Housing Loan

Building a home is among the biggest decisions a family makes, and this bank has been in this place, alongside such decisions, since 1952. A housing loan is available for building, buying, completing or repairing a house.

Interest Rate

The rate is as sanctioned by the bank’s Board and is subject to change. Please confirm the applicable rate at the branch before you apply.

What the Loan Can Be Used For

• Constructing a new house on your own land
• Purchasing a completed house or flat
• Completing a house whose construction has stopped midway
• Repairing or extending an existing house

Eligibility

Loans are sanctioned to members of the bank; membership formalities can be completed at the office. The applicant should have a regular, verifiable income sufficient to repay the loan — from salary, from farming or from a business. The property offered as security should lie within the bank’s area of operation and should have a clear, undisputed title. An application may also be made jointly with a co-applicant.

Documents Required

• Proof of identity
• Proof of address
• Recent passport-size photographs
• Income proof — a salary certificate, income-tax return, or evidence of agricultural or business income
• The title deed and possession records of the property
• Encumbrance certificate and the latest land tax receipt
• Where construction is involved — the approved plan and estimate; where a purchase is involved — the agreement papers
• A completed loan application form, available at the counter

How the Loan Is Processed

1. The application is submitted at the office along with the documents.
2. A representative of the bank inspects the property and the title documents are put through legal verification.
3. Income and repayment capacity are assessed, and the loan is sanctioned subject to the bank’s norms.
4. The security formalities are completed.
5. The amount is disbursed — where the loan is for construction, it is usually released in stages as the work progresses.

Repayment

Repayment is by monthly instalments over the sanctioned tenure, and payments are accepted at the counter on any working day. If you wish to close the loan early, the conditions for doing so can be had from the branch.

How to Apply

Come in with the documents above to the Head Office in Thondiyil or to the Nedumpoyil or Poolakkutty branch. Working hours: Monday to Friday, 9.30 am to 5.30 pm; Saturday, 9.30 am to 2.00 pm; closed on Sunday. All our loans are listed on the Loan Schemes page.