Tuesday, November 18, 2008

SBI - Loan For Earnest Money Deposit

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


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