Site Loans (SL)

1	Purpose	Purchase of site: From Developmental Authority/ Housing Co-operative Societies formed by Central/ State Govt. Employees Associations. Purchase of site: From Private Developers/Parties.
2	Eligibility	Individuals who are salaried / professionals/ SE & NP /NRI /pensioner who have adequate repayment capacity supported by Proof Viz Salary slips/Form 16 and Income Tax Returns.
3	Margin	Minimum 20%.
4	Security	Mortgage of the property being financed. Collateral: on case-to-case basis.
5	Rate of interest	Prevailing card rate.
6	Repayment	Maximum up to 20 yrs.
7	Conversion of site loan to housing loan at the time of construction of house on the same site.	If the borrower approaches for housing loan for construction of house on the site for which he has availed site loan from us then a fresh composite loan shall be sanctioned with first disbursal towards clearance of outstanding liability of site loan, balance for construction. Total loan amount should not exceed the present o/s balance in the site loan account plus 80% of the proposed construction cost. However, no request for reversal of interest applied to site loan shall be permitted.

Purpose