SAMMCO BANK offers housing loans for various purposes, including:
► Purchase of a house/flat.
► Construction of a house.
► House renovation.
► Takeover of an existing housing loan from another bank or financial institution.
Key Features and Details:
► Maximum Loan Limit: Up to Rs. 60 lakhs.
► Repayment Period: The maximum repayment period is 180 months (15 years), which may include a moratorium period of up to 12 months.
► EMI Calculation: EMIs are calculated on a monthly reducing balance.
► Disbursement: Loan disbursement is made directly to the vendor (seller) or to the bank/financial institution in case of a takeover.
Interest Rates:
► Individual/Residential Purpose: 8.60% p.a.
► Building Loan(Commercial Purpose): 9.50% p.a.
Note: The interest rates are subject to revision as per the bank's policies and Reserve Bank of India (RBI) directives. Interest is charged and compounded at monthly intervals.
Eligibility Criteria:
► Applicants must be a member or an associate member of the bank.
► The applicant's spouse can also be a co-obligant or surety, and their income may be considered to assess the family's repayment capacity.
► Any existing loan liability with the bank must be up-to-date with timely payment of instalments and interest.
► A legal opinion may be required to reckon the income of family members for repayment capacity.
Documents Required:
The bank requires a comprehensive set of documents for the loan application, including but not limited to:
Property-related Documents:
► Parent/Vendor's title deed
► Sale deed
► Possession certificate
► Khatha extract
► Up-to-date tax paid receipt
► Encumbrance certificate (for last 15 years)
► Approved plan and estimate sanctioned by the proper authority
► Approved layout plan
► NOC (No Objection Certificate)
► Betterment charges paid receipt
► DC conversion order (if applicable)
► RTC extract
► Mutation record
► Genealogical tree
► Legal Opinion
► Pahani
Applicant-related Documents:
► Income proof
► Any other documents as required by the Legal Scrutiny Report.
For Takeover of Housing Loan:
► Loan Pass Sheets from the previous bank.
► NOC from the current bank/financial institution.
Other Requirements:
► Proof for margin money (the applicant's own contribution).
► Sale agreement.
► Letter from the builder regarding non-encumbrance of the property.
► The property must have a fire insurance policy in the name of the borrower with a "Bank Clause," which must be renewed annually.