a. The applicant should be an active member in the SHG linked with the bank of at least two years standing which should have proven track record of having repaid loans satisfactorily in the past.

b. The applicant should be recommended by the group by means of a resolution wherein they should have undertaken collective responsibility for repayment of the loan amount.

c. The house property for which the loan is sought should be owned by the applicant or her spouse. Spouse also should join the transaction as co-borrower if the house is not owned by the applicant. 

ECONOMIC CRITERIA:

The applicant’s family should have adequate income / surplus to service the EMI without any difficulty.

PURPOSE:

New construction / outright purchase of house

For new construction, plan approval from the concerned authority and estimate of the construction with break-up details should be furnished.

Renovation / repairs / additions

The loan amount shall cover cost of repair, renovation / value addition to the existing house property which does not call for any plan approval from the local bodies / concerned authorities.  The age and the condition of the building should allow such changes proposed by the applicant.

QUANTUM OF LOAN