State Bank of Travancore Home Loan

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About State Bank of Travancore Home Loan

State Bank of Travancore Home Loan

For construction, purchase / repair / renovation / alteration of a house or for purchase of a plot for the construction of a house.

Eligibility: State Bank Of Travancore Home Loan

  1. All Resident / Non-Resident Indians with a regular monthly income
  2. Spouses of Non-Residents, who are residents and receiving regular monthly income.
  3. Salaried persons, self employed businessmen, professionals and agriculturists, who have regular monthly income and who have a minimum of three years of standing / experience in their line of activity.
  4. The age should be such that the borrower is able to close the account before he attains the age of 70.

Amount Of Loan: State Bank Of Travancore Home Loan

  1. 60 times of Net monthly income (NMI)/ Average monthly income (AMI) for individuals up to 45 years of age.
  2. 48 times of Net monthly income (NMI)/ Average monthly income (AMI) for individuals over 45 years of age

However the repayment obligation is restricted to Maximum 60% of the NMI/AMI.

Maximum amount of the loan is Rs.300 lacs.

Margin:

  • Up to Rs.30 lac – 20%
  • Above Rs.30 lac and up to Rs.3 crore – 25%

Disbursement: State Bank Of Travancore Home Loan

           1.Construction of new building

In three stage, 30%, 40% and 30% of the loan amount. The last installment will be disbursed three or four weeks prior of the completion of the building

Outright purchase:100% to the seller, after payment of the margin by the applicant.

2.Purchase of plot and construction of the building:The loan component for purchase of the plot will be 50% of the total project cost up to Rs.75 lac and 30% of the project cost above Rs.75 lac or 80% of the land value whichever is lower.

Repayment: State Bank Of Travancore Home Loan

  • Up to 25 Years Subject To Liquidation Of The Loan Before The Borrower Reaches The Age Of 70 Years.

It includes the repayment holiday of a maximum of 18 months. Repayment will begin on completion of the house or 18 months from the disbursement of the first installment of the loan, whichever is earlier.

Processing Charges: State Bank Of Travancore Home Loan

Limit up to Rs.25, 000 – Nil

Limit above Rs.25, 000 to Rs.2 lacs – 0.55% of the loan amount (Max.Rs.500/-)

Limit above Rs.2 lacs – 0.55% of the loan amount maximum Rs.10000/-

Insurance:

Insurance is to be arranged for the total cost of building.

Papers To Be Submitted: State Bank Of Travancore Home Loan

In addition to the application form (in duplicate) and two passport size photographs, the following papers are to be submitted to the Bank.

Proof Of Income: State Bank Of Travancore Home Loan

In case of salaried persons:

  1. Salary certificate showing deductions.
  2. Authorization to deduct monthly installments from the salary of employee for credit of the loan account wherever available.
  3. In the case of self-employed / professional / business men.

Audited accounts and Balance Sheets/income tax assessment orders/Returns/Memo/Statements of computation of taxable income filed for the last 3 years.

Documents To Be Submitted For Construction / Improvement Of Houses:

  1. A copy of the plan inclusive of site plan approved by the Corporation/ Municipality/Development Authority/Panchayat as required.
  2. A copy of the building permit issued by the Corporation/ Municipality / Panchayat as required. In areas where building permit is not required a No Objection Certificate from the authority concerned.
  3. Estimate approved by licensed Engineers/Architects approved by local bodies.
  4. Original and prior title deeds.
  5. Latest tax receipts.
  6. Possession Certificate
  7. Encumbrance certificate from the Sub Registrar for the last 15 years.
  8. Title clear certificate from the banks approved advocate.
  9. Valuation report from the banks approved valuator.
  10. An affidavit cum undertaking from the person that he shall not violate the sanctioned plan.

Documents To Be Submitted For Purchase Of Houses / Flats:

i.   A copy of the agreement for sale.

ii.  A copy of the Title deeds of the present owner.

iii. A copy of the land tax receipt.

iv.  A copy of the building tax receipt.

v.   Encumbrance certificate from the Sub Registrar for the last 15 years.

vi.  Title clear certificate from the banks approved advocate.

vii.  Valuation report of the property and building from the banks approved valuator.

State Bank of Travancore Home Loan Interest Rate : 

Up to Rs. 30 lacs

Above Rs. 30 lacs and up to Rs. 75 lacs

Above Rs. 75 lacs

0.75 % above base rate. Current effective rate 11.00 %.

1.00 % above base rate. Current effective rate 11.25%.

1.50 % above base rate. Current effective rate 11.75 % .

 For Overdraft Home loan accounts (Max gain) a differential rate of 0.50 % should be maintained over and above the above mentioned rate.

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