ELIGIBILITY

  • All gainfully employed individuals singly or jointly

PURPOSE

  • Purchase of house/ flat/residential unit
  • Construction of House
  • Extension, repair/renovation of existing house
  • Purchase of land and construction of house thereon
  • Repayment of existing housing loan availed from other banks/ Financial Institutions/ other sources provided documentary evidence is produced
  • Purchase of Furniture  & Fixtures, other household goods such as TV, Fridge, AC, W/machine etc.

AMOUNT

  • Rs. 10.00 mn for purchase/construction of flat/house
  • Rs. 3.00 mn for repairs/renovation/Refurbishment of existing house
  • Rs. 1.00 mn for Furniture & Fixtures, other household goods such as TV, Fridge, A/c etc.
    OR
  • 60 times of gross monthly income in case of salaried persons and 6 times of average annual income (last 3 years) in case of professionals / self employed.)
  • Loan shall be lower of the maximum ceiling and calculation based on income.
  • Loan over and above the captioned limit may also be sanctioned based on individual merits.

MARGIN

  • 15%-Purchase of ready built house/ flat or construction of new house.
  • 20% for others Project Cost will also include Mortgage Registration charges, Insurance Charges, Furniture & Fixtures and other household goods such as TV, Fridge, AC, W/machine etc

REPAYMENT

  • 20 years (including moratorium period) for purchase/ construction of a new house / flat or takeover of loan from other banks/ FI.
  • Repayment period may be increased to 25 years in deserving cases.
  • For repairs / renovation / refurbishment of existing house – repayment period would be 7 years (including moratorium period)

RATE OF INTEREST

  • Competitive Rate of Interest
    * Condition apply

SECURITY

  • 1st rank fixed charge on Flat / House purchased / constructed out of Bank finance

PROCESSING FEES

  • One time fee of 1.00% of the loan
  • Min.-Rs. 1000/-
  • Max – Rs25000/

DOCUMENTS TO BE SUBMITTED ALONG WITH APPLICATION

  • Copy of National ID Card
  • Copy of Driving License for vehicle for which loan is applied.
  • Salary Slips for last 3 months for salaried/ MRA return for businessman
  • Estimates for cost of construction (in case of loan is applied for construction)

SANCTIONING AUTHORITY

Time Frame for taking credit decision / disposal of proposal from the date of submission of data / information is within 10 working days for all credit facilities upto Rs. 300,000.00