Nivasa StepUp Housing Loan
Obtain a higher loan value and start repaying with small installments that fit your current income and pay more as your income grows.
Click Here To View Rates- Extendable repayment options to start paying lower installments at the early stages of repayment and increase them gradually as the applicant’s income increases
- Loan repayment period up to 20 years
- Competitive variable interest rates
- Professionals and salaried permanent employees between the age of 18 to 60years
- Monthly net income should be Rs 50,000 or more
- Should be a professional or a salaried permanent employee
Principal Documents :
- Original title deed of the present owner and any other previous deeds available
- Approved survey plan (it should be less than 10 years old if not, a resurvey has to be done and a new plan drawn / licensed surveyor has to endorse on the existing approved plan after the resurvey that the extent of the land and the boundaries are in order) and any other previous plans available
- Certificate of ownership of the property
- Certificate of non-vesting
- Notice of assessment for the current year
- Tax receipt of the last quarter
- Certificate of Street Line/Building Line (if Street Line/Building Line is not applicable in the said area a certificate from the relevant local authority confirming the same should be obtained)
- Approved building plan
- Certificate of conformity
- Sales agreement/Letter of consent of the seller to sell the property including the sale price
- Letter of assurance of vacant possession (if the loan is to purchase a house only)
- Letter of kinship (The relationship between the buyer and the seller)
- Bill of quantities if the loan is to construct a house
- Building permit if the loan is to construct a house
- Condominium Deed/Declaration (if applicable)
- Approved Condominium plan (if applicable)
- Tripartite agreement, Sale & Purchase agreement (if applicable)
- Power of attorney (if applicable)
- Once the loan is approved a valuation report should be obtained from one of the bank’s panel valuers
- If the seller is a company , articles of the Company , Form 20/1 and Certificate of Incorporation
Documents required to verify the applicant’s financial position:
- A letter addressed to Pan Asia Bank by the applicant’s employer indicating that he/she is employed in a permanent post and that he/she has been confirmed in the post
- A certified copy of the monthly remuneration showing all deductions. PAYE tax certificates should be attached, (if the applicant is liable for PAYE tax)
- A letter from the employer undertaking to remit the applicant’s salary to the Bank, if not remit the monthly installment to the loan account until the full repayment is done
- E.P.F. statement
- Bank statements or pass books for last six months
- Last three months salary slips, National Identity Card, Birth certificate, Marriage certificate
If the applicant’s income is from another source (self employment, profession or a business):
- Tax certificate – A certified statement from the commissioner of Inland Revenue indicating assessable and taxable income and taxes paid during the last 3 years
- Financial Reports – Audited profit and loss accounts and balance sheets of the business for the last 3 years
- Certificate of Registration of the Business
If the applicant is employed abroad:
- Service agreement
- A letter confirming that the applicant is presently employed
- A letter confirming the applicant’s present salary
- Bank statements from abroad for last six months