| Purpose |
To purchase, construct,
renovate, and purchase plots to construct dwelling units
For consumer durables and furnishings (10% of the project
cost or Rs.3.00 lacs whichever is less) |
| Eligibility |
Individuals over 21 years of age and
younger than 67 years |
| Amount of finance |
For employees who are over 21 years
to 45 years of age, the loan amount is 60 times the net
monthly income (NMI), net of all deductions including loan
repayments and actual monthly TDS. The spouse's income
can also be included.
For employees over 45 years of age, the loan amount is 48 times NMI, net of all
deductions including loan repayments and actual monthly TDS The spouse's income
can also be included.
The expected rentals less taxes in the case of house / flat being purchased which
is proposed to be rented out may be added for computation of the eligibility
ceiling.
We also grant housing loans for purchase of old houses not more than 15 years
old |
| Margin |
30% of the cost of the plot, up to a
maximum of Rs.10 lakhs, if only a plot is purchased
15% of the total project cost for purchase of new or old
houses or apartments
20% of the project cost for repairs and renovations |
| Repayment |
Repayment is in Equated Monthly Instalments
(EMI)
For applicants up to 45 years of age: 240 months
For applicants above 45 years of age: 180 months (subject
to repayment of the loan with interest, before the borrower
attains 70 years of age, where check-off facility is available) |
| Interest |
|
| Processing charges |
0.50 %, irrespective of the loan amount, subject to a cap of
Rs.10,000/- (including applicable service tax) payable at the time
of submission of application to the bank. |
| Insurance |
Property purchased with bank finance should be fully insured |
| Security |
Mortgage of the property purchased |
