State Bank of Travancore Home Loans
State Bank of Travancore home loans are ideal housing finance options from State Bank of Travancore. You can avail these loans at truly attractive rates and terms.
State Bank of Travancore home loans are offered to the customers with flexible repayment terms and other conditions. You can use such a loan for any of the following purposes:
- For purchase/construction/renovation/maintenance/modification of a house
- For purchasing a plot for constructing a house.
Eligibility criteria for State Bank of Travancore home loans
Given below are the eligibility criteria for State Bank of Travancore home loans:
- All Resident/Non-Resident Indians with a steady source of monthly income can qualify
- Spouses of Non-Resident Indians, who are residents of India and have a stable source of monthly income can qualify.
- Self-employed businesspersons, salaried individuals, agriculturists and professionals who have a steady source of monthly income and who have at least 3 years of experience/existence in their line of operations are eligible.
- The age of the applicant has to be such that the applicant can close the loan account before he reaches the age of 70 years.
Quantum of finance for State Bank of Travancore home loans
- In case of individuals upto 45 years of age, 60 times of net monthly income (NMI)/Average monthly income (AMI)
- In case of individuals more than 45 years of age, 48 times of Net monthly income (NMI)/Average monthly income (AMI). Nevertheless, the repayment requirement is limited to maximum 60% of the Net Monthly Income/Average Monthly Income.
Maximum amount of the loan is Rs.300 lakhs.
Margin for State Bank of Travancore home loans
- Loan amount upto Rs.30 lakhs – the margin is 20%.
- Loan amount more than Rs.30 lakhs and upto Rs.3 crore – the margin is 25%
Disbursal of State Bank of Travancore home loans
1) In case of construction of new building
Disbursal will take place in three phases i.e. 30%, 40% and 30% of the loan amount. The final installment will be paid out 3 or 4 weeks before the accomplishment of construction.
2) In case of outright purchase
100% to the seller, subsequent to payment of the margin by the loan applicant.
3) In case of purchase of plot and subsequent construction of building
The loan portion for purchase of the plot will be 50% of the overall project cost subject to a maximum of Rs.75 lakhs and 30% of the project cost more than Rs.75 lakhs or 80% of the price of the land whichever is less.
Repayment term for State Bank of Travancore home loans
The maximum repayment term is upto 25 years and it is dependent on settlement of the loan before the borrower attains 70 years of age.
The maximum repayment term comprises the maximum repayment holiday period of 18 months. Repayment will commence on finishing of the house or 18 months from the payment of the 1st installment of the loan, whichever comes in the first place.
Security for State Bank of Travancore home loans
Mortgage of property by submission of title deeds will work as security against the loan.
Home Loan Calculator
Last Updated On: 2011/04/29
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