NetBanking Apply Gold Loan

Retail Loans

Purpose

  • Purchase of new/old residential unit (house/ flat/villa/apartment etc.)
  • Construction of residential unit on existing non agriculture plot.
  • Purchase of non-agricultural plot and construction of residential unit thereon
  • Repairs/ improvements/ extension of the existing residential property.
  • Take-over of housing loan availed from another bank / FI
  • Completion of under construction residential unit.

Eligibility

  • Indian Citizens or NRIs
  • Minimum age is 21 years & maximum age is 65 years
  • Individuals may apply singly or jointly with other individuals

Quantum of Loan

  • No maximum limit for quantum of loan for construction/outright purchase
  • For salaried individuals: Maximum loan upto 60 times of gross monthly salary slip/pension payment order
  • For agriculturists: Maximum loan upto 5 times of gross annual income
  • For non-salaried individuals: Maximum loan upto 5 times of average gross annual income of last 2 years
  • Maximum limit for repairs is Rs.30 lakhs

Your Share/Margin

  • Minimum 10-15% of total project cost
    *10% for urban properties & semi-urban properties.
    *15% for rural properties

Moratorium Period

  • Till completion of construction or 18 months from the date of disbursement of 1st installment
  • Maximum moratorium period for repairs - 12 Months

Repayment

  • For construction/outright purchase: Maximum upto 30 years
  • For repairs/renovation: 15 years

Repayment Methods

  • For salaried/business people: EMIs
  • For agriculturists: Quarterly, Half-Yearly or Yearly Installments

ROI & Processing Fee

  • *Processing charges: Nil up to 31.03.2024

Prepayment Penalty

  • In case of takeover of loans by other Banks/FI: 1.00% on outstanding balance as on date of closure
  • In case of pre-closure from own verifiable sources: Nil
  • No Pre-payment penalty

Security

  • Primary Security
    • Mortgage of house/flat financed by the Bank
    • Upto 115 to 125% of the loan quantum in select cases
      *115% for urban/semi-urban properties
      *125% for rural properties
  • Collateral Security
    • Nil

Guarantee

  • Guarantee from a local person with worth 150% of the loan quantum must be obtained for rural properties
    • For salaried from state Govt/GOI/PSB & other Govt. employees guarantee not required.
    • In case of pensioners, guarantee is required from a local resident with a worth greater than 150% of the loan amount

Insurance

  • Property should be comprehensively insured for an amount not less than the value of the property (less cost of land), covering all risks with Bank clause

Sustenance norm

  • 30% of gross monthly/gross annual income is to be set aside for the purpose of regular sustenance of borrower &his/her family.

***CIBIL Min:600
-1& new to CIBIL also be accepted.

Others:

*** For outright purchase of existing residential flat, ceiling age of the construction at the time of loan sanction is 20 years or lesser and max loan tenure is 20 Years.

***For outright purchase of residential building, age of the building should be 25 years or lesser & max loan tenure is 30 Years.

Purpose

Loan/Overdraft against property for any purpose other than speculative purposes

Eligibility

  • Individuals & groups of individuals (salaried or non-salaried & agriculturists with ITRs for at-least 2 years)
  • Age: 21 to 65 years. Applicant’s age on loan due date should not be more than 75 years.
  • Proprietorship concerns, partnership firms, companies with cash profits for the last 2 years
  • Trusts/Societies/Partnership firms with Karta/HUF as partner are not eligible

Type of facility

  • Term Loan
  • Overdraft

Repayment Period

  • Term Loan: Maximum 15 years
  • Overdraft: 10 years with 10% yearly cutback in limit such that limit is liquidated at the end of 10 years

Permissible Bank Finance

  • Salaried Individuals/Pensioners: 60 times of gross monthly income as evidenced by payslips of last 3 months/pension payment orders/ITRs and/or salary certificates of last 2 years.
  • Non-salaried Individuals: 5 times of average gross annual income of last 2 years as per ITRs
  • Net income after deduction of all expenses, existing/proposed loan repayment obligations should not be below 30% of the gross monthly income of the applicants
  • Concerns/Companies/Firms: 3 times the average cash profit for the last 2 years as evidenced by Audited Financials & ITRs

Margin

  • Term Loan: 40% of the realizable market value of the property
  • Overdraft: 50% of the realizable market value of the property

Acceptable Security Properties

  • Residential/commercial site/plot/land
  • Residential house/flat
  • Commercial buildings
  • Minimum property realizable value must be Rs.10.00 lakh
  • Maximum age of the building/house/flat less than 25 years with minimum residual age of 15 years of loan repayment period
  • Property will be valued based on title deed price/value till completion of 1 year from the date of the title deed
Agricultural properties & farmlands are not accepted as security

Guarantee

Third party guarantee with minimum worth of 150% of the loan quantum

Rate of Interest, Processing Charges & Other Charges

As per bank’s internal guidelines from time to time