Application Form        
Document File   Pdf File     

'AISWARYA GRIHA’ HOUSING FINANCE SCHEME

TERMS AND CONDITIONS

1.        Loans will be granted for purchase/construction of houses/flats,  purchase of land/plot and then construction of house/building or purchase of land with building, takeover of house/flat/apartments/buildings etc. from other financial institutions, repairs/ renovations/additions/alteration/upgradation/improvement to the existing house/ building.

2.        The maximum eligible loan amount is fixed at 60 to 80 times of the Net Monthly Income (NMI) / Average Monthly Income (AMI) of the applicants. However, in all cases, the repayment obligations should be restricted to 60% of the NMI/AMI.

The regular income of the Borrower from all sources can be considered including income of the spouse to arrive at the total eligible loan amount provided the sanctioning authority is satisfied with the proof of income. In this case, the spouse should be a co-obligant/guarantor.

3.        The maximum loan amount under the scheme will be Rs.150 Lakhs.

4.        Interest Rate for all loans sanctioned after 10/07/2006 is as follows:

5.        Margin money of 20% of the total project cost irrespective of the loan amount has to be borne by the loanee.6.        The repayment period shall not exceed 20 years including a moratorium/repayment holiday at the option of the beneficiary till completion of construction or 18 months from the date of disbursement of the first installment of loan, whichever is earlier. The tenure of the loan will be fixed in such a manner that the repayment period of the loan is completed before the borrower attains the age of 65.7.        Application Form can be purchased from KTDFC by remitting a fee of Rs.100/-.8.        Processing charges :

9.        Valuation charges and legal charges to be borne by the loanee.10.    EMI Chart for Rs.1 Lakh  p.a. diminishing for personal housing loan.

i)                    Application form in duplicate with two passport size photographsii)                   Copy of the plan inclusive of site plan duly approved by the Corporation/ Municipality/ Panchayat as the case may be, and also from the  Development Authority as required.iii)                 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 (NOC) from the authority concerned.iv)                 Estimate approved by an Official not below the rank of an Govt. Asst. Executive Engineer (Civil)/ Chartered Civil Engineer/ Registered Architect.v)                  Original Title deeds and prior title deedsvi)                 Latest tax receiptsvii)               Possession Certificateviii)              Encumbrance Certificate for the last 15 yearsix)                 Location Map & Location Certificatex)                  Legal Opinion (Title Clear Certificate) from the Approved Advocatexi)                 Valuation report from the  approved valuerxii)               Voters ID Card/ Driving License/ Passportxiii)              Sale Agreementxiv)             Proof of Income

a) For salaried employees           -   Salary certificate from the employerb) For  business/ self

Employed persons              1. Copy of the Income Tax return/ Assessment      order.

2. Audited accounts and Balance sheet for the last 3 years.

* Applicants can also produce any other proof of income in addition to the above.

xv)               Allotment letter of the flat and bye laws of the society/ association of the apartment owners if the purchase of house/ flat is from them.xvi)             Statement of Bank Account for last 6 months.

14. The salient features of the scheme are as follows:

a)      The margin on the housing loan is fixed at 10% to 20% .b)      The maximum limit for housing finance is fixed at Rs.50 lakhs, irrespective of the area.c)      The maximum amount of loan eligibility is fixed at 60 to 80 times of the Net monthly income (NMI)/Average monthly income (AMI) subject to the condition that the repayment obligation does not exceed 60% of the NMI/AMI.d)      The repayment period is fixed as 180 months including a moratorium/ repayment holiday of 18 months, during the moratorium period interest will have to paid.  Repayment holiday will be granted only wherever construction of new home is involved. However for Govt. Employees  the repayment period can be extended upto 300 months including the moratorium period.

The instructions are also applicable to housing loans granted to NRIs. However, the repayment of instalments/ Interest should be from his/her FCNR/NRE/NRO accounts and the rental income if any of the property purchased with bank finance.