| 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 70 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.
For amount of finance, reimbursement of investment made during preceding
12 months & adding back depreciation to compute Net Annual
Income for determining loan eligibility in case of proprietary
concerns are also considered.
We also grant housing loans for purchase of old houses not more than 15 years
old
|
| Margin |
20% For
purchase or construction of new house/flat for loan up to Rs75
lacs
For
Housing Loans to Others
20% Upto Rs.75 lacs
25% Above
Rs.75 lacs
To purchase House Plot alone
35% Cost of the Plot including registration,
stamp duty etc.
For
furnishings/consumer durables as a part of the project cost
20% of
the cost of the estimation.
|
| Repayment |
Repayment is in Equated Monthly Installments (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 |
Period/ Amount |
Up to Rs 30 lacs |
Above Rs 30 lacs |
| Up to 5 Yrs |
9.25% |
10.25% |
| Above 5 to 15 years |
9.25% |
10.50% |
| Above 15 to 20 years |
9.50% |
10.75% |
| Fixed rate
Housing Loan |
| Max Loan of Rs 10.00 lacs Max Term
10 years |
12.25% |
| Processing charges |
0.5 %, 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 |
