27.Housing loan Policy.docx

**SRI POTTI SRIRAMULU NELLORE DCCBANK LTD.,** **HOUSING LOAN POLICY** Nature of facility Term Loan Purpose Quantum of Loan Maximum of Rs.75.00 Lakhs Eligibility Credit Rating Repayment Period Upto 240 months or attainment of **60** years of age whichever is less. Repayment of the Loan a....

**SRI POTTI SRIRAMULU NELLORE DCCBANK LTD.,** **HOUSING LOAN POLICY** Nature of facility Term Loan Purpose Quantum of Loan Maximum of Rs.75.00 Lakhs Eligibility Credit Rating Repayment Period Upto 240 months or attainment of **60** years of age whichever is less. Repayment of the Loan a. Repayment starts immediately from the succeeding month after disbursement in case of loan availed for purchase of ready built House/Flat or for additions/ repairs. b. Repayment will start 3 months after release of final instalment in case of House/Flat construction or 12 months from release 1st instalment whichever is earlier. Interest rate Penal Interest Take Over & Top-up The loan can be sanctioned and released for takeover of the loans availed by the customers from other Banks/Financial Institutions and also Top up loans. Inspection of the Property Loan Eligibility i\) 80% of the estimates submitted for construction of independent house prepared by Licensed Engineer/Architect ii\) 100% of SRA value of undivided share of land plus 80% of the construction estimates prepared by Licensed Engineer/Architect for construction of flat. Security B-Class Membership Advocate Fee & Valuer Fee Legal opinion Valuation Report Verification **I) [For Purchase of Ready-built House/Flat:]** Loan amount will be disbursed directly to the vendor after ensuring the 20% contribution of borrower. **Guidelines for Staff Housing Loans** +-----------------------+-----------------------+-----------------------+ | **Cadre** | **Limit** | **Interest Rate** | +=======================+=======================+=======================+ | AGM and Above | Rs.60.00 Lakhs | \@7.50% SI | +-----------------------+-----------------------+-----------------------+ | A.Ms & Managers | Rs.50.00Lakhs | | +-----------------------+-----------------------+-----------------------+ | Staff Assistants | Rs.40.00 Lakhs | | +-----------------------+-----------------------+-----------------------+ | Sub Staff | Rs.30.00 Lakhs | | +-----------------------+-----------------------+-----------------------+ | Eligibility | a. A permanent | | | | employee having | | | | completed 2 years | | | | of service. | | | | | | | | b. Tenure of the | | | | Loan shall be | | | | upto the age of | | | | 60 years, the | | | | employee on | | | | retirement shall | | | | have the option | | | | either to close | | | | entire loan or | | | | deposit the sum | | | | equal to loan o/s | | | | from out of his | | | | retirement | | | | benefits. | | | | | | | | c. Left over service | | | | should not be | | | | less than 3 | | | | years. | | | | | | | | d. After deducting | | | | the proposed | | | | instalment, the | | | | employee should | | | | have minimum | | | | 1/3^rd^ take home | | | | pay. | | | | | | | | e. Amount of | | | | eligibility is 90 | | | | times of Basic + | | | | DA or ceiling | | | | whichever is | | | | less. | | +-----------------------+-----------------------+-----------------------+ **\*\* The Other Terms and Conditions will remain same as existing.** **Sd/-** **CHIEF EXECUTIVE OFFICER**