The bank brings you an attractive product to buy cottages. Now, you can purchase an existing residential cottage from the secondary market or under construction cottage.
Cottage loan product provides great advantages:
Loans at your door step
Personalised services
Loans to complete and incomplete properties. The properties should be registered.
Loans upto 85%
Tenor upto 20 years
Interest from 11.00% onwards
No prepayment penalty after 6 months
Loan security
Registered Mortgage on the acquired cottage and land
Loan amount
Minimum - 50000 USD
Maximum - 500000 USD
Maximum Loan to value
Up to 85% of the property value (cottage and land put together)
Property location
Within 75 kms from MKAD
Tenure
Up to 20 years
Currency
USD / RUR
Repayment mode
annuity payments (EMI)
Prepayment conditions
1 to 6 months - 2% prepenalty of the amount prepaid
From 7th month onwards - 0% prepenalty
Money release
Through safebox
The cottage shall meet following requirements:
Ownership should be registered with the FRS as a completely built cottage/ incomplete construction.
Should have a brick foundation.
Walls should be made of bricks.
Should have heating systems for the entire cottage (private heating system (electric/ gas/ diesel) is essential if the same is not provided by the government bodies).
Should have necessary plumbing equipments ; doors, windows and roofs should be in operational condition.
Should be consistent with the floor plans of the BTI.
The cottage should not be in disrepair
Should have running hot / cold water supply ; in the absence of running water supply should have self generated sources of water supply (e.g. ground water pumping) supported by geysers for hot water supply
Should have power systems (electrical or generator based ) for the entire cottage.
Ownership:
The bank accepts only spouses as borrowers and as owners of the property to be purchased.
Mandatory Insurance agreements:
The bank accepts all the mortgage loans only with the mandatory insurance agreements covering the following risks for applicable amount for the entire loan period.
1. Life and Disability Insurance
2. Property Insurance against all the possible damages and destructions
3. Title Insurance
The bank should be the only beneficiary of all the insurance agreements.
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