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Ans: The Bank will consider the takeover of Housing loans from other institutes provided the following conditions are satisfied:

  • Possession of house/flat has been taken
  • Repayment of the existing loan has already commenced
  • Installments are being paid as per terms of sanction
  • The owner has valid documents evidencing his title to the house/flat
  • In the case of a Take-over, whether a higher loan amount and a longer repayment period than the one sanctioned by the original lender can be allowed by us?
  • The assessment of the borrower should be made as in the case of regular housing loan accounts.
important link:

The sanctioning authority, based on the merits of the case and requirements and eligibility of the borrower at the time of the takeover, can sanction an amount higher than the amount taken over and can also extend the repayment period beyond the period sanctioned by the original lender, provided the stipulated criteria are not diluted.

What is the procedure for the take-over of housing loans?

Obtention of information and confirmation :

i) The prospective borrower should address a letter (in the Bank's standard format) to the Bank/institution from whom the finance has been availed asking them to deliver the title deeds and other securities directly to the Branch upon receipt of the loan amount and authorizing them to furnish

· information about outstanding in the loan account with up-to-date interest;

· statement of account for the period of loan or for the last 10-12 months (where the loan has run for a longer period) to ensure that the installments and interest were paid regularly and are not in default

ii) The prospective borrower, upon receipt of a reply from the original lender containing the aforesaid information, should submit the said letter to our Bank along with a letter (on the Bank's standard format) containing a request to us to repay his outstanding loan with the original lender by debit to the loan account with us and authorizing us to obtain delivery of the title deeds and other security documents, if any, from the original lender. This will confirm, inter-alia, that the original lender is actually holding an Equitable Mortgage over the property in question.

Waiver of interim security:

where an applicant is of undoubted integrity and standing, interim security/third-party guarantee may be waived.

The interim security may also be waived in the case of take-over of bulk loans of employees of corporations and institutions of repute, provided check-off facility and irrevocable undertaking for making payment out of any amount payable to the employee (eg. terminal benefits etc. in case of his/her retirement, resignation, etc.) towards all dues pertaining to the account is furnished.

However, when interim security is waived, no deviation from take-over conditions is to be permitted except in cases of take-over of Standard Asset loans in bulk, of employees of good corporates/ institutions with a check-off facility.

Q. What are the papers/documents required for availing of a housing loan?

Duly completed application form with passport size photograph

Statement of Bank Account/Pass Book for the last six months.

Information about the borrower

Proof of identity:

voter ID card, Passport, driving license, PAN card

Proof of residence: recent telephone/electricity bill, property tax receipt/ Passport/Voters ID card.

Proof of business address for non-salaried individuals etc

Proof of income:

From Employees -Salary certificate from employer and TDS Certificate - Form 16 or Copy of IT Return for last two financial years, duly acknowledged by ITO.

From Self Employed/Other l.T.assessees: Three years' IT Returns duly acknowledged by ITO/Assessment Orders (for computation of income).

Photocopies of challans of Advance I.T. paid.

Papers relating to the property:

Sale Deed/Agreement of sale.

Letter of Allotment from Housing Board/Society etc. (wherever applicable)

Copy of approved plan (wherever applicable)

Permission for construction (wherever applicable)

Estimate/Valuation Report from approved valuers in respect of the property to be financed (wherever applicable)

In case of conversion of agricultural land - copy of the relative order.

Search Report/Non-encumbrance certificate for 13 years from Bank's Advocate.

NOC under the provisions of ULC Regulation Act, 1976, in Original

Documents relating to repayment:

Where Check-off is available:

a) Irrevocable Letter of Authority (on Banks standard format).

b) Letter from employer (on Bank's standard format).

c) Irrevocable Letter of Authority where applicant himself is Drawing and Disbursing Officer (on Bank's standard format).

or in other cases PDCs or standing instructions wherever required may be obtained.


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