HOUSING LOAN

Criteria Policy
Purpose For construction or purchase of independent house/flat. For repairs/renovation/alteration and extension of existing home/flat to individuals either single or jointly, along with the spouse or son
Area of Operation Service area of the Bank however the loan amount sanctioned depends on the location of the Project financed.
Loan limit In Urban UP TO 20 LAKHS
IN RURAL UP TO 10 LAKHS
Eligibility should be located within service areas of the DCCB MEDAK
Loan granted shall be to a maximum of 72 months Gross Salary
Pay-Drawing Officer consent to be taken before sanction of the loan on willingness to deduct the EMI until the repayment of loan
The loan amount shall not exceed 75% of Total Project Cost
Total deductions including the Proposed Home-Loan Sanction shall not be more than 60% of Gross Salary
For Self –Employed/Businessmen The Business / Self Employment activity shall be carried upon for a minimum period of 3 Years
Applicable business identity/Proofs shall be submitted
Source of Income generation and flow the income the liabilities of the customer, no of dependents on the customer income shall be assessed
Total liabilities including the Proposed Home-Loan Sanction shall not be more than 50% of Gross Income earned
IT Returns
Repayment Period 10 to 20 Years
Security For further queries contact to nearest branch
Documents required