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Housing Loan

Get rid of your owner's house & also re-decorate your home as you wanted to. Avail the home loan facility with Kalyan Janata Sahakari Bank & get the benefit of Pradhan Mantri Awas Yojana.

Purpose :
(A) IN GENERAL LOAN CATEGORY :
  • Construction of own house.
  • Purchase of ready built / under construction house or flat. (RERA registration certificate of the builder is compulsory)
  • Purchase of non-agricultural plot with fixed / confirmed plans to construct house thereon within specific period and should be for residence
  • Purchase of new / old residential house / flat
  • Take-over of housing loan availed from another bank / financial institution
(B) IN TOP-UP LOAN CATEGORY :
House repairing / renovation / Interior decoration / extension / expansion of house property Only after completion of 36 months repayment period & subject to :
  • Regular repayment of existing housing loan account
  • Consideration of required margin for housing loan outstanding compared to latest valuation of the property
  • Source of income should be sufficient to cover EMI of existing housing loan & proposed top-up loan
  • Existing guarantor / s to be continued or option of new guarantor
Eligibility :
  • Residential individual / s (singly or jointly with other eligible individual)
  • Salaried employees
  • Businessmen
  • Self-employed
  • Professionals having regular source of income
Source of
Eligibility :

While determining the quantum of advance - eligible amount would be restricted as under :

  • In case of salaried individuals :
    • Total deductions, including instalment of proposed Housing loan, should not exceed 65% of gross income of the Borrower
    • Repayment of EMI in ballooning mode on case to case basis for salaried person will be considered.
  • In case of others :
    • Average 3 years Gross income to be considered for calculation of loan eligibility. Total deduction including present and proposed loan obligation should not exceed 65% of average Gross income of the Borrower.
  • If income is in decreasing trend, last year’s income or average income of 3 years, whichever is lower to be considered.
    Income of other earning member of the family (taken as co-borrower) to be considered while calculating source.
Quantum :
(A) IN GENERAL LOAN CATEGORY
  • ₹ 5 lakhs
  • ₹ 70 lakhs (subject to limit allowed by RBI)
(B) IN TOP-UP LOAN CATEGORY
  • ₹ 10 lakhs (in case, property situated in urban areas)
  • ₹ 5 lakhs (in case, property situated in semi urban / rural areas)
Tenure :
  • Maximum period : up to 20 Years
  • In case of takeover cases, repayment shall be for residual period
Basic Documents :
  • In case of new customer, applicant & guarantors need to open savings / current account
  • Duly filled & signed loan application form
  • Duly signed loan agreement
  • KYC documentation as per RBI guidelines, including proof of identity & address proof of applicant & guarantors with 3 passport sized photographs
  • Copy of updated passbook / bank statement for last one year
  • Details of existing on-going loan availed from banks / financial institution
  • Copy of Bank deposits / Life Insurance Policies / Other Investments (if any)
  • For Salaried individuals :
    • Last 3 months’ – salary slips
    • Form 16 or Income Tax Return
  • If an applicant Is a self-employed individual :
    • Income tax returns of last 3 years, 26 AS from traces
    • Financial statements including balance sheet, profit & loss account and computation of income for last 3 years
    • Licenses / permissions from competent authorities
ROI :
  • Please click here to know about latest ROI & Service Charges.
Other Conditions :
  • Applicant has to be a regular shareholder of the bank. The guarantors have to be either a regular member (shareholder) or a nominal member (in case of loan amount up to ₹ one lakh) of bank.
  • Standing Instruction (SI) Request / ECS or NACH instructions / Post Dated Cheques (PDC) to be submitted to the bank as per requirement.
  • Collateral Securities, if stipulated, to be submitted before disbursement. In case of assignment of LIC policies, original policies to be deposited and assignment formalities to be completed before disbursement.
  • Search report and title clearance report for the property to be obtained from bank’s panel advocate. Professional fees / charges for the same to be borne by the applicant, even if the loan proposal is not sanctioned by the bank.
  • In case of re-sale property, valuation is to be carried out by bank’s panel valuer. Professional fees / charges for same to be borne by applicant, even if loan proposal is not sanctioned by the bank.
  • All conditions stipulated in the advocate’s title clearance report are to be fulfilled by the applicant before consideration of the loan proposal.
  • Inspection of the property / site will be carried out by bank officials. Applicant has to make necessary arrangements for this.
  • In case of take-over, pay-order / RTGS / NEFT will be issued / remitted directly in the name of the bank / financial institution / builder/ vendor. Immediately after disbursement, stamped receipt and possession letter from the builder / vendor to be submitted to the bank.
  • Undertaking to be obtained from borrower that the facility shall not be utilised for any speculative purpose.
  • Formalities regarding recording bank’s charge on the property by the builder / co-operative housing society and transfer of share certificate in the name of the applicant / borrower by the co-operative housing society, are to be completed as early as possible. The applicant / borrower has to ensure and take active responsibilities for this.
  • Before disbursement, applicant has to provide margin money and necessary amount to meet all the expenses (as mentioned above & as per service charges). Adequate amount for the purpose is to be deposited in the bank account in advance.