Bhavanasree Housing Loan

Purpose

For construction, extension renovation and purchasing of land and building.

Amount of loan

75 times of the basic pay of the applicant or 80% of the estimate amount whichever is less. Maximum amount payable to a member is limited to 25 lakh.

Margin

20%

Advantages of our loan

1. Easy and speedy processing
2. No hidden costs
3. Longer repayment period of up to 18 years
4. Lowest interest rate. (Floating)
5. Disbursement

For construction- In three stages

• 1st installment amount is disbursed construction up to the lintel level.
• 2nd Installment amount is disbursed construction up to roofing.
• 3rd installment amount is disbursed completion of the building.

6. Repayment
Repayment will begin on completion of the house or 9 months from the disbursement of the first installment of the loan, whichever is earlier.

7. Security
Mortgage of property by deposit of title deeds and salary certificate to recover the monthly instalment

8. Processing charge
0.25% of the loan amount is charged as processing fee.

9. Papers to be submitted to the bank

• Original and prior title deeds
• Latest tax receipt
• Possession certificate
• Possession and non-attachment certificate..
• Encumbrance certificate from the Sub Registrar for the last 14 years.
• Plan and estimate of the building approved by the engineer.
• Building permit issued by the local body
• Salary certificate
• Agreement of sale. (if purchase)
• Proof of residence
• TDS form No.16
• Legal opinion of the Bank advocate.

10. Insurance
Insurance is to be arranged for total cost of the building. The premium amount should be paid by the loanee.

11. Take over
Bank also takes over the existing loan from any other financial institutions.