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<strong>SyndNivas</strong> - Housing Loan Scheme<br />
Purpose:<br />
<strong>SyndNivas</strong><br />
� For construction/acquisition of a house/flat or for acquiring a site and building a<br />
house thereon.<br />
� For acquiring a new house or existing house not more than 20 years old.<br />
� For making extensions/additions to existing house. For NRIs, loan available for<br />
acquisition of house for self-occupation on return to India.<br />
� For acquisition of furniture/fixtures including air conditioners, geysers, fridge, cots,<br />
tables, sofas etc which form part of improvements to the home purchased or<br />
constructed out of the Housing Loan not exceeding of 10% total cost of the project,<br />
may be included.<br />
� Take over of existing Housing loan from other banks/ financial institutions in the case<br />
of salaried class are permitted.<br />
Eligibility:<br />
� Resident Indians, Non-resident Indians, Pensioners, Hindu undivided families.<br />
� Self-employed/business class having gainful employment in a profession or business<br />
for a period of minimum period of 5 years.<br />
� Individuals not owning a house/flat at the place of work / business / profession<br />
having sufficient and regular income.<br />
� NRIs holding Indian passport, persons of Indian origin, residents outside India, with<br />
adequate repayment capacity.<br />
� Applicant should be a major and not more than 55 years of age.<br />
� For salaried class, applicant should have completed 5 years of service and the<br />
remaining period of service left shall not be less than 5 years.<br />
� Loan to third house is not permitted.<br />
Quantum:<br />
Security:<br />
For Salaried persons:<br />
� Maximum of 72 months gross salary (including salary of spouse)<br />
For Others:<br />
� Maximum of 6 times average annual income based on Income Tax<br />
Assessment Order/IT returns for the past 3 years.<br />
� Income/salary of spouse/father/mother/son/daughter with the applicant can<br />
also be considered.<br />
� First mortgage of the site/house/flat to be constructed/acquired or as advised by the<br />
Legal Adviser/Law Officer of the <strong>Bank</strong>.<br />
� Hypothecation of furniture & fixtures.<br />
Margin:<br />
� Loans below `.20.00 lakhs : 10% (Minimum)<br />
� Loans of `.20.00 lakhs and less<br />
than 75.00 lakhs : 20% (Minimum)<br />
� Loans of `.75.00 lakhs and above: 25% (Minimum)
Processing & Documentation Charges:<br />
� Loans upto `.25.00 lakhs : 0.25% of loan (min `.1000 – max `.5000)<br />
� Loans above `.25.00 lakhs upto<br />
`.75.00 lakhs : 0.25% of loan (max `.6500)<br />
� Loans above `.75.00 lakhs : `.10000 (flat)<br />
Mortgage charges : NIL<br />
Repayment:<br />
For acquiring a house<br />
� Equated monthly instalments with maximum repayment period of 25 years or 70<br />
years of age whichever is earlier (including repayment holiday if any)<br />
For repairs/renovation:<br />
� Maximum repayment period is 5 to 7 years.<br />
Rates of Interest:<br />
� Interest linked to Loans-Base Rate of the <strong>Bank</strong> at monthly compounding.<br />
<strong>SyndNivas</strong>-Fixed rate of interest upto 10 years is 12.00% subject to reset<br />
clause<br />
Reset Clause:<br />
� <strong>Bank</strong> has the option to reset the interest rates on Fresh Fixed Rate Housing Loans<br />
sanctioned anytime after completion of 3 years from the date of availment.<br />
Surety:<br />
� Waived. However possibility of obtaining surety/guarantee of Spouse wherever<br />
necessity is felt shall be obtained<br />
Other requirements:<br />
� Proof of income.<br />
� Original title deeds of the property with Encumbrance Certificate and agreement for<br />
sale.<br />
� Permission for construction with approved plan issued by Competent Authority.<br />
� Estimation of construction cost, valuation report in case of purchase of ready built<br />
house/flat.<br />
� Any other documents depending upon the individual case.<br />
For more details contact our nearest branch.