Hey!! Housing Loans of State Bank of Travancore is for construction, purchase/ repair/ renovation/ alteration of a house or for purchase of a plot for the construction of a house, with or without bank finance.

Interest Rates for this Scheme:

-Limit up to Rs.75 lacs- At 1 year MCLR- 9.65% p.a

-Limit above Rs.75 lacs – 0.25% above 1 year MCLR- 9.90% p.a


Eligibility Criteria

-All Resident with regular monthly income with a minimum NMI of Rs. 12,000/- and Non-Resident Indians with a regular monthly income with a minimum NMI Rs. 15,000/-.

-Spouses of Non-Residents, who are residents and receiving regular monthly income.

-Salaried persons, self employed businessmen, professionals and agriculturists, who have regular monthly income and who have a minimum of three years of standing / experience in their line of activity.

-Minimum age of 18 years witha a steady source of income. The age should be such that the borrower is able to close the account before he attains the age of 70.


No. of Co-Borrowers
Maximum three (including spouse / children / parents/siblings)


Disbursement

-Construction of new building

-In three stage, 30%, 40% and 30% of the loan amount. The last instalment will be disbursed three or four weeks prior of the completion of the building.

-Outright purchase

-100% to the seller, after payment of the margin by the applicant.

-Purchase of plot and construction of the building

-The loan component for purchase of the plot will be 50% of the total project cost upto Rs.75 lac and 30% of the project cost above Rs.75 lac .


Repayment

-Upto 30 years subject to liquidation of the loan before the borrower reaches the age of 70 years.

-Upto 45 years of age- Maximum 30 years(Not exceeding the age of the borrower beyond 70 years)

-Above 45 years of age- Maximum 25 years (Not exceeding the age of borrower beyond 70 years)

-It includes the repayment holiday of a maximum of 18 months. Repayment will begin on completion of the house or 18 months from the disbursement of the first installment of the loan, whichever is earlier.


Papers to be submitted

PROOF OF INCOME
-In case of salaried persons:
Salary certificate showing deductions.
Authorisation to deduct monthly instalments from the salary of employee for credit of the loan account wherever available.
-In the case of self employed / professional / business men:
- Audited accounts and Balance Sheets/ income tax assessment orders/ Returns/ Memo/ Statements of computation of taxable income filed for the last 3 years.

DOCUMENTS TO BE SUBMITTED FOR CONSTRUCTION / IMPROVEMENT OF HOUSES
-A copy of the plan inclusive of site plan approved by the Corporation/ Municipality/ Development Authority/ Panchayat as required.
-A copy of the building permit issued by the Corporation/ Municipality / Panchayat as required. In areas where building permit is not required a No Objection
Certificate from the authority concerned.
-Estimate approved by licensed Engineers/Architects approved by local bodies.
-Original and prior title deeds.
-Latest tax receipts.
-Possession Certificate.
-Encumbrance certificate from the Sub Registrar for the last 31 years.
-Title clear certificate from the banks approved advocate.
-Valuation report from the banks approved valuator.
-An affidavit cum Undertaking from the person that he shall not violate the sanctioned plan.

DOCUMENTS TO BE SUBMITTED FOR PURCHASE OF HOUSES / FLATS
-A copy of the agreement for sale.
-A copy of the Title deeds of the present owner.
-A copy of the land tax receipt.
-A copy of the building tax receipt.
-Encumbrance certificate from the Sub Registrar for the last 31 years.
-Title clear certificate from the banks approved advocate.
-Valuation report of the property and building from the banks approved valuator.