House Loan
TARGET GROUP
Residents of Ernakulam District.
PURPOSE
For construction of house building and repairs, extension, painting for existing building, construction of compound wall etc.
LOAN AMOUNT LIMIT
Rs.40 Lakhs - For new houses RS.30/- LAKHS FOR NEW HOUSES
Rs.10 lakhs - For Repairing, extension etc.HOUSE MAINTANANCE RS.1/- LAKH
RATE OF INTEREST
Up to 1 lakh @ 11.00%
1,00,001/- to 2 lakh @11.00%
2,00,001/- to 3 lakh @11.00%
3,00,001/- to 5 lakh @12.50%
5,00,001/- to 10 lakh @ 12.50%
Above 10 lakh @ 12.50%
REPAYMENT PERIOD
15 years
ELIGIBILITY
Property must be in applicants name and the residence shall be at Ernakulam district
Sufficient income to repay the loan amount
The applicant should not have any direct or indirect liability with the Bank.
Eligible amount is 70% of estimate amount or Rs.1200/-per square feet whichever is less.
GUARANTEE
Land shall be mortgaged to Bank.
A surety with Land Tax Receipt for loans up to Rs.5 lakhs.
If employee the repayment should be made before retirement and should submit salary recovery statement in the prescribed form.
If not employee the repayment should be made before attaining 60 years
MARGIN
30 % of the loan amount should be deposited to bank
INTEREST REBATE
Applicable to this loan
MORATORIUM
12 months
DOCUMENTS TO BE SUBMITTED
Income proof
Salary Certificate of the Applicant & Guarantors in the prescribed form in case of employees.
Primary deed, Prior deed and other relevant revenue records.
Estimate attested by a qualified Engineer and approved Plan.
Building permit or NOC from Local body.
FORECLOSURE FEE
For Takeover 2% service charge for balance amount.
Additional House L
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TARGET
GROUP
Residents
of Ernakulam District. BENEFICIARY OF HOUSE LOAN
PURPOSE
Repair or extension of existing house
building
LOAN
AMOUNT LIMIT
40
lakh including existing loan limit
RATE
OF INTEREST
Up
to 1 lakh @ 12%
1 lakh to 2 lakh @12%
2 lakh to 5
lakh @12.5%
5 lakh to 10 lakh @ 12.5%
Above 10
lakh @ 12.5%
REPAYMENT
PERIOD
15
YEARS
ELIGIBILITY
Residing in Ernakulam district
3 years must be completed after receiving the last installment of
the first loan
Remittance of the first loan installments
shall be prompt
GUARANTEE
Equitable mortgage for land and house
registered to the bank
Employee surety
If
employee, the repayment shall be made before retirement ,should
submit salary recovery
statement in the prescribed form ,recovery should not go beyond
50% of the total
salary If not employee the repayment should be made before
attaining 60 years
UPFRONT
FEE
10% of the
loan amount
INTEREST
REBATE
Not
applicable to this loan
MORATORIUM
Not applicable to this loan
DOCUMENTS
TO BE SUBMITTED
Income
proof
Salary Certificate of the Applicant & Guarantors
in the prescribed form
Equitable mortgage certificate for
land and house registered to the bank
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Short Term Loan Th
TARGET GROUP
Residents of Ernakulam District.
PURPOSE
As per the decision of the co-op society
LOAN AMOUNT LIMIT
Fixed by the society according to the bye-laws
RATE OF INTEREST
As per the decision of the executive committee of the Bank from time to time
REPAYMENT PERIOD
12 Months
ELIGIBILITY
Members of the co-op society
GUARANTEE
UPFRONT FEE
Not applicable to this loan
INTEREST REBATE
Not applicable to this loan
MORATORIUM
Not applicable to this loan
DOCUMENTS TO BE SUBMITTED
FORECLOSURE FEE
Not applicable to this loan
Smart Space Loan
TARGET GROUP
residing in Ernakulam district
PURPOSE
To own house, flat, shops, rooms in Ernakulam district
LOAN AMOUNT LIMIT
Up to 50 lakh
RATE OF INTEREST
Up to 5 lakh @ 13.50%
Above 5 lakh @13.50%
REPAYMENT PERIOD
15 years
ELIGIBILITY
Applicant must have sufficient repayment capacity
GUARANTEE
Employee surety
Equitable mortgage of the purchasing property
UPFRONT FEE
Up to 10 lakhs 40% Above 10 lakhs 50%
INTEREST REBATE
Not applicable to this loan
MORATORIUM
Not applicable to this loan
DOCUMENTS TO BE SUBMITTED
Revenue records and tax receipt and property deed
Agreement from the applicant in prescribed form
FORECLOSURE FEE
Service charge @ 1% plus service tax before closing within 2 years