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Housing Finance - Made easy

Vijaya Bank

Home loans are provided from Vijaya bank for construction / acquisition of house / flat and for repair / renovation of existing house / flat or plot. Any individual above 18 years of age and sufficient income to repay the loan is eligible. Any amount for repair / renovation and extension upto Rs. 10 lakhs. It is 60 times last drawn gross salary for salaried persons and 60 times of average monthly income of immediate past two financial years for others.

Margin: 20% of the value of the asset. Repayment to be paid in EMI over a period not exceeding 20 years.

Security: Mortgage of property to be acquired / constructed / repaired / renovated.

Add-ons - Free Insurance cover on property and personal accident to borrowers.

Andhra Bank

Indian nationals between 21 and 65 years can avail housing loans from Andhra bank for construction of house, purchase of flat or house and repairs. They can avail up to 90% of estimated cost on attractive terms.

Employees can get upto 48 times annual gross salary and upto 4 times annual income for agriculturalists, professionals and self employed with a holiday for a maximum 18 months.

Repayment (EMIs): Employees - maximum 15 years or before superannuation and 15 years for others.

General requirements:

*Salary certificate* proof of annual income issued by a competent revenue authority *proof of land holdings,*proof of annual income i.e., (IT assessment / auditor certificate) *Proof of ownership of land *Approved house plan *Estimates for construction *Link documents and encumbrance certificate for 13 years*Guarantor of worth equal to loan.

`Mega property show' ICICI Bank Home Loans

ICICI Bank Home Loans is organising a three-day `Home Utsav', a mega property exhibition from 24th to 26th August 2005, between 10 AM and 8 PM at Executive Club, Vijayawada.

More than 300 prime properties from reputed builders are on display during the event, which would cover a wide range of price points, suitable to the needs of a wide spectrum of homebuyers. Spot sanction at special rates would be done at the venue. The customers can also avail Loan Shield Insurance on the home loan at attractive premium. Thus the customer can avail the best deals on both home as well as home loans at one place. To avail spot sanction on home loan, a customer simply needs to provide his latest salary slip, 3 months bank statement, Form 16 or GPF statement and a cheque leaf.

ICICI Bank Home Loans are available to customers in more than 1000 cities/towns across the country. Loans are offered for purchase of new homes, resale homes, land & office premises. Further, ICICI Bank offers a balance transfer facility, whereby a customer who has taken a loan earlier from any other bank /HFC at a higher cost, can transfer it to an ICICI Bank home loan at a lower cost, and make a saving in terms of a reduced EMI or a reduced tenure.

Central Bank of India

The Housing Loans have become very competitive retail banking segment and the banks are attracting the customers not only by reduction in interest rates but by making changes in the scheme to suit the customer demands. Banks have been also modifying the housing loan scheme from time to time on the basis of recommendations received from the field functionaries.

Eligibility: Individual salaried employees: Borrower must submit original salary certificate. Self-employed/any other person

Sufficient monthly/annual income to be produced by the borrower for loan upto Rs. 5 lacs and Income Tax Return for preceding two years as evidence of income for loan above Rs.5 lacs

Purpose: a) For construction/acquiring of new or existing house/flat not older than 30 years.

b) For Extension in the existing house/flat

c) For repairs/renovation/alteration of existing house/flat

Quantum of Loan: For construction/acquiring of new or existing house/flat and extension of existing house/flat, no maximum limit is fixed however quantum of loan will be subject to following conditions.

a) 90% of the cost of the house/flat or cost of extension of existing house/flat (Including cost of land, stamp duty, registration charges and cost of life Insurance cover on the life of borrower for entire of housing loan if taken by the borrower on single premium basis) subject to EMI not exceeding 45% of the gross monthly income including income of the co-borrower.

b) 80% of the cost subject to a maximum of Rs.5.00 lacs for repairs/ renovations/alternations of existing house/ flat subject to EMI not exceeding 45% of the gross monthly income including income of the co-borrower in case of all types of borrowers.

Margin: 10% (Stamp Duty/ Registration charges paid by the borrower may be including in the margin and 20% for repairs/renovation/alteration of existing house/flat

Repayment: a) For construction/acquiring of new or existing house/flat maximum period of 20 years of age of retirement or on reaching the age of 65 years whichever is earlier.

b) In the case of new construction, instalments will start after 18 month from the date of first disbursement or 6 months after the date of completion which ever is earlier. In other cases instalments will start from second month of disbursement.

c) In case of extension of existing house/flat, repairs/renovation/alteration of existing house/flat repayment should be made within a maximum period of 10 years. The instalment will start from the second month of disbursement.

Security: a) Equitable/Registered mortgage of the property being financed.

b) Other tangible securities such as mortgage of some other property, pledge of bank's FDR/LIC policy/Govt. securities, NSCs, KVPs, IVPs, Bonds etc. equal to 150% of the loan amount may be taken as primary security where mortgage of the property being financed is not possible.

Guarantee: In the case of loans above Rs.10 lacs, guarantee of one acceptable guarantor, who can be a family member, is to be taken.

Borrower will have an option of availing the loan either at fixed or floating rate of interest. A service charge of 1% is charged for switching between floating and fixed rate of interest.

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