House Loan
Fingrowth Bank offers loans at compititive rate of interest for your dream home. We extend finance assistance for following -
1. Construction of house
2. Expansion or renovation of your existing home
3. Purchase of flat or constructed house.
Who can borrow?
Permanent salaried employees/self employed person in business or Profession are eligible, provided they have adequate regular income to meet the repayment obligation.
What is the maximum limit of assistance?
Up to 75% of the cost of the house or 70% towards the cost of construction subject to maximum of Rs.70 Lac.
Where to approach ?
You may contact any of our branch, spread all over in Jaipur, Kishangarh and Palanpur, Gujarat or the Head Office of our bank.
Security:
Equitable mortgage of legally acceptable title document of non-encumbered residential house/flat in the name of borrower either self occupied or vacant.
What documents are required?
A) For salaried employees :
• Salary certificate/Income Tax Return
• Verification of employment from employer.
• If job is transferable, permanent address for correspondence.
B) For Self employed persons :
• Evidence of income
• Copy of bank accounts if not an account holder of the bank.
• Income-tax return of last 2 years alongwith PAN card.
• Residence proof
Rate of Interest:
Interest Rate is charged as per the prevailing rates from time to time.
Interest is charged at monthly rest and interests are calculated on reducing balance.
Repayment period :
Repayment of Installments is fixed keeping in view repaying capacity/comfort of the applicant subject to maximum of 20 years through PDCs/ECS (Debit)
Processing Fees & Charges:
• 0.7% of the amount of loan applied shall be charged as the processing fees at the time of application of loan. Minimum Rs. 500 shall be charged).
• On the sanction of loan 1% of amount sanctioned or Rs. 1 lac which ever is low shall be contributed as share money.
• Fees and charges shall be one-time & non-refundable
• Legal and other charges, if any , are to be born by the borrower.
Personal Guarantee:
Third party personal guarantee of two persons having good credentials and adequate net worth.
Income Tax benefits :
•Interest on loan for construction of new house, can be claimed upto Rs. 150000/- every year provided to the acquisition or construction is completed within 3 years from the end of financial year in which the loan borrowed.
•A rebate of tax on the amount of payment made towards the coast of purchase/ construction of a new residential house property up to Rs. 20000/- In a year is allowable under Sec.88 of the I.T.Act.
Others :
Other general terms and conditions of the bank including insurance coverage of the property owner shall also be made applicable.
