Loan For Home Construction / Repair / Change
kanpur DCB home loans provide as per your requirement. A dedicated team of experts and a complete package to meet all your housing finance needs Kanpur DCB Home Loans, help you realize your dream.
Credit limits and margin of the applicant -
- For purchase of constructed building or construction of new buildings, maximum credit limit of Rs 10.00 Lakh.
- Maximum Credit limit for Repairs/ changes/ additions is Rs 2.00 Lakh.
- Minimum Loan Amount Rs 0.50 lakh.
- 25% of the approved loan will be as a contribution margin of the applicant.
- The loan amount is determined by the purchase price of the proposed building / construction costs, repairs / changes / additions to the applicant's capacity to pay the amount and cost estimates will be on his income.
- Authorized Evaluation Report / Intimate / original map / proposed map.
Interest Rate -
- Upto 5 Years 9.25%
- From 5 Years to 10 Years 10.00%
- From 10 Years to 20 Years 10.75%
Calculation of interest on a monthly basis, while on non-payment of outstanding installments punishable interest will be charged at an annual rate of 2%.
** These rates will apply till the full repayment of the loan.
Loan eligibility -
- Regular employees of the Government of India / U.P.
- Permanent Employees of Semi-official/ Self Governing/ Institute/ Educational Institute (Approved by UP/ India Govt).
- In addition to the above, a person whose has income tax assessed in the last 3 years of and Permanent Account Number (PAN) is allocated to him.
- 50 years old employees will be eligible for loans up to 55 years in specific cases. Debt repayment must be 2 years before retirement.
- Loan in the name of two individuals, except one of them is employed. Co-loan applicant may be husband, wife, parent, son or father-in-law.
- This plan is limited to the municipality/ towns/ cities, with a population of over 50 thousand.
Duration of Loan -
- The maximum term of the loan will be 20 years to repay or 2 years earlier than the retirement of the employee.
- Repayment of Loan for Repairs/ changes/ additions etc, will be up to 5 years or 2 years before retirement.
- Determination of the repayment period of loan will be the subject to sanctions of loan repayment ability of the borrower of loan.
Repayment Capacity / Payment Assessment -
- The applicant's monthly income equal to 30% per month, but due to the monthly deduction from salary, monthly expenses and savings capacity it may be reduced.
- By adding deductions from pay to the loan installment the total reduction in the income of the applicant should not exceed 50% of the salary.
- In case of Joint Loans, repayment capacity will be assessed on the basis of 30% of sum of both salaries.
- 6 months prior to the application, calculation of the full capacity reductions should be assessed of the paid average salary.
- Paid Installments will be consolidated monthly.
- Payment of the final installment will be released next month.
** For more details,please contact the Zila Sahkari Bank Ltd. Kanpur nearest Branch.