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Home Loan

The Home loan offered by the Abhyudaya Co-operative Bank Limited is called Housing Loan and provides finance to fulfill all housing requirements of individuals. Abhyudaya Co-operative Bank Limited offers home loans for the below mentioned purposes.
 

  • Purchase of New house/Flat
  • Purchase of Resold house/Flat
  • Construction of House on a plot already acquired
  • Extension to existing Flat / House
  • Takeover of Housing Loan from any other Bank or Financial Institutions or any other lender etc

Home Loan Amount & Features

The loan can be taken to finance any type of housing need like purchase of a new or an old flat, construction of a house, extension carried out on an existing house or flat or for taking over the balance of an existing loan from another bank or financial institution.
 

  • A maximum amount of Rs.70 lakhs can be taken as a loan.
  • The maximum period allowed for repaying the loan is 20 years or 240 months. This also includes the moratorium period or repayment holiday allowed.
  • The moratorium period or the repayment holiday is granted in the loan either at the option of the beneficiary or till the completion of construction of the house or 18 months post the disbursement of the first installment of the loan, whichever is earlier.
  • Membership would be required for the applicants and co-applicants of the loan and a membership fee would be payable by them depending on the amount of loan availed;
  • For loans up to Rs.25 lakhs, the amount payable would be Rs.5000/-
  • For loans above Rs.25 lakhs to Rs.50 lakhs, the amount payable would be Rs.10,000/-
  • For loans above Rs.50 lakhs to Rs.70 lakhs, the amount payable would be Rs.15,000/-
  • Sureties are required for availing the Abhyudaya Co-Operative Bank depending on the amounts;
  • One surety having a net income or salary higher than Rs.15,000/- per month would be required for availing loans up to the value of Rs.25 lakhs.
  • For loans higher than Rs.25 lakhs, one surety with a minimum monthly income or salary of Rs.25,000/- or two sureties with a minimum monthly income or salary of Rs.15,000 each would be required for the loan.
  • If the husband and wife are both joint applicants of the home loan and they are employed in reputed organizations earning a good salary and holding a good repayment capacity, then no surety is needed for a loan amount up to Rs.25 lakhs. If the loan amount is higher than Rs.25 lakhs, only one other surety would be required. Such surety can be another family member or an outsider having a minimum monthly income of Rs.15,000/-
  • The prime security required for the loan is the insurance and mortgage of the house or the flat bought using the loan amount
  • Another available securities like the insurance policy, KVP, NSC, etc. can be pledged as collateral security
  • 0.70% of the amount of loan sanctioned by the bank would have to be paid as service charges
  • Legal charges and stamp duty expenses would be charged by the bank as applicable
  • There would be a share linkage of 1% or Rs.2500 whichever is lower for loans up to Rs.20 lakhs and for loans above this value, the corresponding share linkage would be Rs.5000
  • The customer can prepay the housing loan wither from his own sources or through transferring the balance to another bank or institution free o cost
  • If the loan is required for purchasing a flat in a building which is more than 15 years old, the bank’s Structural Engineer would inspect the residual life of the building and if the life of the building remaining is more than 20 years old and the bank considers the building in a good condition, the loan would be granted
  • If the flat to be purchased using the loan is under construction and less than 75% of the construction has been completed, the bank would require an undertaking by the employer of the borrower to deduct the loan installments from the borrowers salary and/or the borrower must offer additional or collateral security to the bank for availing the loan
  • The bank charges a processing fee of ascertaining whether the property is mortgage-able and the charges are non-refundable if the loan is rejected. If accepted, the charges are adjusted towards the service fee applicable.

Home Loan Eligibility
 

  • Any individual whether he is salaried, professional, self-employed or a businessman can apply for the loan provided he has a steady and a regular source of income.
  • The property for which the loan is taken should be in the name of the applicant.
  • A co-applicant is required for the loan. The eligible co-applicants can be the spouse, son, daughter, father or mother of the applicant whether they are an earning member or not. If the co-applicant is an earning member, his/her income can be clubbed together for meeting the eligibility criteria of the loan. A brother or a sister may also act a co-applicant but in that case their incomes would not be clubbed together for ascertaining the eligibility.
  • Eligibility of the loan amount can either be based on the Agreement Value or on the applicant’s repayment capacity. If the Agreement Value is taken into consideration then 85% of the Agreement Value would be the eligible amount of loan for loans up to Rs.25 lakhs. For higher value loans, 80% of the Agreement Value would be the eligible amount of loan.
  • If repayment capacity is taken into consideration, the n the loan amount would be repayment capacity * 100000 / EMI for Rs.100,000/-.
  • Here the repayment capacity would be calculated as, net monthly income – minimum take home pay – other loan deductions. The minimum take home salary or income would be computed as 40% of the net income or salary monthly subject to a minimum of Rs.8000 and a maximum of Rs.20,000/-. The amount which would be the lowest would be considered for ascertaining the eligible amount of loan.

