government for distribution of sites provided such layouts are duly approved by the concerned statutory authority. Housing loan can be availed whenever required for construction of house of the sites purchased.

Eligibility:

• Customer of the Bank with satisfactory dealings. New customers properly introduced & creditworthy.
• Age of applicant should not be more than 55 years.
• NRIs also eligible.

Quantum :

• Three years gross annual salary/income with a maximum of Rs.15 lakhs for properties situated at six metros of Mumbai, Delhi, Kolkata, Chennai, Bangalore, Hyderabad and Secunderabad and Rs.10 lakhs for properties situated at other centres.

Margin :

• 20% on the project

Rate of Interest

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Repayment Period:

• 5 years

Security

• Mortgage of the housing site proposed to be purchased. No Co obligation/personal guarantee will be insisted.

Processing Charges:

• 0.5% of Loan Amount Minimum Rs. 1500/- Maximum Rs. 10000/-

Documents / Formalities :

• Application with 2 passport size photographs
• Layout/site plan issued by the development authorities.
• Latest 6 months Salary Certificate/Form No.16 for salaried class and latest
• ITAO for Businessmen/professionals.
• Legal Scrutiny Report form Bank’s panel Advocate
• Allotment letter other any other evidencing purchase/allotment of sites issued by the development authorities.
• An undertaking should be obtained from the borrower for construction of the house within the stipulated time (as stipulated by the development authorities while allotting or giving possession of sites.)

Site loan services by B katha Loans