LOAN FOR EARNEST MONEY DEPOSIT
This product addresses the financial requirements towards Earnest Money Deposit to book residential plots/ built-up houses/ flats being sold by Govt. Housing Agencies, Urban Development Authorities like PUDA, HUDA and Housing Boards.
Scheme highlights:
*Easy availability of loan with minimum documentation.
*Option to repay this loan from the proceeds of Housing Loan availed from SBI
*Interest applied on daily diminishing basis.
*No administrative charges or application fee.
Eligibility :
*Minimum age 21 years as on the date of sanction.
*Steady source of income.
Maximum Loan Amount:
*Rs.100,000.
*90% of application money, or10 times Net Monthly Income of the applicant whichever is the least, subject to the following:
*One person can be financed only for one application at any point of time
*In case of applications in more than one name, incomes of all the applicants may be taken into account.
Security :
*Third party guarantee good for the loan amount.
*Tangible security in the form of NSCs/ IVPs/ TDRs/ LIC policy/ SBI Life policy etc. covering atleast 50% of the loan amount.
*Tangible security clause waiver considered in respect of permanent employees of reputed public/ private sector organisations, where check-off is available.
Repayment:
*In case of unsuccessful applicants – on receipt of refund from the Housing Board/ Urban Development Authority.
*In case of successful applicants – lump sum repayment of the loan out of Housing Loan availed from us for purchase of house allotted to you or for construction of house on the plot allotted.
*No penalty for prepayment.
Rate of Interest:
1% above SBAR, present effective rate of interest being 11.25% p.a.
Processing Fee:
0.5% of the loan amount (minimum Rs.100/-)
Disbursement:
The loan would be disbursed by issuance of draft/ banker’s cheque favouring the concerned Government Agency.
Documents :
*Letter of allotment from the concerned Housing Agency, Urban Development Authority or Housing Board
*Photograph
*Proof of Identity*-Voters’ I-card/ Passport/ Driving License/ PAN Card etc.
*Proof of residence*-Passport/ Driving License/ PAN Card/ Ration Card
-Any other satisfactory proof of residence
*Proof of Income
*not required if the applicant is maintaining an account with us
This information is brought to you by Harmony Infotech.
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Tuesday, November 18, 2008
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