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Development Loan

Development Loan made simple!

Features of Development Loan

Purpose:

  • Home improvement/extension.
  • Business Development for MSME (Mini LAP Loans)

 

Suitable For:

  • Individuals who are self-employed/salaried and Micro, small and medium entrepreneurs. Having verifiable sources of income in the absence of IT returns.
  • Business already existing for a minim of 5 years or the applicant belonging to a family in the same line of business already. New entrepreneurs of MSME could also be considered provided on the prospects.

 

Details:

  • Loan Amount: Rs.2.00 to Rs.5.00 lakhs
  • Tenure: 3 years to 5 years. (36 to 60 EMI)

Document Required

➙ Duly filled Application Form with Photograph Click here to download the application form

➙ Age Proof (PAN Card, Passport, Any other Certificate from Statutory Authority)

➙ Residence Proof (Passport, Driving License, Telephone Bill, Ration Card, Election Card, Any other Certificate from Statutory Authority)

➙ Salaried - Latest Salary-slips for 3 months / Salary certificate in case of Cash Salary. Self Employed - Certificate & Proof of business existence along with Business Profile, GST , MSME registration.

➙ Last 3 years Income Tax returns (self and business) / Profit & Loss Account & Balance Sheets duly certified/audited by a Chartered Accountant

➙ Last 6 months Bank Statements (salary account), Last 12 months Bank Account Statements (self & business)

➙ Photocopy of Title Documents of the Property, Approved Plan

You can pay your home loan EMIs through:

  • ➙ Electronic Clearing Service (ECS)/ National Automated Clearing House(NACH)- based on standing instructions, given to your bank
  • ➙ Post Dated Cheques (PDCs) - Drawn on your salary/savings account. (Only for locations where ECS/NACH facility is not available.)

 

Your Sasvitha Home Loan makes you eligible for certain tax benefits* as per the prevailing laws. This means that you can save more money by claiming deductions in your income tax, against principal and interest amount repaid.

Insurance / Customer Safety

“For the safety of our customers, it is suggested that they should get their property and loan repayments insured to overcome an unfortunate event during the re-payment term of the loan. We work with prominent insurance companies to provide need based Life & Non-life insurance solutions

Do you have any questions to ask, please let us know!