Loan Schemes

What happens at Closing?

When you purchase a new home, closing day can be a whirlwind. Everything moves fast and there are a lot of papers to sign. It’s a good idea to review what will happen ahead of time, so you can feel prepared and close your loan with confidence.

Who will be there?

The number of people who will attend your closing depends on many factors, including the state where the property is located, the property type, and more. At the closing, in addition to you, the people attending may include:

• your attorney (if you have one)
• the seller(s) or the builder's representative (if you've bought a brand new home)
• the seller’s attorney (if they have one)
• both real estate professionals (yours and the seller’s)
• a lender's representative or your Glossary Term:title company layer (in some cases)
• the closing agent (which could be a representative from the title company or a real estate attorney)
• a notary public

What happens at closing?

• The closing can be held at the title company’s office, your lender’s office, a real estate attorney’s office, or other agreed upon location, depending on the circumstances.  Here’s a review of what will happen at closing: you’ll review and sign all of your loan documents. Make sure that each document is explained clearly and that you understand the Glossary Term:term layer to which you are agreeing. If something is different than what you expected or agreed to, don’t sign until the issue is resolved to your satisfaction.
• You’ll provide evidence of required homeowners insurance and inspections (if applicable)
• You’ll give a certified or cashier’s check to cover your down payment (if applicable) closing costs, prepaid interest, taxes and insurance.
• Your lender will distribute the funds covering your home loan amount to the closing agent.
• Depending on your loan terms, you may also be required to set up a new escrow (or impound) account with your lender, so you can pay your property taxes and homeowners insurance along with your monthly mortgage payment.

What are you signing?

HUD-1 Settlement Statement: The itemized list of the final credits and charges, for both you and the seller, based on the terms of the contract. You should receive a copy of the HUD-1 at least one day prior to the closing for your review.

Homeowner tip:

Deed of trust or mortgage: The documents in which you agree to a Glossary Term:lien layer on your property, as security for repayment of your home loan.

The promissory note: The mortgage (or Glossary Term:promissory note layer) is a legal “IOU” that represents your promise to pay the lender according to the agreed terms, including the dates on which you must make your mortgage payments and where they must be sent.

Clarity Commitment^® document^Footnote1: As a Bank of America customer, in most cases you will have the advantage of reviewing this one-page summary, written in plain language, highlighting key terms of your loan.

Estimating closing costs

You will also pay Glossary Term:closing costs layer when you sign your final mortgage loan documents. Typically, you can expect to pay about 3% of the total loan amount in closing costs, although that number will depend on the state you are purchasing in and the type of loan you choose.

Understanding the closing costs

There are many elements that may go into your total closing costs, including: discount Glossary Term:points layer, recording fees, Glossary Term:origination fees layer, appraisal, notary fees, attorney fees, Glossary Term:title insurance layer, and more, depending on your loan program and where you live. Ask your lender to give you an overview of all the fees in your mortgage and to explain any you don’t understand.

Prior to closing your loan, you’ll receive your final HUD-1 Settlement Statement listing your final closing costs. Many of these costs you’ll know ahead of time, as they were listed in your GFE.

Once you’ve determined your closing costs, be sure to bring a certified or cashier’s check for the amount of your closing costs. You’ll need to provide those funds at closing. Typically personal checks aren’t accepted, so make sure to check with your closing agent about which form of payment is acceptable.

Homeowner tip:

Closing on a home is exciting—whether it’s your first or your tenth. With the right amount of preparation, you’ll enjoy the experience even more.

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Government of India and Reserve Bank of India have directed all Banks to implement the Financial Inclusion Plans (FIP) to provide banking service outlets in all villages with population above 2,000 by March, 2012. Our Bank has submitted a road map to implement the FIP using information and communication and technology mode with Business Correspondents net work i.e. branch less banking outlets. Bank has empanelled M/s Bartronics India Ltd as service provider to give an ‘end to end’ solution for the FIP. Our bank is allotted with 1,149 villages with population above 2,000 for providing such outlets. Of which, 1,054 are located in Andhra Pradesh State. The Financial Inclusion Plan (FIP) covering all the villages has been submitted to Reserve Bank of India.

M/s Bartronics India Ltd., the Institutional Business Correspondent (BC) appointed by Bank for the FIP implementation has deployed individual B.Cs/ Customer Service Providers (CSPs) in each village for conducting the banking transactions through Point of Sale (PoS) devices. The CSPs have been deployed after a due diligence process undertaken by the respective Branch Managers.

Bank has proposed to provide the four basic products through these BC operated banking outlets at the doorstep of the villagers. They are a) simple savings bank account with built-in overdraft facility; b) a recurring deposit product; c) remittance facility; and d) entrepreneurship credit in the form of KCC or GCC.

