HOUSING LOAN

Found the home of your dreams? Let us help you make it a reality!
If you wish to build your own home or consider refinancing your existing loan, we have a wide array of options that meet your lending needs.

Our application process is customer-friendly and easy. Work with one of our experienced loan officers, who will advise and help you secure a loan that's comfortable for you. We also help with housing loan transfers from another Bank/Financial Institution/NBFC.

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Eligibility

Loan would be sanctioned only to the owners of the property being purchased.

FOR SALARIED INDIVIDUALS

  • Maximum age of applicants servicing the loan to be 40 years (if loan repayment period is 20 years)
  • In permanent employment for minimum period of 3 years
  • EMI/Average monthly income < 50% (minimum take home Rs.10,000/-)

IN CASE OF BUSINESS

  • Maximum age of applicants to be 45 years (if loan repayment period is 20 years)
  • Professionals & self-employed persons in business for at least 3 years
  • EMI/Average monthly income < 50% of cash accruals as per last audited financials or ITR filed

IN CASE OF NRI

  • Resident relative to be taken as co-applicant
  • NRI to execute POA in favour of resident
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Quantum

90% of Agreement Value / Market Value / Construction Cost (whichever is less) for loans upto Rs. 28 lakhs

85% of Agreement Value / Market Value / Construction Cost (whichever is less) for loans above Rs. 28 lakhs

Maximum up to Rs. 70 lakhs

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Repayment Period

Maximum 240 months

Please note that GST is payable @18% on interest charged on delayed installments (Penal Interest). Kindly pay your installment in time to avoid additional charge.

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Security

  • Mortgage of the property being purchased / constructed (future life of asset which should not be less than 30 years)
    - Collateral security requirement may be waived for under-construction property (subject to minimum plinth completion status, approved plan, RERA registration and CC up to the floor of the flat being purchased)
  • It is advisable to take Term Policy for the loan amount & tenure
  • GUARANTORS
    One Surety with adequate net worth, acceptable to the bank (Maximum age 50 Years) subject to:
    In case of
    - High income Borrower (Monthly net Salary of Rs 1 lakh and above) Guarantors EMI coverage is not mandatory
    - For Mortgaged securities, Guarantor EMI coverage is not mandatory.
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Rate of Interest

  • For Loans up to Rs. 28 lakhs
    PLR less 3.75% i.e. 8.25% for women
  • For Loans up to Rs. 28 lakhs
    PLR less 3.65% i.e. 8.35% for others
  • Loans above Rs 28 lakhs
    PLR less 3.05% i.e 8.95% p.a
  • For Loans to existing owner of more than 2 houses or for investment / lease purpose
    PLR less 1.75 % i.e 10.25 % p.a payable monthly

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Documents Required

  • Prescribed loan application form
  • Latest Photograph, Photo ID proof and Residence proof of Applicant
  • I.T. returns for last 3 years (Business / Self-Employed)
  • Last 3 months Salary slip (Salaried)
  • Bank statements for last 12 months (Business / Salary Accounts)
  • Property related documents

CIBIL Report

  • CIBIL report of all applicants & guarantors to be obtained. (Minimum score of 750 of all applicants required)

Insurance

  • Mortgaged property to be insured with Bank's clause.

*For Construction of House

  • Additional security to be given equivalent or more than proposed loan amount
  • Construction of house to be completed within 24 months from date of sanction

LOAN PRODUCTS

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Loan Against Shares and Units of Mutual Funds

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Loan Against Insurance Policy

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ccbl@citizencreditbank.com

Citizencredit Co-operative Bank Ltd.
CITIZENCREDIT CENTRE
CTS No:236, Marve Road, Orlem,
Malad (W), Mumbai 400064

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