Abhyudaya Co-operative Bank Renovation & Repair Home Loan

Abhyudaya Co-operative Bank Limited offers home loans for repair and renovation of existing property such as Flats/House, Shops, Galas etc. The features of home renovation loan are;
 

  • Available to the renovation of any existing property of residential or commercial nature.
  • 3 months Moratorium period is applicable on the loan.
  • Repayment can be made in 120 EMIs.
  • No margin is required.
  • For Loan amount up to Rs. 1 lakh, nominal membership and applicable fees and Regular Membership is applicable for loan amount more than 1 lakh.
  • One Third person guarantee is required which should be acceptable to the bank. 
  • The acceptable prime security for repair and renovation loan is the Equitable Mortgage of property i.e. flat/shop against the submission of share certificate in original, Registered Agreement/ Sale Deed/, No Objection Certificate from the builder or society
  • The flat or shop be occupied by the applicant/owner themselves.
  • The Furniture/durables or any other equipment has to be duly insured.
  • Apart from the household the Flat/House/Shop should also be duly insured upto the market value of the property and free from any encumbrance.
  • Loan amount will not exceed 80% of market value of the Flat/House, shop & gala

Eligibility & Loan Amount

  • The loan can be offered for maximum 10 lakhs for any applicant that applies. Abhyudaya Co-operative Bank Limited offers its home loan under repair and renovation segment to the below mentioned types of applicants and as per terms mentioned;

  • Any resident Individual, Non individual entities such as Proprietorship firm or Partnership Firm, Pvt. Ltd. Entity etc.
  • The Eligibility of the applicant is derived on the basis the Repayment Capacity which is equal to Repayment capacity X 100000 / EMI factor 
  • Repayment can be made in 120 EMIs.
  • The minimum Net Take home salary per month should be Rs. 10,000/- after any EMI deduction.
  • Loan amount will not exceed 80% of market value of the Flat/House, Shop &Gala
     
  • Security / Collateral / Guarantor

  • The prime security required by the bank is the registered Mortgage of the property as per the rule and stamp act of the local territory.
  • The property should be fully insured upto the marketable value of the property and free from any encumbrance.
  • 1 guarantor with monthly net Income of more than Rs.10,000/- is required for home Loans up to Rs. 25 Lakh. In case of loan amount more than 25 lakhs either one guarantor with net monthly Income of more than Rs.20, 000/- or Two guarantors with minimum monthly Income of more than Rs.10, 000/-
  • In case the Home Loan Agreement is in joint names of husband and wife and both are salaried employees of any reputed firm with proven financial track record then one guarantor as any family member or any third party guarantee from an individual with minimum monthly net Income if above Rs. 10,000/- is acceptable to the bank.
  • The collateral security which is acceptable to the bank is LIP, NSC, FDR etc if available.

Rate of Interest

Abhyudaya Co-Operative Bank has revised their rate of interest w.e.f. 01.06.2016. The interest rate is linked to PLR (Floating Rate) i.e. PLR = 13.00%. The rate of interest depends on the amount of loan sanctioned by the bank.


For Abhyudaya Co-Operative Bank Home Loan
 

Types Of Facility

Linkage to PLR

Rate of Interest
(%) p.a.

For loans up to Rs.50 lakhs

PLR-3.25

9.75%

For loans above Rs.50 lakhs & up to 70 lakhs

PLR-2.75

10.25%


For Abhyudaya Co-Operative Bank Renovation & Repair Home Loan
 

Types Of Facility

Linkage to PLR

Rate of Interest
(%) p.a.

New Loans for repairs /renovation of flat/house to Housing Loan accountholders Max. Loan Rs. 10.00 Lakh

 

New Housing Loan Rate
+ 2.00

 

New Loans for repairs/renovation of flats/house disbursed on or after 1.6.2016 where Housing Loan is not availed

PLR + 0.50

13.50

New Loans for repair and renovation of Shops/Galas etc.

