Housing Loan

    • For construction/repair/renovation/alteration of  house.
    • 40 time of monthly income of the applicant is sanctioned as loan amount.
    • Period upto 15 years.
    • Very low and convenient EMI
    • Same interest rate applicable for the entire period of the loan.
    • No floating rate.
    • No fine/ penalty/service charge for advance closing.
    • Insurance coverage.
  Rate of interest EMI*
Loans upto Rs.1.5 lakh 9.5% 1044.22
Loans upto Rs.5 lakh 12% 1200.17
Loans above Rs. 5 lakh 13% 1265.24
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Rate of interest

EMI*

EMI applicable for Rs. 1 lakh for a period of 15 years

Disbursement stage.

1.New building Single floor buildings:
Instalment No.1 10 % of the loan amount
Instalment No.2 20% of the loan amount  disbursed after foundation basement.
Instalment No.3 20% of the loan amount.  At the time of  construction completed upto  lintel level.
Instalment No.4 30% of the loan amount.  Disbursed after completing  the roofing work.
Instalment No.5 Final instalment of 20% of the loan amount disbursed after completing the house construction and getting house number from local authorities and submitting Insurance Policy of the house.
Double storied building:
Instalment No.1 10 % of the loan amount
Instalment No.2 20% of the loan amount  disbursed after foundation basement.
Instalment No.3 20% of the loan amount disbursed after  concreting the first floor roof.
Instalment No.4 30% of the loan amount  disbursed after completing  the  2nd floor roof concerte.
Instalment No.5 Balance of 20% of the loan amount disbursed after and getting house number from local authorities and  submitting Insurance Policy of the house.


Document to be submitted for Housing loans.

1.Title deed From Village Office
2.Prior deed
3.Land Tax Receipt
4.Thandaper extract
5.Possession certificate
6.Certificate stating that the proposed security property is not included in excess land,kudikidappu, revenue recovery proceedings.
7.Sketch of security property
8.Location certificate of the security property.
   
   
9.Encumbrance Certificate (14 years) Sub Registrar Office
10.Copy of Ration card.  
11.Copy of Election identity card
12.Non-liability certificate from primary cooperative society.
13 Building permit from Panchayat/Corportation/Municipality.
14.Approved plan of the proposed building by local authorities.
15.Proof of Income

Loan for Renovation of House

Repayment  period up to 15 years.
Loan amount Rs.1,00,000/- for repairs, Rs.2,00,000/- for extension.
Interest rate 13.5%
No floating rate.
Same interest rate for entire loan period.
Insurance coverage.
Loan disbursed in two instalments.
No fine/ penalty/service charge for advance closing.

Alayam Housing Loan

Housing loan scheme for poor people.
Loan upto Rs.50,000/-
Repayment period up to 15 years.
Rate of interest 12.5% only
No fine/ penalty/service charge for advance closing.
Insurance coverage.
No hidden charges.