This content provides general information about the "Purchase of Property" loan offered by Sri Ganapathi Urban Co-Operative Bank Ltd., based on publicly available data. For the most accurate and up-to-date details, it is highly recommended to contact the bank directly.
Loan Purpose and Eligibility
- Purpose: The loan is for the purchase of a house, flat, or to take over an existing housing loan from another bank or financial institution. It can also be used for repairs, renovations, or extensions of an existing residence.
- Eligibility: The loan is generally available to salaried employees, businessmen, and professionals. The bank may require the applicant to be a member, associate member, or nominal member of the bank. Co-applicants or sureties may be required, and their income may be considered to assess repayment capacity. The property must be approved by the proper authorities.
Key Features
- Loan Limit: The maximum loan limit is up to Rs. 140 lakhs.
- Repayment: The maximum repayment period is 240 months (20 years), including any moratorium period.
- Interest Rate: The interest rate is subject to change as per the bank's decision and RBI directives. It is charged and compounded at monthly intervals.
- Disbursement: The loan amount is typically disbursed directly to the vendor (seller) or to the other bank/financial institution in case of a loan takeover.
- Security: The bank requires an equitable or legal mortgage of the property being purchased or repaired.
Required Documents
The documentation for a property loan is extensive and typically falls into three main categories:
1. Applicant's Documents (for all applicants/co-applicants)
- Completed and signed loan application form with passport-size photographs.
- Identity Proof: PAN Card (mandatory for loans above Rs. 7 lakh), Aadhaar Card, Passport, Voter's ID, or Driving License.
- Address Proof: Utility Bills (electricity, water, gas), Passport, Aadhaar Card, or Voter's ID.
- Income Proof:
=> For Salaried Individuals: Last 3 months' salary slips, latest 3 years' Income Tax Returns (ITR) including Form 16, and last 6-12 months' bank statements showing salary credits.
=> For Self-Employed/Businessmen: Latest 3 years' ITR, last 3 years' audited Balance Sheets, and Profit & Loss Accounts certified by a Chartered Accountant, and last 12 months' bank statements.
- Other: Proof of business existence, proof of own contribution (margin money), and a statement of assets and liabilities.
2. Property Documents
- Parent deed/vendor's title deed.
- Sale deed.
- Possession certificate.
- Khatha extract and up-to-date tax paid receipts.
- Encumbrance Certificate for a period of 15-30 years.
- Approved plan and estimate sanctioned by the proper authority.
- Layout plan approved by the competent authority.
- NOC (No Objection Certificate) from the builder/society.
- Mutation record and genealogical tree.
- DC conversion order (in case of converted land) and RTC extract.
- Self-affidavit regarding the property being self-acquired or ancestral.
- Legal opinion and any other documents as required by the bank's legal scrutiny report.
3. Loan-Specific Documents
- Sale agreement.
- Letter from the builder regarding non-encumbrance of the property.
- For loan takeover, a foreclosure letter and loan statements from the existing bank.
How to Apply
Contact the Bank: The best way to begin the application process is to contact Sri Ganapathi Urban Co-Operative Bank Ltd. directly. You can find their contact information on their official website or visit one of their branches.
Submit Application: Fill out the prescribed loan application form and submit it along with all the required documents.
Verification and Sanction: The bank will verify your documents and conduct a legal and valuation report of the property. Based on the assessment, the loan will be sanctioned.
