Important Announcement
Housing Loan

Eligibility

  • 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

Repayment Period

  • 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.

Margin

  • 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.

Security

  • 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