City Union Bank Home Loan

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About City Union Bank Home Loan

City Union Bank Home Loan

Purpose:  City Union Bank Home Loan

The bank may render credit assistance for:-

1.  Purchase of a house site for construction of a house thereafter.
2.  For a construction of a house property over the site.
3.  Purchase of a ready built house/flat.
4.  Extension/improvement of the existing house/flat.
5.  Purchasing a flat under construction.

Eligibility: City Union Bank Home Loan

Individuals having an assured source of income viz. salaried employees, self-employed professionals, businessmen, farmers etc.,

Permissible amount of Loan: City Union Bank Home Loan

The loan may be granted up to 75% of the total cost subject to a maximum of Rs. 25.00 Lacs. In respect of advance against plot or land, the amount of loan shall not exceed 50% of the cost of the plot and the cost of construction of the house.

However, it shall also be ensured that the quantum of loan does not exceed 48 months net-salary /income of the applicant or last year income in respect of professionals / others as per IT returns.

Documents to be given: City Union Bank Home Loan

1. In respect of salaried-employees, while computing the net-income, salary-certificate from the employer should be given.
2. In respect of self-employed professionals, the income is calculated based on the Income Tax Return submitted by the borrower.
3. In respect of the farmers/ rural artisans the net-income should be calculated based on the details of land holdings and income from allied activities and other sources if any after deducting the amount of crop loans and other loans.

Margin: City Union Bank Home Loan

A Margin of 25% is to be brought in at each stage of disbursement of the loan.

Repayment Period: City Union Bank Home Loan

The Loan to be repaid within a maximum period of 10 Years in equated monthly installments for business people and 15 Years for Salaried-Class.

Security: City Union Bank Home Loan

Equitable Mortgage Charge of house site together with the construction to be made thereon / ready built house/flat for which the loan has been granted.

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