Loan amount: Maximum of Rs.20.00 Lakhs for Construction or Purchase of house or Flat irrespective of its location in RURAL or URBAN area.

Eligible persons: The applicant should have an Account, introduced satisfactorily to the Bank. The applicant's age should not be more than 55 years and not less than 18 years. In case of farmers where the applicant/s age exceeds 55 years, legal heirs can join as co-applicants.

LOAN ELIGIBILITY:

Salaried Persons: Salaried persons such as, State Government Employees, Employees of Public Sector Undertakings, Central Government Employees and the employees of Public Limited Companies.

Maximum loan amount eligible is 36 times net monthly salary of the applicant supported by latest pay certificate.

Net take home pay of the applicant, after deducting proposed loan instalment should not be less than 40% of his/her gross salary.

Agriculturists:

Maximum loan amount eligible is 3 times net annual income.

Business Persons and others:

Maximum loan amount of 3 times of the average annual income for the last 3 years supported by financial statements signed by Charted Account/income tax returns /Assessment orders in respect of business and other income.

All types of applicants should satisfy the following condition:

Percentage of Equated monthly/ Quarterly / Half Yearly / Yearly installment should not exceed 30% of respective Gross Monthly / Quarterly / Half Yearly / Yearly income of the applicant(s).

MARGIN:

Applicant’s margin should be atleast 25% of total estimated value of the house.

REPAYMENT PERIOD: Repayment period should not exceed 15 years inclusive of required moratorium or initial holiday period up to 18 months from the date of disbursement of first instalment of the loan. Incase of salaried people loan is to be recovered before retirement of the applicant.

GUARANTOR:

Guarantor of a suitable person worth at least equal to the loan amount is required.

SECURITY:

• Primary Security: Mortgage of house/flat financed by the Bank shall be the primary security.
• Collateral Security: In cases where the title is not available for the site in the villages, because of ancestral property or Grama Kantam, collateral security worth not less than 150% of the loan has to be obtained. In case of liquid securities like LIC Policy, Govt. Promissory notes, NSCs, KVPs , gold ornaments of worth 100% of the loan is sufficient. This is for rural areas only.

PURCHASE OF HOUSES:

• Age of the house should not be more than 10 years.
• The life and condition of the house be such that Bank’s security coverage is not affected till closure of the loan.
• Approved Engineer’s Certificate regarding the value and usefulness of the house is to be obtained.

REPAIRS, RENOVATION & EXTENSION OF HOUSE: The limit is restricted to Rs.1,00,000/- in Rural and Semi-Urban areas and Rs.2,00,000/- in Urban areas. All the loans have to be covered under priority sector. The Branch has to satisfy with the estimates. Collateral security worth 150% of the loan shall be obtained. Security may be either immovable property like house, agricultural land or movable properties like NSCs, KVPs, LIC policy, gold ornaments etc. The repayment period should not exceed 10 years. EDUCATION LOANS:

Educational loans are allowed only to meritorious students to help their parents/guardians to meet the expenses of higher studies.

Educational loans can be sanctioned for the following purposes:

• Studies in India
• Studies in Abroad

The courses eligible for finance are:

• Professional courses: Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer etc.
• Courses like ICWA, CA, CFA etc.
• Courses conducted by IIM, IIT, IISC, XLRI, NIFT etc,
• Courses offered in India by reputed foreign universities.
• Evening courses of approved institutes.
• Indian institute of Information Technology (IIIT).
• Other courses leading to diploma/degree etc. conducted by Colleges/Universities approved by UGC/Govt./AICTE/AIBMS/ICMR etc. & courses offered by National Institutes and other reputed Private Institutions.
• Job oriented professional/technical courses offered by reputed Foreign Universities.
• Post Graduation - MCA, MBA, MS etc.
• Courses conducted by CIMA- London, CPA in USA etc.
• Ph.D (Doctor of Philosophy)

If the student is eligible for any scholarship stipend etc., assistance may be given to bridge the gap till he gets such scholarship or to supplement such scholarship, grant etc.

Eligibility:

• Must be an Indian National
• Must be over 16 years of age but below 30 years.
• Must be a merit student and have secured admission to professional/ Technical courses preferably through entrance test/Selection process.
• Must be having valid VISA & Pass Port for foreign studies.

Purpose: Loan under the scheme should be considered towards:

• TUITION FEES
• EXAMINAITON FEES
• STUDY TOURS, PROJECT WORK
• COST OF BOOKS, STATIONERY
• EQUIPMENT ESSENTIAL FOR COURSES
• HOSTEL FEES

Cost of the computer subject to a maximum of Rs.50,000/- can also be considered wherever required.

However, hostel fees will NOT be considered if the student is studying at the place where his parents/guardian is residing.

Quantum of Finance: Need based finance subject to repaying capacity of parents/student subject to a maximum of Rs.7.50 lakhs for studies in India and Rs.15.00 lakhs for studies in Abroad.

Margin: A. Upto a loan amount of Rs.4.00 lakhs margin is NIL. B. For loans above Rs.4.00 lakhs: 5% of the eligible expenses for studies in India and15% for studies in abroad.

Repayment: In not more than 60 Monthly Installments after a holiday period of 1 year after course period or 6 months after getting job, whichever is earlier.