1. Construction of House on own land.
2. Renovation/extension/repair of owner-occupied or tenant – occupied house or flat.
2. Takeover of standarrd Home Loan from other financial institution with or without additional funding.
Note:
Property should be for own residential use or residential cum commercial use. When for purely commercial purpose, loan will be considered under commercial loan.
The maximum amount of loan under the scheme is Rs. 75,00,000/=
10.00% per annum under fixed rate with resetting option after 5 years. Interest will be charged on monthly compounding system.
9.25% per annum under floating rate.
(Fixed rate of interest shall be subject to resetting by the bank after every five years and floating rate shall be revised from time to time as per bank's discretion)
Repayment / Realisation of EMI will be made directly out of deduction from teh salary and remittance to teh Bank by cheque/DD in favour of State Bank of Sikkim
1. Maximum repayment period of 20 years (excluding moratorium period of maximum 12 months)
2. The loan shall be repaid within superannuation period of the main borrower
Application will have to be made in the prescribed form available at Head Office, Gangtok (Loans Section) with all the required documents as per annexures.
The Bank reserves the right to reject any application without assigning any reasons thereof.
Upon approval, the loanee will have to complete all the documentations as per State Bank of Sikkim norms.
a. Registered Sale Deed of own land / property.
b. Approved BP plan for construction / extension from competent authority.
c. Mutation Certificate / Parcha, Latest Tax receipts.
d. Cost estimate from Architect (Empanelled) for the proposed construction / extension / repair.
e. Search Report / Non Encumbrance Certificate from concerned/competent authority.
f. No Objection Certificate from family members.
Disbursement will be made in installments in the following manner:
| Activity | % of disbursement |
| Completion of plinth | Max: 30% of loan amount |
| Completion of RCC | Max: 30% of loan amount |
| Completion of masonry and plaster | Max: 25% of loan amount |
| Completion of finishing works | Residual part of loan amount |