Income Criteria :

a) For loan upto Rs 10.00 lac :               Monthly income should be equal to / more than EMI
                                                       + Rs. 8000.00 for family with two dependants.

b) For loan above  Rs 10.00 lac :           Monthly income should be equal to / more than EMI
                                                        + Rs. 10000.00 for family with two dependants.
** For each additional dependant Rs. 1000.00 will be added. Ratio of EMI and net take home pay should be maintained within 45%.

Purpose of  availing loan : 
For residential purpose –
 Purchase / construction of building, purchase of flat, 
Purchase of existing house / flat (not more than 20 years old)
Extension/repair / renovation of existing house  (not more than 30 years old)
Takeover of  existing home loans with other Bank / Financial Institution.

Quantum of loan :
i) For Construction / Purchase

• Upto Rs 45.00 lac in URBAN / SEMI URBAN areas.
• Upto Rs 25.00 lac  in RURAL CENTRE.

ii) For Repair /Extension /Renovation

• Upto Rs 10.00 lac in URBAN / SEMI URBAN areas.
• Upto Rs 5.00 lac in RURAL CENTRE.

**The loan amount will not exceed 80% of the project cost of construction /purchase price of the house/flat, subject to fulfillment of Income Criteria.

Period of loan : Maximum repayment period is upto15 years from the date of first disbursement of loan, subject to period of service left for service holders.

Rate of Interest : The rate of interest is subject to changes as may be decided by the company from time to time. For details, please contact us.

Processing Fee : 

a) 1.00% of the loan amount, subject to a minimum Rs. 1000.00, (subject to change as decided time to time) :

b) Documentation fees, Legal charges etc.- Rs. 3000/- (irrespective of loan amount) with applicable tax and charges.

** No processing charges will be recovered for take over loans.

Eligibility for Mortgage Loan:

• Loan amount will be maximum of 65% of property value or Rs. 10.00 Lac whichever lower.
• Repayment period is not more than 10 yrs.
• Processing fee @1% of loan amount plus Rs. 5000/- (Documentation & Legal Charges) with applicable tax and charges.

Security and Guarantee :

1. Equitable Mortgage of the property financed.
2. Spouse should be Co-applicant/Guarantor.
3. One guarantor (age below 50 years) having income equal or more than that of the borrower. In case income of one guarantor does not match the income of borrower one more guarantor may  be accepted.
4. Assignment & LIC Policy equivalent to the loan amount.

Disbursement Procedure :
In case of purchase of ready built house / flat, disbursement will be made directly to the seller of the property. In case of construction, disbursement will be made as per terms of agreement and also depending upon the progress of the work.  

Repayment procedure:
Entire loan amount should be repaid in Equated Monthly Instalments (EMI) within the sanctioned period. EMI can be paid by way of Post Dated Cheques (PDCs) or by way of direct deduction from salary where the Employer undertake to recover the EMI from salary and remits the same for deposit in the loan a/c.

Foreclosure Charges : No Foreclosure charge is levied against prepayment of Loan.

Types of Borrower for Housing Loan :

• Service Holders in Central Govt., State Govt., PSUs are eligible for availing Home loan from RVHDFCL.
• Service Holders Renowned Corporate Houses.
• Businessmen having Annual income of Rs. 100000.00 (at least for last 1 year).

List of Documents/papers to be submitted with the application :

Property Documents : (Common in all cases)

1. Deed of Sale evidencing ownership of the plot/property.
2. Sale agreement with the Builder/Vendor/Society/Association for properties.
3. Copy of valid and approved building plan of existing or proposed construction/extension incorporating site plan and boundary of the plot.
4. Detailed cost estimate from Architect/Engineer for the property to be purchased/constructed/extended/ renovated.
5. Copy of Mutation Certificate and parcha.
6. Copy of Municipal Tax Receipts.
7. Location sketch with details of property. **  Additional documents are required for purchase from Society/Association
8. Firm allotment letter of the Co-operative Society / Association of apartment owner accompanied by a copy of the Resolution of the Managing Committee related thereto.
9. Receipt for payments made to the Builder / stamped receipts of payments made to the Society.
10. Floor plan showing location of the flat duly certified.
11. Copy of development agreement and Power of Attorney.
12. Receipt for payments made to the Builder / stamped receipts of payments made to the Society.
13. For purchase from Builders a copy of Certificate of Registration and permission for construction.
14. Copies of Partnership Deed / Memorandum of Association of developer’s Co. **Additional documents for take over of existing housing loans.
15. Certificate of loan outstanding issued by the lender Bank/ FI in case of take over loans.

Identity and Address Proof of  Borrower / Guarantor :
1.  Proof of  Identity : -   a) Voter ID card, b) Passport, c) Driving license,  f) Identity Card
                                     issued by employer( if employed in Central or State Govt. organization), g) PAN Card.
     
2.  Proof of Address: -     a) Voter ID card, b) Passport, c) Ration card, d) Driving license,           
      e) Current  telephone bill / electricity bill  f) Identity Card issued by employer( if employed in Central or State Govt. organization).
3.  Income Proof :
      1. Pay slip for last 3 months (for salaried person).
      2. Bank statement for last 6 months.
      3. Income Tax Return for the last 3 years / Form – 16.
      4. In case of Business Men - Balance Sheet, IT Return and all other relevant papers/documents