CONSTRUCTION / RENOVATION LOAN

CONSTRUCTION / REPAIR & RENOVATION OF PROPERTY

RATE OF INTEREST OF LOAN AMOUNT UPTO RS.25 LAKHS: 8,50% p.a.
RATE OF INTEREST OF LOAN AMOUNT ABOVE RS.25 LAKHS: 8.90% p.a.
FEATURES
    1. Loan amount maximum Rs.70 lac in case of construction of Residential property and Rs.5.00 lac in case of Repair & Renovation.
    2. To be repaid in maximum 180 installments and EMI should not be more than 50% of monthly Income of Borrower.
    3. Loan amount should be disbursed in minimum 4 installments.
DOCUMENTS REQUIRED
    1. Legal report of property from bank’s advocate.
    2. Estimate Repair from approved Architect/ Contractor.
    3. Approved map of Property by Municipal Authority.
    4. Permission for construction from Municipal Authorities.
    5.  All the Bills related to construction/renovation has to be submitted by the borrower after utilization of 1st instalment and before availing of next instalment.
    6. Property should be fully insured with all risks.
    7. Completion certificate from architect/contractor.

NOTE: RATE OF INTEREST GIVEN ABOVE ARE SUBJECT TO CHANGE