PURPOSE
For renovation of House, Shops, Galas etc.
MAX. AMOUNT
Maximum Rs. 10.00 Lakh ( Metropolitan areas)/ Rs. 6.00 Lakh ( For other areas) for House Repairing & Renovation.
ELIGIBILITY
Constitution of the Borrower:- Individuals, Proprietorship firm, Partnership Firm, Pvt./Ltd. Co. etc.
Eligibility as per Repayment Capacity = Repayment capacity * 100000 / EMI factor
Wherein,
Repayment Capacity = Net monthly Income – (Less) minimum Take home Pay –(Less) Other Loan deduction.
A. House Repairing & Renovation Loan for Existing Housing Loan borrower & Others- 40 % of Net Take Home Salary / Income subject to Minimum Rs.11,000 & Maximum Rs. 20,000/-.
Loan amount will not exceed 80% of market value of the Flat/House,Shop / Gala
REPAYMENT
Upto 84 EMIs for repairing & renovation of House.
Upto 120 EMIs for repairing of Shop/Gala.
RATE OF INTEREST
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MARGIN
Upto Rs. 10.00 Lakh - NIL
For Repairing of Shop/Gala :- Above Rs.10.00 Lakh - 25%
Total Loan amount should not exceed to 80% of market value in case of existing Loan for Shop /Gala/House.
MEMBERSHIP
For Applicant :-
a) Loan Upto Rs. 1.00 lakh Nominal Membership
b) Loan above Rs. 1.00 lakh Regular Membership
For Sureties: Nominal Membership
SURETY
No Surety for repairing & renovation House
For Repairing of Shop / Gala- One surety with net salary/income of Rs.30,000 and above p.m. or Two sureties of Rs.20,000 and above p.m.
PRIME SECURITY
Equitable Mortgage of flat/shop against submission of original share certificate, Registered Sale Deed/Agreement, NOC from the society and applicant/owner of the flat should be residing in the flat.
COLLATERAL SECURITY
Nil
SERVICE CHARGES
As per Service Manual charges.
SHARE LINKAGE
As per extant Shareholdings Norms
INSURANCE
Insurance of Furniture/Fixtures, Equipments and Flat/House/Shop/Gala.