• Applicant is our existing KCC / tractor; power tiller account holder and having satisfactory conduct of the account for minimum period of -3- year and above.
• All individuals singly or jointly.
• III. Age: Minimum age must be 21 years. However, the minimum age of co borrower can be 18 years. Age of the borrower plus repayment period should not be beyond 65 years.
• Person who already owes a house is also eligible for housing loan for construction / buying a second house in the same village.
• Housing loan to HUF are not to be considered as the housing loan is not meant for the purpose of family business of HUF and also there are certain legal complications.
• Applicant having own perennial irrigated agriculture land 2.5 Acre and in case of unirrigated agriculture land 5.00 acre subject to sufficient income will be generated from farming and allied activities if any to serve the proposed installment.

• Rate of Interest

Type of Facility

Maximum Limit for Purchase / Construction of House

• Rs.2,50,000/- for purchase/ construction of House.
• For repairs / renovation /extension : Rs.75,000/
• The above is the maximum amount of loan. However the actual quantum of loan should be arrived at after consideration the income criteria and repaying capacity.

Income Criteria For Purchase / Construction of House

• -4- Times of net average (3 years) annual income from farming and allied activity or from salary income.

Repayment Capacity

• Total deductions including proposed half yearly / yearly installment should not be more than 60% of net income from agriculture and allied activities and salary income of the applicant/s.

Repayment Period

• Maximum – 15 – years.
• Moratorium period maximum – 18 months or one month after completion of house whichever is the earliest.
• Age of the borrower plus repayment period should not be beyond 65 years.
• Branch may synchronize repayment period with income from main crops and stipulate Quarterly / Half Yearly / Yearly installment.

Repayment period for repair /renovation / extension of existing house and purchase of furniture's, fittings, finishing and other gadgets: Maximum 07 years ( including Moratorium Period up to -03- moths )

Margin

• 20% of the project cost

Security

• Personal third party guarantee of two guarantors having good worth.
• Branch to obtain notarize undertaking from applicant that He/ She is agree to continues our existing lien noted on Agriculture land till pendency of proposed Housing loan.
• The insure of the house mortgaged to the bank and furniture's, futures, finishing and other gadgets is to be done , our Bank's name should be include as financer in the policy.

Premium amount for Life Insurance Cover can be financed as part of Loan

• The one time premium amount for Life Insurance Cover to Home Loan Borrowers under Group Credit Life Insurance Scheme of India First Life Insurance Co., can be financed as part of Loan at the request of the borrower, at the time of sanction.

Credit Information Report

• Bank is authorized to make enquiries from any of the Credit Information Bureau and get the Credit Information Reports. Bank is also authorized to disclose from time to time any information relating to the loan to Credit Bureaus approved by Govt of India or Reserve Bank of India without any notice to the borrower.

Penalty clause for Full Prepayment / Premature closure

• No penalty is payable on part pre-payment/Premature closure