PURPOSE OF LOAN: Purchase / construction / expansion / renovation, repairs of new / existing house for personal / family use.
MAXIMUM AMOUNT OF LOAN: Calculated on the basis of net monthly income / value of property.
TERM OF LOAN: Min. Period : as per requirement, max. period - 20 years.
INTEREST RATE: Can be as low as 0.5%* and is charged on reducing balance.
PROCESSING CHARGE: 0.75%
ELIGIBILITY: Salaried, professional and self-employed, businessmen and HUF. Min. age 21 years, max. 55 years.
SECURITY: Equitable mortgage of the property being financed. 2 guarantors acceptable to the bank.
- If the borrower is not already an account holder of Shivalik Bank, KYC documentation is necessary for opening of account.
- If existing house is being purchased, sale agreement is required.
- Estimate from the architect for construction / renovation, expansion, repairs.
- Proof of approved area.
- In case of new flat / apartment, demand note / allotment letter from the Authority / builder.
- Original ownership documents of the property.
- Income proof of borrower(s) and guarantor(s) for the last 3 years.
- Asset & Liability statement of the borrower(s) and guarantor(s).
- Sanctioned map of the house in case of construction, expansion of house property.