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Norms
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Details
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Objective
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Ø To finance SHG members individually
for housing in rural semi urban/urban/metropolitan areas.
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Eligibility
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v SHGs in active existence/good track
record for a minimum period of 1 year and above which are preferably carrying
out economic activity either individually or jointly so as to have repaying
capacity.
v All members of the identified SHG in
the age group between 18-60 years.
v Applicant should possess title deed/patta
pass book/legally valid document/allotment letter issued by appropriate
revenue authority and supported by other documents like tax paid receipt
either in the name of the SHG member or in the name of his/her family members
conveying clear title.
v Loan should be recommended by the
SHG/NGO, though loan will be in the names of individuals.
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Purpose
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v Construction/purchase of a house
including sheds/godowns/to carry out related economic activities (eg. Cattle
shed, provision store, Vegetable shop etc.)
v All kind of improvements/ repairs/
maintenance/ value addition/ extension of existing house/ shed such as
w Replacing thatched roof with
RCC/Tiled roof
w Construction of
toilets/bathrooms/compound wall
w Installation of Rainwater harvesting
devices
v Loan for purchase of plot/site should
be part of the Housing loan.
(Transfer of property among blood
relatives/family members not permissible)
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Loan
Amount
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Ø Maximum
loan limit Rs.100000/- per member
Ø Loan not to be linked with savings of
the SHGs.
Ø Income generated from all his/ her
(SHG members) known sources including the economic activity undertaken,
should be adequate to service interest/instalment during the loan period.
Ø All the other loans availed by the
SHG/SHG members should be regular.
Ø Quantum of loan and number of members
proposed to be assisted is left to the wisdom of the group, subject to
conditions of the scheme.
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Margin
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10%
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Interest
rate
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BPLR +TP less 4.50% (presently
8.50%)
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Security
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w Equitable/Registered mortgage of the
plot/site on which the house is proposed to be constructed.
w Value of the asset purchased should
at least cover the loan amount.
w For the purpose of security this
facility need not be combined with any other loans availed by the member.
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Processing
charges
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Ø No processing charge
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Disbursement
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w Branch should disburse the loan in
two stages one for the basement and second for roofing.
w SHG or NGO to recommend release after
ensuring end use.
w Branch also to carry out periodical
site inspection about the proper end use of funds.
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Repayment
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w Spread over a maximum period of 15
years.
w Installments to be repaid in
convenient monthly/quarterly/half yearly/annual installments depending upon
the income generated by the SHG member. Installments can be flexible in
deserving cases ie either monthly or quarterly or half yearly.
w Repayment of the loan will commence
after holiday period of 6 months from the date of loan disbursement, if it is
for construction and 3 months if ready built house is purchased.
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Insurance
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Ø House building/ shed constructed/
purchased, should be comprehensively insured against all risks at borrower's
cost.
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Other
terms
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w In case the loan is availed for the
purchase of an existing house /shed the residual life of the building should
be more than the tenor of the loan plus 10 years. A certificate from bank's
approved engineer to this effect should be obtained.
w Approval for building plan should be
available from the local bodies/competent authority invariably.
w Penal interest of 2% is to be levied
for delayed payment beyond the due date for the over due portion.
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