Coverage of Villages having  population above 2000:

Financial Literacy initiatives:

Bank has released pamphlets and deployed publicity-vans for educating the rural people on the Financial inclusion scheme. The Branch Managers are visiting the villages to promote financial literacy for the benefit of rural people. Supervisors-on-contract-basis have been appointed for promoting financial literacy in the villages and mentor the CSPs to deliver quality service at the villages.

A documentary has been prepared to display in rural areas as a part of Financial inclusion literacy drive. Mobile jeeps mounted with publicity material on Financial literacy are also deployed in the rural areas. Bank is planning to publicize these initiatives on a larger scale shortly.

As Convener of SLBC, A.P., we have taken up common publicity initiative regarding the benefits associated with opening of savings bank accounts by rural people through printing of posters, audio materials etc., as part of swabhiman campaign.

Other Financial Inclusion initiatives:

1. Electronic Benefit Transfer of Government Schemes – MGNREGS (Mahatma Gandhi National Rural Employment Guarantee Scheme & SSP ( Social Security Pensions) :

   Electronic Benefit Transfer (in 4 districts of A.P. Of which, Guntur & Srikakulam districts under ‘One District – One Bank’ model; East Godavari district under service area approach and Warangal district (in one pilot mandal covering 25 villages)

   Number of villages covered
   2665

   Number of BCs/CSPs deployed:
   2665

   Number of beneficiaries enrolled
   14.65 Lakhs

2. Smartcard-based transactions for SHG beneficiaries: :

   The scheme is functioning on a pilot project basis at four branches. All the Self Help Groups of Rayavaram, Anaparthi, Kadiam & Bibinagar are undertaking banking transactions through B.C operated PoS devices at their villages. By this method, the SHG women are saving their time and money, since the normal banking transactions in their SHG accounts are done at their doorstep.

Click here for Statement of Villages covered by Andhra Bank in Andhra Pradesh
Click here for Statement of Villages covered by Andhra Bank in Other States

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Features Details
Applicant/ Borrower: Pakistani Resident (SEB/SEP cases are not entertained currently).
Age: Salaried: 21-61 years (maturity of loan at 61 yrs.).
Salary/ Income: Rs. 30,000/-per month.
Employment Status: 1 Year.
Debt Burden: Maximum 50% of the net disposable income.
Credit Limit: Upto Max of Rs. 500,000/- (Subject to max of 50% DBR & Industry benchmark is maximum Rs. 1.0 M).
Tenure: 1 - 5 years.
Mark up : Secured  Salaried: 19% p.a.
Mark up : Unsecured Salaried: 21% p.a & Contract Employees 24.2% p.a.
Reference: Two (2) references with complete details (one should be relative).
Processing / Others Charges: As per "Schedule of Bank Charges".

Documentation
1. Application Form duly filled & Signed by the applicant in his/her own handwriting.
2. Clear copy of valid CNIC.
3. Two passport size latest photographs.
4. Last two month original salary slip or attested photocopy required.
5. Last 6 month bank statement of salary account.
6. Copy of the latest paid utility bill received at the residential address in case of salaried individual.
7. Copy of the latest bill received at the business address & residential address, in case of SEB/SEP.
8. BBFS, DDA, Undertaking CF-1, undertaking regarding other credit facilities.
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Electronic Equipment Insurance covers all electric equipments with moderate power requirements against material damage.
Coverage
The term "electronic equipment" comprises, in the context of this insurance, all electrical and electronic systems such as:

• Electronic Data Processing (EDP) equipment
• Electrical equipment for medical use
• Communication facilities 
• Lighting and navigation facilities
• Equipment for research and materials testing

• The owner as the operator, the lesser, or the maintainer
• The hirer

• Fire, lightning, explosion
• Smoke, soot, corrosive gases
• Water and humidity
• Failure of air conditioning
• Short circuit and other electrical causes
• Design, manufacturing, assembly and erection faults, defects in casting and material, workshop errors, bad workmanship
• Faulty operation, lack of skill, gross negligence
• Malicious acts of workmen, employees, third parties
• Burglary
• Hail, frost

• War or warlike operations, civil commotion of any kind as well as acts on the part of strikers and locked out persons
• Willful acts or willful negligence on the part of the insured or of his representatives
• Faults or defects for which a third party (supplier) is responsible either by law or under contract (losses covered by warranty)
• Wear and tear
• Failure or interruption of gas, water or electricity services (certain exceptions being possible in special cases)
• Aesthetic defects, e.g. scratches on painted, polished or varnished surfaces
• Consequential loss and liability of all kinds (with the exception of additional expenses for computer operation)

• Duly filled-in, signed and stamped Claim Form
• Incident report
• Provision of a valid policy document covering the damaged asset
• Police report (F.I.R.) for theft/ burglary cases

• Delay in intimating the claim
• Non-provisions of claim form
• Wrong description of item affected / damaged
• Non provision of bills
• Non provision of F.I.R. in case of theft / burglar

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