LOAN FOR PURCHASE OF PLOT

 

1. Purpose: -

 

Purchase of Residential Plots/Sites from State Development/Town Planning Development Authorities or from any other body constituted by the Government for distribution of sites.

Or

Purchase of Residential Sites/plots from statutory authorities of Central/ State Governments, local authorities either exclusively or in partnership with private sector

 Or

Private entities provided such sites /layouts are duly approved by the statutory authority of the State Government and where registrations can be affected. Further the plots in the colonies approved by Govt. Authorities along with approved maps and RERA approved projects. directly from private entities (for example DLF, Omaxe etc.) or under second sale.

Or

The residential Land / Plots of Government Development Authorities land such as DDA, LDA, JDA HUDA etc. directly from authorities or under second sale.

 

2. Eligibility & Age: -

 

• Customer of Bank with satisfactory dealings. New customers properly introduced. NRI is also eligible. Employees of our Bank are also eligible (which may be converted to staff home loan if loan for construction is availed as per extant bank guidelines).
• Age- Maximum Entry Age should be less than- 60 years.

 

 

3. Loan Quantum: -The maximum loan amount to be decided based on the repayment capacity of the borrowers. However, it is opined that minimum & maximum quantum may be kept as: -

 

Parameter	Rural/Semi urban	Tier-I Cities/Urban#	Metro/State Capital
Minimum Quantum	Nil	Rs. 50.00 lacs
Maximum Quantum		Rs. 5.00 Crore*	Rs.10.00 Crore*

 

#Tier-I cities/Urban- District headquarters- Indicative list is in annexure.

* Maximum amount subject to repayment capacity assessed under Union Home Scheme.

 

4. LTV / MARGIN:

 

Limit	LTV	Margin
Up to Rs. 75 lacs	80%	20%
Above Rs. 75 lacs	75%	25%

 

5. Security & ROI - 

 

• EM of proposed plot with personal guarantees of all applicants.

 

• Rate of interest is applicable as per Union Home Scheme.

6. Repayment/ Tenure:

 

a. If borrower do not opt for home loan from us (i.e. construct the house from his own sources) then max 120 months or 70 years age of borrower.

 

b. If borrower takes home loan for construction also then- Maximum of 360 months or 70 years age of borrower at the time of closure of this loan for purchase of plot (whichever is earlier).

 

c. No moratorium permitted under this scheme.

 

7. Takeover: - Takeover of loan shall not be allowed where the construction is not completed.

 

8. Processing Charges: - 0.50% of max. Rs.15000/- (No processing charges for our bank staff under this scheme).