HOUSING LOAN

Divyajyoti Patpedhi invites you to be a proud owner of your own home and offers easy Home Loan with a number of conveniences to suit your budget.
Home Loan is available for:

• Purchase of new / old dwelling unit.
• Construction of house.
• Purchase of plot of land for construction of a house.
• Repaying a loan already taken from other Housing Finance Company / Bank.
• Repayment period up to 30 years (floating rate option).

Housing Loan
Today, when most banks accept a loan application only after scrutinizing the applicant’s occupation and income level, we, on the other hand don’t differentiate between dreams.
You can still get a home loan, regardless of your income or occupation. And, with our flexible application process, you don’t have to sweat over filing documents either. After all, dreams cannot be restricted to mere papers.

House improvement Key Benifits

• In-house legal and property evaluation
• Flexible application process
• Professional handling of all paperwork
• Maximum tenure of home loan: Upto 20 years
• Easy repayments
• Stamp duty and registration costs included
• Home loan tax benefits
• Zero pre-payment charges
• Online home loan account facility
• Loan available for repairs / renovation / improvement / extension of the existing house.
• Loan available for purchase of furniture / fixtures / furnishing / other gadgets such as fans, geysers, air conditioners etc. required, to:
• Our existing housing loan borrowers

Value propositions

Bank offers following benefits with home loan availed by you:

• Free Personal Accident Insurance is available for stipulated tenure.
• Interest subvention @1% on housing loans upto limit of Rs15.00 lac where cost of house does not exceed Rs 25.00 lac is available. The scheme is applicable for the Year 2012-2013.
• Free Credit Card – “Paras” card (Complimentary for first year) to all new home loan borrowers with loan limit of Rs. 2/- Lakhs and above
• Minimum Rs.1 lac, Maximum Rs.25 lac Or 60% of Residual Value of House Property after deducting 150% of outstanding loan amount of Existing home Loan whichever is lower.(AAA)
• As per current IT provisions – Interest on loan upto Rs. 1.5 Lakhs per annum is exempt from income tax (Under section 23/24(I) of the Income Tax Act).

What is Home Loan?
Home Loan is a Secured Loan. Home Finance is offered against the security of a house / property which is funded by the bank’s loan, the property could be a personal property or belonging to a firm. In this type of loan the borrower gives the banker a conditional ownership over the property i.e. if the borrower fails to pay back the loan, the banker can retrieve the lent money by selling the property.

Who is eligible for Home Loan?
A person with stable monthly income is eligible for Home loan

• Salaried person.
• Business Person with stable income & business.
• A partnership or a Pvt. Ltd. company.
• Professionals with stable income & business.

Terms & Conditions

• In case of Salaried:

• In case of others viz. professionals / self-employed / businesspersons etc., 5- times of average annual income (last three years).
• Margin:

· As security against the loan amount, the bank will take an equitable mortgage of the housing property and/or other suitable securities.
· No Fees will be charged on part prepayment / full prepayment of the loan amount.
· The loan can be repaid in a maximum period of 30 years taken under floating rate option subject to the period up to age of retirement in case of salaried persons and 70 years in case of others.