Housing Loan

  • Eligibility
    • Individual with independent and assured net monthly income (NMI) of Rs. 5000/- and age is over 21 to 70 years.
    • Agriculturist having 7 acre land with Net Annual Income (NAI) of Rs. 60,000/- and age is over 21 to 70 years.

      (Base for NAI is last year's net profit from Agricultural operation).

  • Rate of Intrest
    • Interest rate start from 8.80% on the basis of CIBIL Report score, LTV Ratio and profile of the borrower.
    • See the Rate
  • Repayment Period
    • For applicants up to 45 years of age : Maximum of 25 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 0.50 % 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.
    • Post Dated Cheques
    • Check – off facility for salaried person
    • Third party guarantee for delayed mortgage.