All about 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.
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.
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.