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www.corpbank.com : Corporation Bank Housing Loan
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[QUOTE=MariPriya;177497][B]Corp Site- Loan for Purchase of housing site [/B] [B]LOAN FOR APPLICATION MONEY[/B] [B]1. Eligibility[/B] v Salaried Individuals confirmed in service. Non salaried class engaged in business, Professional and self employed persons who are IT assessees and having minimum of 2 years satisfactory dealings with the bank. [url]http://corpbank.com/asp/0100text.asp?presentID=720&headID=19[/url] v The applicant should be eligible to apply to the local Development Authority as pe their rules for site/plot. v The applicant should undertake to construct the house in the allotted site/ plot with in a maximum period of five years. v Applicant should be preferably the Bank’s customer. In case of new customer, he should be well introduced to the bank with proper due diligence exercise . [B]2. Purpose[/B] To finance the application money(initial deposit) payable to local Development Authority for allotment of residential site/plot. [B]3. Nature of facility[/B] Loan in the form of Demand Loan. [B]4. Quantum of loan[/B] v Maximum loan amount is Rs. 5 lakh or initial deposit payable whichever is less, but should not exceed: 12 times of monthly take home pay in case of salaried persons. 100% of gross annual income as declared in the income certificate produced to development authority in case of other than salaried persons. [B]5. Margin[/B] v For existing customers with 2 years satisfactory track record, and those who are drawing salary through the bank----> Margin is NIL. v For others –> 15% of the Application money. [B]6. Rate of Interest[/B] Please click here to download: [B]7. Security[/B] An undertaking from the borrower to deposit the allotment letter issued by Development authority with the bank. [B]8.Guarantee[/B] Third party guarantee required. [B]9.Repayment[/B] v Within 12 months or 15 days from the date of refund whichever is earlier. v EMI/Notional interest as a percentage to net income is applicable as per guidelines [B]10.Processing charges[/B] Minimum Rs. 500/- irrespective of loan amount (Charges are inclusive of service tax) [B]11. Disbursement[/B] Directly by DD to Development Authority along with application form. DD should not be handed over to the borrower. [B]12. Other Conditions[/B] Only identified Branches can sanction the loan of Rs. 1 lakh or application money whichever is less. [B]Contact us[/B]: Corporation Bank Corporate Office Mangaladevi Temple Road Pandeshwar MANGALORE - 575 001 Karnataka, India[/QUOTE]
