MODE OF PAYMENT
|OUR BANKERS ARE
OUR A/C NUMBER IS : 630605107709
We are not yet geared for any quick money transfer systems.You can transfer funds to our bank in India by the same old simple Cheques or demand drafts. You can pay by cheques at our a/c in ICICI Bank at any branch in India, if your town has its branch. If not send D.D. to us, payable at Vijayawada. Thank You.
#HOW TO APPLY FOR LOAN
#DOCUMENTS TO BE PROVIDED #DEPOSIT SCHEMES
#HOUSING FINANCE-INTEREST RATES
#EQUATED MONTHLY INSTALLMENT (EMI)
Financ will be available to
* CONSRUCT A HOUSE
* BUY A HOUSE
* MODIFY AND EXTEND A HOUSE
Owning a house today is made easy. Many banks are coming forward to finance and many housing promotion corporations are also coming forward. Expert financial analysts too say this is the right time - what with lower rate of interests, competition among financial institutions, SOPs by way of income-tax exemption limits etc.
All the leading banks now have a housing finance division.
VARIOUS BANKS AND THEIR HOUSING FINANCE DIVISIONS OFFER VARIOUS SCHEMES, VARIOUS RATES OF INTERESTS FOR VARYING LOAN AMOUNTS.
HOUSING LOANS : INTEREST RATES
- Choose a property. Buy the plot of land needed, if you are planning to construct an independent house.
- Get all land documents in order, sale deed in original, encumberance certificate, source document, tax receipts etc. File them in order.
- Get a plan ready from a registered architect.
- Get an estimation of building value from architect.
- Get all department approvals.
- Now choose a banker close to you who is willing to accept your application. Generally rates of interest and other terms are all same in general. Any bank is fine.
- Fill and forward your application along with all documents needed.
- You can expect your loan latest by 30 Days earlier if your application is complete in all respects.
o Application form duly signed by applicant and co-applicant
o Link documents for 13 years
o Encumbrance Certificate for 13 years.
o Approved Plan
o Detailed Estimate
o Title Deeds in original
o Service Particulars of applicant
o LIC Policies/ NSCs.
o Guarantor forms with salary certificates
Loans can be Sanctioned For
^ Construction of a Home / Flat / Apartment of your choice.
^ Purchase of a Home / Flat / Apartment (not older than 10 years).
^ Extension / Renovation / Upgradation / Repair of existing House / Flat / Apartment.
About the Repayment Period
For the salaried class the period of repayment depends on the remaining period of service. For the self-employed / professionals the repayment period will be considered upto 65 years of age.
Who is eligible for our Housing Loans
1. Individuals who are Permanent employees of State / Central Government / Central
or State Govt. bodies and undertakings.Recognised Educational Institutions, Public Limited Companies, Reputed Private Limited Companies, Reputed Business
2. Self Employed professionals like Doctors, Engineers, Lawyers and others (who are
3. Business who are IT assessees.
5. Companies & other corporates constructing houses for their employees.
How is the Loan amount Decided
40% of your gross monthly income will be taken as repayment capacity. Your repayment amount will be determined considering factors such as income, age, number of dependents, spouse's assets/liabilities/stability and continuity in occupation and savings.
Spouse of the applicant must join as co-applicant. In the case of a spouse who has proven income his / her income would also be taken into account.
Loan amount will be limited to 75% of cost of Flat / House when the property is situated in Rural areas / Semi- Urban areas and 85% in Urban / Metropolitan areas.
Minimum period - 5 years
Maximum period - 15 years
About the Loan Repayment Mode
^ The loan has to be repaid in equal monthly instalments (EMI) comprising interest and principal. Interest is calculated on Annual rests.
^ Repayment commences from the month next to the month of registration in the case
of purchase of House / Flat / Apartment.In the case of construction of House /Flat / Apartment, the repayment commences from the month of disburst of final instalment on completion of 12 months (whichever is earlier).
^ Until the commencement of EMI, interest has to be paid monthly on the actual outstandings of every month.
^ Repayment can be made through salary deduction by employer through post-dated cheques. Preclose / Part Payment.
^ Prepayments subject to a minimum of Rs. 25,000/- are permitted at a nominal charge of Rs. 250/-.
^Loans can be re-scheduled with the lesser amount of EMI if the amount so paid is equal or more of 10 EMI's.
Security for Loan
^ Equitable Mortgage by deposit of original Title deeds.
^ Additional securities like LIC Policy / NSC equal to 5 to 10 EMIs.
^ One / Two guarantors depending on each case.
- Directly to the sellers at the time of registration in case of purchase of House / Flat / Apartment after due inspection of premises.
- In case of construction of Apartment / House, direct payment to builder / applicant in 2
or 3 installments depending on progress of work.
HOUSING FINANCE-INTEREST RATES||
Rate of Interest p.a.
For Construction/Purchase of Residential units
10,000 to 10,00,000
10,00,001 to 15,00,000
15,00,001 and above
Upgradation/Extension/Repairs any amount
DOCUMENTS TO BE PROVIDED-FOR CONSTRUCTION OF HOUSE
* Salary Certificate(If Employee)
* Last 3 Years income tax returns, Computation Statements, P & L Account, Balance
Sheet(If Self Employed)
* Registered Sale Deed.
* Link Documents / Prior documents / Registered Certified Copies for last 13 years.
* Approved Plan from Muncipal / Panchayat Authorities.
* Encumberance Certificate from 1-1-1984 to upto-date.
* Estimation from any Registered Engineer.
* Processing Fee 1% on Loan application amount (Non refundable) Administration Fee
1% (After loan sanctioned) Total 2%
- NOTE -
* If Extension of House please submit Approved Plan of Existing and also proposed.
DOCUMENTS TO BE PROVIDED-PURCHASE OF HOUSE
* Agreement for Sale
* Sale Deed / Document
* Link Documents / Prior Documents / Regd.
* Certified Copies
* Tax Paid Receipt
* Approved Plan From Muncipality / Panchayat Authorities (Existing)
* Encumberance Certificate from Vysya Bank Housing Valuer / Vysya Bank Valuer.
* Salary Certificate(If Employee)
* Last 3 years income tax returns, Computation Statement, P & L Account, Balance Sheet(If Self Employed)
* Processing Fee 1% on loan amount(Non refundable) Administration Fee 1% (After Loan sanctioned)
* Purchase of House / Flat not older than 10 years