SHG GRIHALAKSHMI (Housing loan to SHG Members)

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SHG GRIHALAKSHMI (Housing loan to SHG Members)
Sl.	Particulars	Guidelines
1.	Target Group & Eligibility	Members of 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. All members of the identified SHG in the age group between 18-60 years. 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. Loan should be recommended by the SHG/NGO, though loan will be in the names of individuals.
2.	Purpose	Construction/purchase of a house including sheds/godowns/to carry out related economic activities (eg. Cattle shed, provision store, Vegetable shop etc.) All kind of improvements/ repairs/ maintenance/ value addition/ extension of existing house/ shed such as Replacing thatched roof with RCC/Tiled roof Construction of toilets/bathrooms/compound wall Installation of Rainwater harvesting devices Loan for purchase of plot/site should be part of the Housing loan. (Transfer of property among blood relatives/family members not permissible)
3.	Loan Amount	Maximum loan limit Rs.200000/- per member
4.	Margin Norms	10%
5.	Repayment	Maximum period of 15 years.
6.	Processing & other charges	NIL
7.	Rate of Interest	Please refer the Lending Rates link on homepage in our Bank’s Website www.indianbank.bank.in
8.	Insurance	House building/ shed constructed/purchased, should be comprehensively insured against all risks at borrower’s cost.