Is availing a home loan a lengthy procedure? Does it require a guarantor? Not any more at Ratnakar Bank.
Key highlights of our Home Loan product
- Avail Home loan up to `2 Crores.
- Loan tenor of 25 years for Salaried customers subject to age criteria.
- Loan tenor of 20 years for SE Professionals and individuals in business subject to age criteria.
- Option to choose between Floating Interest Rate and Fixed Interest Rate (maximum fixed term of 3 years only).
Home Loan Product Features
- Maintain Zero Balance Savings Bank account at no charge.
- Free ATM card.
- Flexible Loan Pre-payment options.
- Hassle-free payment of EMIs via standing instructions.
- No Guarantor required.
- Fast Track loan processing for salaried customers.
For Salaried Individuals
Eligibility & Loan Criteria for Salaried Customers
- Minimum Net Income Criteria: `150,000 per annum (Clubbing of income is permissible - with parents, spouse, unmarried brother / sister staying together).
- Age Criteria - Minimum 21 years and Maximum 58 years at loan maturity.
- Minimum Work Experience Criteria: 3 years (continuously).
- Minimum Stay at Residence Criteria: 1 year.
- Loan To Value: Up to 80% for loan amount greater than `20 lacs.
- Loan To Value: Up to 90% for loan amount less than or equal to loan amount `25 lacs.
Financial Documentation Requirement for Salaried Individuals
- Latest 3 Form 16.
- Latest 3 Monthly Salary Slip/Certificate.
- Last 6 months primary bank account statement.
- Pan Card Copy.
- Minimum Net Income Criteria required is `150,000 per annum.
- Age Criteria: minimum 21 years and maximum 70 years.
- Minimum Work Experience Criteria: In cash profit for the last 2 years. Minimum Revenue / Income required is `3 Lacs.
- Minimum Stay at Residence Criteria is 1 year.
- Loan To Value: Up to 80% (Agreement + Stamp Duty + Registration Amount) for loan amount greater than `20 lacs.
- Loan To Value: Up to 90% (Agreement + Stamp Duty + Registration Amount) for loan amount greater or equal to `25 lacs.
For Self-Employed Professionals & Individuals in Business
Eligibility & Loan Criteria for Self-Employed professionals & individuals in business
- Minimum Net Income Criteria: `150,000 per annum.
- Age Criteria - Minimum 21 years and Maximum 70 years.
- Minimum Work Experience Criteria: In cash profit for the last 2 years. Min Revenue/income: `3 Lacs.
- Minimum Stay at Residence Criteria: 1 year.
- Loan To Value: Up to 80% (Agreement + Stamp Duty + Registration Amount) for loan amount greater than `20 lacs.
- Loan To Value: Up to 90% for loan amount less than or equal to loan amount `25 lacs.
Financial Documentation Requirement for Self-Employed Professionals & Businessman
- Acknowledged IT Returns of last 3 years (Balance Sheet, Profit & Loss & Computation of Income).
- Last 12 months primary bank account statement.
- Pan Card Copy.
- Degree Certificate for Professionals (Doctors, Architects, Chartered Accountants etc).