 

PLR + 0.50

13.50


Fees & Charges
 

Indian Bank Home Improvement Loans, the service Charges are @ 0.75% of the loan sanctioned amount.


Share linkage charges @ Rs. 2500/- + Entrance fee of Rs.10/-


There are No prepayment charges for pre closure of the housing loan prior actual completion of the Home loans. This includes the takeover or balance transfer of Abhyudaya Co-operative Bank Housing loans account to any other Banks/ Financial institution/ Lender.

Documents required

For Abhyudaya Co-Operative Bank Home Loan
 

An applicant has to submit the following documents to avail of the loan:
 

  • Latest passport sized photograph.
  • Photo ID proof such as – Passport, Driving License, Aadhaar Card etc
  • PAN Card copy.
  • Address proof of the applicant along with address proof of guarantors.
  • In case of Salaried individual;
  • Salary slips of last 3 months
  • Bank statements of last 6 months.
  • Form 16A and ITR of last 3 years.
  • For non-salaried individuals, the additional documents are;
  • Financial statements of the last 2 years
  • Income Tax Return copy of last 1year
  • Bank statements of the business for last 12 months
  • Title deed of the property.
  • Original Agreement for Sale
  • Original Registration Receipt
  • Copy of Approved Plan & CC
  • NOC from Builder/ Society/ MHADA/CIDCO
  • Copy of Occupation Certificate
  • Copy of Registration certificate of Society
  • Original Receipts of Payment
  • Title Clearance Certificate
  • Valuation Certificate
  • Previous original chain documents
  • Original Possession Letter

For Abhyudaya Co-Operative Bank Renovation & Repair Home Loan
 

Below mentioned is the set of documents required for the application of home loan from Abhyudaya Co-operative Bank Limited;


For Applicant/Co-Applicant
 

  • 3 recent colored sized Photographs
  • Copy of any one of the ID proof such as Passport/Driving License/ Voter’s ID Card/NREGA Job Card/Aadhaar Card
  • Pan Card copy
  • Salary slips & Form No.16 or Income Statements for 2 years
  • Quotation/ Declaration as Purpose Proof
  • Bank statement for the last 1 year
  • Signature Verification from Bank

Documents required for Guarantor-1 and Guarantor-2
 

  • 1 recent photograph
  • Copy of any one of the ID proof such as Passport/Driving License/ Voter’s ID Card/NREGA Job Card/Aadhaar Card
  • Salary slips & Form No.16 or Income Statements for 2 years
  • Signature Verification from Bank

Property related document
 

  • Original Agreement for Sale
  •  Original Registration Receipt
  • Copy of Approved Plan & CC
  • NOC from Builder/ Society/MHADA/CIDCO
  • Copy of Occupation Certificate
  • Copy of Registration Certificate of Society
  • Original Receipts of Payment
  • Title Clearance Certificate
  • Valuation Certificate
  • Previous original chain documents
  • Original Possession Letter
  • In case of the purchase of existing Flats in such Building which are more than 15 years old and the residual life of the building is more than 20 years as per life certificate issued by the chartered Structural Engineer, the bank shall offer home loan for the purchase of such flat basis the inspection and confirmation by the Branch Official
  • For Housing Loans towards the purchase of any flats which is a part of under construction buildings and completed less than 75%, the loans shall be granted basis additional/collateral securities and are backed by salary deductions from the employer of the borrower.

Home loan EMI Calculator

The EMI calculator is a simple and handy tool that makes the financial planning of the applicant really easy. One may know how much saddle the upcoming loan EMI is going to put on their monthly budget. PaisaBazaar offers EMI calculator for the convenience of its applicant. Any Interested applicant may login to www.paisabazaar.com. The applicant may select the EMI calculator and fill up the requisite details accordingly. Post-filling up the details such as Loan Amount, Rate of Interest and Tenure, the results would be prompt and the applicant may know the forthcoming EMI amount in case he/she applies for the personal Loan.


Applying for a Home Loan
 

The Abhyudaya Co-operative Bank offers Home Loan application through the Paisabazar.com website. Any customer wanting to avail of any of the Home Loans offered by the bank can visit the mentioned website, fill up the required details and apply for the loan.