- Individual with independent and assured net monthly income (NMI) of Rs. 5000/- and age is over 21 to 65 years.
- Agriculturist having 7 acre land with Net Annual Income (NAI) of Rs. 60,000/- and age is over 21 to 65 years.
(Base for NAI is last year's net profit from Agricultural operation).
Rate of Interest
- For applicants up to 45 years of age : Maximum of 20 years (inclusive of moratorium period, if any).
- For applicants over 45 years of age : Maximum of 15 years (inclusive of moratorium period, if any).
Proposal Processing Charge
- At present it is 0.75 % of loan amount.
- When borrower request for in-principle approval after receipt of an application and processing charge it should be given.
- For purchase of existing or construction of new house/flat, extension of existing house, Furniture & Consumer durables:
-- 15 % for loan upto Rs. 25.00 Lac
-- 20 % for loan above Rs. 25.00 Lac
- For Repairing / Renovation -20%
- For Purchase a plot of land - 30%
Max & Min Loan:
- Up to 60 NMI or 5 NAI
for applicants over 21 to 45 years of age.
- Up to 48 NMI and 4 NAI
for applicants over 45 years of age.
- Total deduction including installment of this loan should not exceed 60% of GMI.
- EMI/ NMI Ratio should not exceed 57.50% for A and 50% for B as above.
Moratorium period / Repayment holiday
- No moratorium period for purchase of existing house / flat / tenament etc.
- Up to maximum 18 months for construction of new house /flat / tenament and extension/repair/renovation of existing house.
- Equitable Mortgage of Property for which applied for Housing Loan.
- Third party guarantee for delayed mortgage.
- Post Dated Cheques
- Check – off facility for salaried person