The Samastipur District Central Co-operative Bank offers housing loans for the purchase, construction, extension, or renovation of residential houses/flats. Loans can also be used for purchasing consumer durables and furnishings.
Key features include:
- Loan Purpose: Purchase/construction of new or old houses/flats, extension, repair, or renovation.
- Loan Amount: Varies based on property value and borrower eligibility.
- Loan-to-Value Ratio (LTV):
- Up to ₹20 Lakhs: Maximum 85% of the assessed property value.
- Above ₹20 Lakhs and up to ₹50 Lakhs: Maximum 80% of the assessed property value.
- Interest Rate: Subject to the bank's policies and may vary. A higher interest rate (2% p.a. over the applicable rate) may be charged for irregularities in the account.
- Security: Secured by an equitable or registered mortgage of the land and building/flat for which the loan is sanctioned. Interim security may be required if mortgage creation is delayed.
- Fees/Charges: A processing fee is applicable, ranging from ₹1000 to ₹6500 depending on the loan amount.
- Disbursement: Can be in a lump sum or installments based on the construction progress, at the bank's discretion, and may be directly paid to the builder/seller.
- Maximum Age: Generally up to 65 years at the time of loan maturity, with some discretion for older applicants if a younger legal heir joins as a co-borrower/guarantor.
- Income Criteria:
- Salaried: Salary slips, bank statements, and I.T. Returns may be required.
- Non-Salaried: I.T. Returns for the last three years are generally required, and the loan amount is based on the net annual income in the latest return.
- Other Conditions: Construction/renovation must adhere to plans approved by local authorities. The bank is authorized to share loan information with credit bureaus.
