Home Loan

Purpose
  • For purchase or construction or additional construction of house or flat
Age of applicant
  • Entry age is 18 years and exit age is 60 years
Income
  • Salaried:Minimum three years of Service (Including previous employment / experience) & confirmed in present employment
  • Business:Last three years IT Returns
Take home pay
  • 40% of Gross pay as Net Take Home Income or Net income of ₹20,000/- p.m. post all EMI deductions (existing and proposed) should be available.
Quantum of Loan
  • 36 Times Gross Monthly Income
  • 60 Times Net Monthly Income (whichever is higher )
Repairs & Renovations
  • Metro: ₹10 Lakhs
  • Others: ₹6 Lakhs
Margin
  • Upto ₹25.00 lakh - 10 %
  • Above ₹25.00 lakh upto ₹75.00 lakh - 20%
  • Above ₹75.00 lakh - 25 %
Rate of Interest
Period of Loan
  • Max 30 Years including Holiday period
Repayment
  • EMI – Repayment starts after 12 months of holiday period or completion of construction whichever is earlier.
Security
  • EM of house property purchased / constructed under the Home Loan is to be taken as security.
Processing charges
  • 0.60 % of limit sanctioned
Documents Required
  • KYC documents of borrower and guarantors for address and identity
  • Proof of Business address in respect of Businessman or professionals
  • Proof of Employment in respect of salaried person
  • Bank account copy for six months to verify salary / other income / nature of other transactions
  • Balance sheets for past 3 F.Ys in case of Professionals, Businessman or self employed persons
  • Passport size photographs of borrower and guarantors
  • CIBIL / other CICs Report (2nd CIC report required if loan amount is 50 Lakhs and above)
  • Income proofs - Salary Certificate / Form 16 / IT returns for 3 Years
  • Land approval details (wherever applicable )
  • Building - Approved Plan and proceedings of the house
  • Agreement of sale, in case of purchase of flat or house
  • Property tax receipts wherever applicable
How to apply
  • Please contact nearest Tamil Nadu Grama Bank’s Branch for more details