Corp Site- Loan for Purchase of housing site
LOAN FOR APPLICATION MONEY
1. Eligibility
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.

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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 .
2. Purpose
To finance the application money(initial deposit) payable to local Development Authority for allotment of residential site/plot.
3. Nature of facility
Loan in the form of Demand Loan.
4. Quantum of loan
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.
5. Margin
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.
6. Rate of Interest
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7. Security
An undertaking from the borrower to deposit the allotment letter issued by Development authority with the bank.
8.Guarantee
Third party guarantee required.
9.Repayment
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
10.Processing charges
Minimum Rs. 500/- irrespective of loan amount (Charges are inclusive of service tax)
11. Disbursement
Directly by DD to Development Authority along with application form. DD should not be handed over to the borrower.
12. Other Conditions
Only identified Branches can sanction the loan of Rs. 1 lakh or application money whichever is less.

Contact us:
Corporation Bank
Corporate Office
Mangaladevi Temple Road
Pandeshwar
MANGALORE - 575 001
Karnataka, India