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.
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.
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.
Other general terms and conditions of the bank including insurance coverage of the property owner shall also be made applicable.