Loan Account

Housing Loan
Get The Key To Your Dream Home..

‘If you can Dream It, you can Do It’, Take a step closer with SSPM Housing Loan

Housing Loans is the mortgaged loan borrowed from SSPM for the purchase / renovation of residence / flat. The lender puts a lien on the home as security for the loan. This means if the borrower defaults on the mortgage, the lender may take possession of the house / flat.


The Rate of interest for the housing loan is calculated on the daily reducing balance of the loan.


In home / flat mortgage, the owner (borrower) transfers the title to the lender on the condition that the title will be transferred back to the owner once the repayment has been made and the other terms of the Mortgage have been met.

Features & Benefits

  • Rate of Interest : 8.5% p.a. (Plot Loan),
    Rate of Interest : 8.0% p.a. (Housing Loan),
    Rate of Interest : 9.5% p.a. (Home Renovation Loan)
  • Repayment Period : 180 Months (For Salaried Employee up to age of retirement or whichever is earlier)
  • Loan Limit : Maximum Amount up to Rs 75 lakhs
  • Maximum of 75% of the agreement value
  • 75% of the estimated cost of construction
  • 75% of the estimate for repairs / renovation
  • SMS Alerts for transactions,EMI due date reminder
  • e-Statement Facility
  • Interest Certificate

Eligibility

  • Salaried Individual in his / her name below age of 50.
  • Professionals or Self Employed persons in business for at least 3 years.

Documentation

  • Proof of Residence - Electricity Bill / Telephone Bill / Passport / Aadhar Card
  • Proof of Identity - Aadhar / PAN Card
  • Proof of Income - Salary Slips / Last 3 years Balance Sheets or Income Tax Returns.
  • Passport Size Photograph.
  • Title and Valuation Report of the property to be mortgaged.
  • Registration and Stamp Duty Fee as applicable
  • Search Title Report
  • 7/12 Extract in borrower’s name

Security

  • Mortgage of the property to be financed by way of deposit of the title deeds.
  • Two Sureties.
  • Collateral Security determined on case-to-case basis.

Note: Loan Amount depends on the repaying capacity.

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