In order to meet
the needs of home seekers, Everest Bank Ltd. has launched
a scheme for Direct Housing Finance for individuals
for construction /acquisition/ purchase of house/flat
allotted by the private builders or Development Authorities
and also for carrying out repairs/ renovation/ additions/alteration
to the house/flat.
Eligibility
Individuals
in permanent service or having
their own business whose gross monthly income
alongwith that of the spouse is at least double
of the monthly installement of the loan.
Age of the applicant normally shall not exceed
60 years at the time of loan sanction.
Amount
of Loan
For repairs/ renovation and for addition/ alteration, the maximum amount of loan shall not exceed Rs. 10 lacs and Rs. 5 lacs respectively.
For purchase of land, finance shall not exceed 50% of registered value of
purchase or 25.00 lacs whichever is lower
Margin
Money
Minimum
25%
Interest
Rate
upto 5 years - 8.50% p.a
5-8 years - 9.00% p.a
8-20 years - 9.50% p.a
Security
Mortgage
of the property
Where mortgage cannot be created immediately
in situations like house/flat is being purchased/allotted
by the private builders or Development Authorities
and title deed are executed in favor of
purchasers only after completion of construction
and possession/making full payment of the
cost of the cost of house/flat, a tripartite
agreement shall be executed amongst private
builders/Development and the Bank before
release of the loan.
Personal guarantee of person(s) acceptable
to the Bank shall be obtained
No objection letter from employer to be obtained
in ----- of salary ------.
Disbursement
For outright
purchase of house/flat, the loan will be paid
in lump sum to the seller at the time of registration
after satisfying that borrower has paid/provided
for balance amount/his contribution.
For House/flat under construction, the
loan amount will be disbursed depending on
progess of construction and/or demand raised
by selling agency after ensuring that the
borrower has invested his contribution towards
required margin by physically verifying the
progress.
Payment
Period:
In equal monthly installments - maximum
up to 20 years.
Repayment of the loan with interest
shall not ordinarily extend beyond the age
of 65 years of borrower.
General
Conditions:
Loan application form can be obtained from
any of our branches.
Processing
fee @ 1% of the loan amount is payable alongwith
loan application.
In case of default in repayment of loan
amount the borrower shall be liable to pay penal
interest @ 2 % over and above the applicable rate
on the amount of the default and for period of
default.
In case of continuous or total default
of three monthly installments, the bank shall
have the right to recall the full outstanding.
Borrower shall ensure that the property
is fully insured against fire,riots and other
hazards as required by the Bank.
Copy of the insurance policy issued in
the joint names of the Bank and the borrower duly
renewed every year to be submitted to the Bank.
In case of prepayment,additional 1% charge
will be levied.
Services
Eligibility
