House Repairing Loan




Every Individual has the desire to renovate and repair the existing house or ancestral property to match with the developed design, civic facilities and modern amenities. Previously the scope of finance for this purpose was restricted to only 5 lac amount but the said limit is now enhanced to Rs 7 lac.

A home is usually said to be a reflection of its owner. You can now spruce up your home and make renovation a milestone as memorable and enjoyable as home buying. With MDCCB’s House Repairing Loans you can upgrade your existing home to a contemporary design and a more comfortable living space.

 

Eligibility For Getting Loan
  • The applicant must be salaried person of any Government Sponsored Secondary/Primary School or Sr/Jr Madrsha/ College whose salary is disbursed through our bank under salary disbursement arrangement.
  • The applicant must have at least 5 years of remaining service.
  • The applicant should be Indian resident, the documents of proof like Ration Card / passport / Voter Identity Card / IT Pan card should be submitted along with the application.
  • The loan will be only for repairing and renovation purpose.
  • Any documents for ownership of house / flat or any document of partition of ancestral property (registered or unregistered) should be placed as a proof of owner of a house / flat which needs repairing or renovation.

 

Quantum Of Loan
The quantum of loan will be the least of the following:
  • Application of loan amount.
  • The restriction of total deduction of 60% of gross salary. The deduction includes the statuary deductions plus installment of loans already taken plus the installment of proposed loan.
  • Rs 700000.00.
  • Period of Loan-10 Years
  • Repairing cost estimate as submitted with the application.

 

Rate of Interest
  • Please contact your Branch for Rate of Interest.
  • The interest will be maintained on receivable compound basis.
  • Interest to be calculated on daily product basis and to be charged on monthly basis.
  • The interest rate is variable as per the time-to-time change in the interest rate.

 

Documents & Securities

1.The documents required proof of house owner (which needs repairing and renovation) may be any one of (i) Registered deed (ii) Mutation certificate as issued by land revenue department. (iii) in case of partitioned ancestral property (a) the partition deed and /or (b) the declaration of the co-sharer regarding the unregistered partition and the share of applicant in the property if any. The searching from lawyer is not required if the applicant proves that he is the owner of the property which needs repairing.

2.Repairing estimate: It is not essential to submit a plan & estimate of repairing where the repair does not require any constructional change in plan of the building that required the permission from Municipality or similar authority. But an estimate is required to establish how the loan amount will be utilised.

3.Attachment of Salary: Attachment of salary under Section 58 of W.B Co-op Societies Act, 1983 and subsequent Govt Order of W.B Finance Department 717-F dated 20/01/2005 will be the prime security of the loan. The Section 58 declaration and authority given to the employer and/or DDO for deduction of salary, gratuity, etc from the employees account to be obtained from the applicant. The authority given by the applicant to his/her employer and/or DDO is to be sent to the concern employer and/or DDO requesting him submit his/her objection, if there be any regarding sanction of loan by the bank to the applicant and the obligation of employer and/or DDO in terms of Section 58 of W.B Co-op Societies Act, 1983 and subsequent Govt Order of W.B Finance Department 717-F dated 20/01/2005.

4.Guarantor: No extra guarantor is required.

5.Membership: Every applicant should be enrolled as NOMINAL MEMBER before releasing of loan.

6.Insurance: Every borrower must be insured against death under the group policy of the bank. The premium of insurance will be charged on the borrower account at the time of releasing the loan and also time to subsequently as per the requirement.

All scheduled and non-scheduled banks – public, private, foreign, cooperative, regional rural and local area banks – will observe public holiday on second and fourth Saturdays from September 01, 2015; and will observe full working days on Saturdays other than second and fourth Saturdays (referred to as working Saturdays in the Press Release). Consequent to this, the Reserve Bank of India has announced the following changes in its functioning with effect from September 1, 2015.


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