Home Loan Rates 2018 254 views
When it comes to home and home loan you always want to play safe. You don't want to take any kind of risk while borrowing the loan or while buying the property. You always want to become 200% sure about each and everything related to your home. Buying or constructing a home is a time consuming work and at the same time it requires a lot of money and efforts. If you are living in a rented home, then you have two options to build your home equity, either to buy a constructed home or to purchase a land of plot and build a home on it. Those who do not want to take risk with buying the constructed home or want to make their home according to their ways, they always prefer to build a home on a plot. While building your own home, you have many advantages and one of the biggest advantage is you can make as many changes and alteration in your home as you want, if you are not satisfied with the construction. You can reduce the size of the rooms or living room area or add a new small room or store room if you require. So, you can make end number of changes in your home ,if you are constructing it by our own. Therefore, a good number of people prefer to build their home because of lower construction cost and freedom to build it the way you want.
To help you in constructing your dream home State Bank of Bikaner and Jaipur offers you a loan for purchase of plot and construction of home. You can avail loan for purchase of property and construction of home based on your maximum loan eligibility. Here are some important features and benefits of the plot purchase and home construction loan.
Maximum age: The maximum age to borrow the loan is up to 60 years for all individuals and maximum up to 65 years in special cases.
Maximum loan amount: To purchase a land of plot and build a home on it you can borrow maximum of up to Rs. 100 crore loan from the State Bank of Bikaner and Jaipur. However, the maximum loan eligibility depends upon the monthly income of the applicant along with meeting other eligibility criteria.
Maximum loan eligibility: Applicants who have income of up to Rs. 2 lakhs will get maximum of 30% of the loan amount. Customers, whose income is above Rs. 2 lakhs, but less then Rs. 5 lakhs are eligible to avail the loan of up to 40%. Those who have income of more than Rs. 5 lakhs and upto Rs. 10 lakhs are eligible to avail 60% of the loan amount.
Repayment tenure: The bank offers loan for maximum upto 15 years to customers. You can choose the tenure from minimum to maximum on the basis of your repayment capacity. However, the maximum tenure also depends upon the maturity of the loan or your retirement age as well.
Construction completion: All the borrowers must complete the construction of the home within the two years of borrowing the loan.
Loan processing fee: Loan processing fee is one time fee charged by the bank to carry out the administrative work and documents of the loan. The bank charges zero processing fee for the loan amount below Rs. 1 lakh. For the loan amount above Rs. 1 lakh the loan processing fee is 0.25% of the total loan amount.
Documents required for loan:
- Duly filled complete application form
- Recent passport size photographs
- Proof of identity (Photocopies of voter ID card/Passport/Driving Licence/PAN Card)
- Residence proof (Photo copies of recent telephone bill/eletricity bill/Property tax receipt/valid passport/voter ID card)
- Proof of business address for non-salaried individuals
- Bank account statement/last six months pass book
- Signature identification from present bankers