The Sri Ganapathi Urban Co-Operative Bank Ltd. offers housing loans for various purposes, including:
- Purchase of a house/flat.
- Construction of a house.
- House renovation.
- Takeover of an existing housing loan from another bank or financial institution.
Key Features and Details:
- Maximum Loan Limit: Up to Rs. 140 lakhs.
- Repayment Period: The maximum repayment period is 240 months (20 years), which may include a moratorium period of up to 15 months.
- EMI Calculation: EMIs are calculated on a monthly reducing balance.
- Disbursement: Loan disbursement is made directly to the vendor (seller) or to the bank/financial institution in case of a takeover.
Interest Rates:
- Individual/Residential Purpose: 9.50% p.a.
- Commercial Purpose: 10.00% p.a.
Note: The interest rates are subject to revision as per the bank's policies and Reserve Bank of India (RBI) directives. Interest is charged and compounded at monthly intervals.
Eligibility Criteria:
- Applicants must be a member or an associate member of the bank.
- The applicant's spouse can also be a co-obligant or surety, and their income may be considered to assess the family's repayment capacity.
- Any existing loan liability with the bank must be up-to-date with timely payment of installments and interest.
- A legal opinion may be required to reckon the income of family members for repayment capacity.
Documents Required:
The bank requires a comprehensive set of documents for the loan application, including but not limited to:
Property-related Documents:
- Parent/Vendor's title deed
- Sale deed
- Possession certificate
- Khatha extract
- Up-to-date tax paid receipt
- Encumbrance certificate (for 15-30 years)
- Approved plan and estimate sanctioned by the proper authority
- Approved layout plan
- NOC (No Objection Certificate)
- Betterment charges paid receipt
- DC conversion order (if applicable)
- RTC extract
- Mutation record
- Genealogical tree
- Legal Opinion
- Pahani
Applicant-related Documents:
- Income proof
- Self-affidavit (self-acquired/ancestral)
- Any other documents as required by the Legal Scrutiny Report.
For Takeover of Housing Loan:
- Loan Pass Sheets from the previous bank.
- NOC from the current bank/financial institution.
Other Requirements:
- Proof for margin money (the applicant's own contribution).
- Sale agreement.
- Letter from the builder regarding non-encumbrance of the property.
- The property must have a fire insurance policy in the name of the borrower with a "Bank Clause," which must be renewed annually.
