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Our Preferred Lender

Everest Bank Housing

In order to meet the needs of home seekers, Everest Bank Ltd. has launched a scheme for Direct Housing Finance for individuals for construction /acquisition/ purchase of house/flat allotted by the private builders or Development Authorities and also for carrying out repairs/ renovation/ additions/alteration to the house/flat.

Eligibility
a) Individuals in permanent service or having their own business whose gross monthly income alongwith that of the spouse is at least double of the monthly installement of the loan.

b) Age of the applicant normally shall not exceed 60 years at the time of loan sanction.

Amount of Loan
Need based, minimum of Rs. 2 lacs depending upon the project cost and repaying capacity of the borrower.
For repairs/ renovation and for addition/ alteration, the maximum amount of loan shall not exceed Rs. 10 lacs and Rs. 5 lacs respectively.

Margin Money
Minimum 25%Interest Rate
8.5% for upto 5 yrs
9% for upto 8 yrs
9.50% for up to 20 years

Security
a)Mortgage of the property

b) Where mortgage cannot be created immediately in situations like house/flat is being purchased/allotted by the private builders or Development Authorities and title deed are executed in favor of purchasers only after completion of construction and possession/making full payment of the cost of the cost of house/flat, a tripartite agreement shall be executed amongst private builders/Development and the Bank before release of the loan.

c) Personal guarantee of person(s) acceptable to the Bank shall be obtained

d) No objection letter from employer to be obtained in ----- of salary ------.

Disbursement
i)For outright purchase of house/flat, the loan will be paid in lump sum to the seller at the time of registration after satisfying that borrower has paid/provided for balance amount/his contribution.

ii) For House/flat under construction, the loan amount will be disbursed depending on progess of construction and/or demand raised by selling agency after ensuring that the borrower has invested his contribution towards required margin by physically verifying the progress.

Payment
i) Period: In equal monthly installments - maximum up to 20 years.

ii) Repayment of the loan with interest shall not ordinarily extend beyond the age of 65 years of borrower.General Conditions:

• Loan application form can be obtained from any of our branches.
• Processing fee @ 1% of the loan amount is payable alongwith loan application.
• In case of default in repayment of loan amount the borrower shall be liable to pay penal interest @ 2 % over and above the applicable rate on the amount of the default and for period of default.
• In case of continuous or total default of three monthly installments, the bank shall have the right to recall the full outstanding.
• Borrower shall ensure that the property is fully insured against fire,riots and other hazards as required by the Bank.
• Copy of the insurance policy issued in the joint names of the Bank and the borrower duly renewed every year to be submitted to the Bank.
• In case of prepayment,additional 1% charge will be levied.

Our other Preferred Lenders

Nabil Bank Ltd
Standard Chartered Bank