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Housing Loan

In our society, every human being will need his / her own dwelling unit to shelter his/her family. And its every common man’s dream to have a dream home whether outright purchase or construction.

Here our CITO Nidhi will provide you Housing Loans with attractive interest rates to own your dream home.

Rs. 1 Lac - 10 Lac

Rs. 1 Lac - 10 Lac

Loan Amount

3 Years - 10 Years

3 Years - 10 Years

Period

PF - 1.5% + GST

PF - 1.5% + GST

Charges and Fees

Features and Benefits

  • All resident Individuals can avail
  • Loan for Construction of New House 
  • Purchase of Independant House or Flat etc.,
  • For home Improvement, Repairs, additional construction, renovation of existing houses/ Flats et.,
  • In principle sanction provided in 3 days subject to the satisfaction Income proof, CIBIL and rating score
  • Pre-Mature Closure is allowed, subject to applicable norms.
  • Loan Period available from 3 years to 10 years with 1 year morotorium for construction loan (Only monthly interest can be paid)
  • Avail Loan upto 80% of the Property value or 140% of Registration value of the property 
  • CIBIL deviation is allowed to avail loan with proper justification.

Terms and Conditions

Margin 15% to 30%
Maximum Repayment Tenor 10 Years (Including Holiday Period) - EMI
Maximum Holiday Period (For Construction Loan Only) 12 months
Processing Charges 1.50% on Loan Amount + GST
Legal & Technical Rs 2000/- upto Loan Amount Rs 5.00 Lakhs
Rs 4000/- for Loan Amount above Rs 5.00 lakhs
Rs 5000/- for Loan Amount above 10.00 lakhs
Primary Security Equitable Mortgage of land & building in favoring CITO Nidhi Ltd.
Collateral Security Can be sought based on Property Value and Location.
Co-Applicant Co-Applicant should be Spouse or any Blood relative acceptable to Bank.
Guarantee A suitable Guarantor wherever a co-applicant is not available.
Loan Insurance Coverage Mandatory to take the policy to the extent of loan amount with approved Insurance Company as SINGLE PREMIUM payable by the borrower (available if the borrower is interested).
Other Terms & Conditions
  • In case of Salaried Persons: Average Two years ITR/  FORM-16 and Salary certificate for the last 6 Months to be submitted along with the Salary Credit Bank Statement.
  • In case of Self Employed: Latest 2 years ITR/Income Statement to be submitted.
  • The Take Home pay after deducting the proposed Loan Installments shall be at least 25% of gross pay.
  • Loan can be sanctioned without ITRs / Income proof under Income Assessment Program
  • Loan may be granted to construction subject to commence and complete construction within 12 months period from the date of availment of the loan.
  • Legal and  Technical valuation is done by Bank empannelled officers and loan can be sanctioned subject to satisfactory report
  • Pre-Closure charges of minimum 2%, maximum 4% applicable based on Loan Period
  • Penal Interest of 2% and EMI bounce charges of 5% of EMI would be applicable as per Home Loan policy
  • PDC Cheques should be submitted
  • Its mandatory to become as a member of the CITO Nidhi Ltd, and Company will issue minimum 10 shares of Rs.10/- each with total value of Rs.100/- towards share capital
  • Interest will be calculated at the rate applicable for the period of the Loan has actually remained with the Bank. The rates are subject to change from time to time and same will be notified. 
  • All Guidelines applicable with regard to Sanction, Disbursement and Repayment of Loan will apply to the Loan Policy acceptance under this scheme.
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