Housing Loan

Eligibility

• Individual(s) over 18 to 70 years of age with steady source of income.

Purpose:

• Purchase a plot of land for purpose of construction of house.
• Purchase /construct a new house/flat
• Purchase an existing (old) house / flat or extend an existing house
• Repair or renovate an existing house /flat
• Takeover of Home Loans from other Banks/HFCs/FIs
• Furnishing/interiors as part of the project cost.
• Re-imbursement of investment made from own resources during the preceding twelve months for purchase of house/flat/construction of house/repair and extension of house.

Quantum of finance

Maximum loan amount will be lowest of loan amount assessed on the basis of

• a. Permissible EMI/NMI ratio
• b. Maximum permissible LTV ratio
• c. Loan amount applied for

Margin

• Up to Rs. 30 Lakh - Minimum 10%
• Above Rs. 30 lacs and uptoRs. 75 lacs - Minimum 20%
• Above Rs. 75 lacs - Minimum 25%

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.

Repayment Period

• Maximum 30 years (or) up to the age of 70 years (the age by which the loan should be fully repaid) of the borrower, whichever is early.
• For Home Loan Borrowers falling under Individuals engaged in business maximum loan tenor will be 25 years.

Moratorium period

• 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.

Rate of Interest

Processing Charge/Upfront Fee