Home Loan

Home Loan
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 20.00 lacs whichever is lower

Margin Money
Minimum 25%

Interest Rate
competitive rate

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

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.