Are you searching for a Catholic Syrian Bank home loan? If yes, then you are probably a customer of the Catholic Syrian Bank. Buying a home is everyone’s dream, and in today’s time, it is not possible without getting a home loan.
In this article, you will find every detail required to get a Catholic Syrian Bank home loan, like what is the process, what is the rate of interest, what is the process, and what are the documents required?
So let’s start
A quick look at the Catholic Syrian Bank Home Loan
| PARAMETERS | RESIDENT INDIANS | NON RESIDENT INDIANS |
|---|---|---|
| Eligible borrower | Individuals or group of individuals | NRIs on regular employment or established business with regular income |
| Purpose | Construction / Repair/ Renovation/ Extension/ Purchase of land / Flat / House for residential accommodation. | |
| Maximum Funding | 75 % of construction / purchase cost OR Loan Eligibility whichever is lower. | |
| Rate of Interest | 9.69%* p.a. for loans upto Rs 75 lakhs | 9.94%* p.a. for loans above Rs 75 lakhs |
| Tenure | Upto 20 years | Upto 15 years |
| Repayment holiday (Moratorium) | Maximum upto 12 months | |
| Age ceiling | 1. Salaried – Superannuation 2. Others – 65 years | 3. Salaried – Superannuation (max 60 years) 4. Others – 65 years |
| Income Proof | SALARIED 1. Latest salary slip / certificate 2. Latest IT Return / Form 16 3. Latest bank statement – 12 months SELF EMPLOYED 1. Latest ITR with computation for the last 3 years & financials 2. Latest bank statement – 12 months | SALARIED 1. Latest salary slip OR certificate attested by Embassy / Employer along with operating international bank account wherein the salary is getting credited. 2. Employment Contract a. Valid work Permit b. Copy of Visa stamped on Passport with entry / exit seal. c. A brief profile of the employer SELF EMPLOYED 1. Evidence of income (financials) duly attested by Sponsor 2. Operating international bank account and NRE Bank account statement for the last six months. 3. A brief profile of the business. |
| Security | Mortgage of land and building to be constructed / purchased. | |
| Documents required | 1. Title deed, prior deeds and connected village & revenue records. 2. Estimate, approved plan and building permit required for construction loan. 3. Sale agreement is required for property purchase loan. | |
Read: How to get Punjab National Bank Home Loan
What is the process of Home Loan?
- Go to the bank with all required documents, i.e., identity proof, address proof, 2 passport-size photos, property documents, and income proofs.
- The loan officer will give you a home loan application to fill out.
- Fill out the application form and paste your photograph on it. Duly attest your photo.
- Submit your loan application with all your documents. Don’t forget to self-attest all documents and xerox copies.
- The loan officer will take your application and start processing it.
- The loan officer will extract your credit score, and if your credit score is good, i.e., above 650, you will receive a call from the bank for a pre-sanction visit to your place.
- A field officer of the bank will visit your place and prepare a pre-sanction visit report.
- After this, loan documents will be prepared, like a legal search, which will be obtained from the bank’s advocate.
- After completion of all scrutiny, the loan manager will sanction your home loan.
- Then the loan officer will prepare your loan file, which includes all important agreements that have to be signed by you.
- Then you will receive a call from a bank officer who will visit the branch and sign agreements.
- After the completion of loan documents, your account will be open.
Catholic Syrian Bank Home Loan
- Quick processing.
- Simple documentation.
- Zero prepayment penalty.
- Loans for both residents & NRIs.
- More benefits with PMAY (Pradhan Mantri Awas Yojana)
Charges of Catholic Syrian Bank Home Loan
| Processing Fees | 0.50% of loan amount |
| Penal Interest Rate | Contact the bank |
| Prepayment/Foreclosure Charges | Nil |
| Documentation Fees | Rs. 500 + GST @18% |
| CIBIL Charges | Rs. 50 per Individual |
| CERSAI Charges | Rs. 100 + GST |
| Inspection Charges | Rs. 100 + GST |
Security
For any loan, you have to mortgage your property in the name of your lender. This is called an equitable mortgage.
Here is the process of equitable mortgage
- You have to submit all original property documents to the bank.
- These documents are the original title deed, the original map, and other documents like allotment letters, etc.
- The bank will enter your document details into the mortgage register and enter these details online into the CERSAI Portal.
- So that no one can sell property without the bank’s permission.
- These details on the CERSAI portal and your property documents will remain in the bank’s custody till the complete repayment of your loan with interest.
FAQs
What does floating rate of interest mean?
A floating rate of interest on Catholic Syrian Bank home loan simply means that the interest rate will change according to the change in the 6-months MCLR.
Can I avail a home loan from Catholic Syrian Bank under the Pradhan Mantri Awas Yojana?
Yes, you can enjoy subsidies on the home loan availed from Catholic Syrian Bank under the Pradhan Mantri Awas Yojana if your loan amount is up to Rs. 12 lakhs
What is the maximum amount that I can get as a home loan from Catholic Syrian Bank?
The maximum amount of loan that you can avail from Catholic Syrian Bank is 75% of the cost of the already constructed flat/house or 75% of the construction cost.
Will I get a moratorium if I am unable to make payments for some time?
Yes, Catholic Syrian Bank allows a moratorium period of up to 12 months.
I am an NRI. What is the maximum repayment tenure I would enjoy on the Catholic Syrian Bank home loan
NRIs can enjoy a maximum repayment tenure of 15 years on the Catholic Syrian Bank home loan.
