Benefits

Objective

To ensure availability of Housing Loan at attractive rates and ensure a house for all.

Purpose

  • For construction of house/ flat;
  • For purchase of built house/flat.
  • For purchase of under construction house/flat from Housing Boards/ Development Authorities/ Co-operative Societies/ Approved Private Builders/ Projects.
  • For carrying out Additions to the house/flat.
  • For carrying out repairs/ renovation / alterations/ cost of furnishing to the house/flat.
  • For meeting cost escalation in the cases of under-construction flats to existing Housing Loan borrowers.
  • For purchase of land/plot for house building.

Eligibility

Individuals or group of individuals (co-borrowers) who are having an assured source of regular income viz. Salaried employees, Professionals, Self Employed persons, businessman, farmers etc. Staff members are also eligible under public scheme.

Quantum Of Finance

  • For Construction/Additions/Purchase of House/Flat: Need based loan depending upon the project cost and repaying capacity of the borrower.
  • For purchase of Land/ Plot for House Building: Maximum Rs.50 lac.
  • For repairs / renovation / alterations: Maximum Rs.50 lac.
  • Cost of furnishing may be included in the project cost with maximum upto 15% of Home Loan or Rs.50 lakh whichever is lower, within the prescribed Loan to Value (LTV) ratio.

Margin (Borrower`S Contribution)

Housing Loan Upto Rs.30 lac 20%/15%#
Housing Loan Above Rs.30 lac and Upto Rs.75 lac 20%
Housing Loan Above Rs.75 lac 25%
Purchase of Land/Plot for House Building 25%

#Higher Rate of Interest on Card Rate will be charged in such cases. Borrower be made aware about this before sanction of loan.

Charges e.g. stamp duty, registration charges and other documentation charges shall be borne by the borrower and shall not be considered towards margin money. However such charges may be added to the cost of the house/dwelling unit for the purpose of calculating LTV ratio in cases where the cost of the house/dwelling unit does not exceed Rs.10 lakh. Acquisition cost of Plot be considered towards Margin Money.

Security

Equitable/registered mortgage of the property in question.

Repayment

Loan for carrying out repairs/ renovation / alterations to the house/flat: Max.15 years inclusive of moratorium period, if any.

Loan for Others: Max. 30 years inclusive of moratorium period, if any.

The income of the spouse and earning children (whether married or unmarried) and of the joint owners can be added for determining the income for the purpose of borrowers` repaying capacity. In such cases, they should be made co-borrower.

Parents can also be made as co – borrower in cases where the property is in the single name of Son / Daughter or in the joint name of Son and Daughter and also clubbing of their income be permitted for the purpose of eligibility/repayment of loan.

Repayment Holiday/ Moratorium

For Construction/ Additions of House/ Flat: Till completion of construction (including additions) or 18 months, from the date of disbursement of first installment of the loan, whichever is earlier.

For carrying out repairs/ renovation / alterations to the house/ flat: Till completion of repairs/ renovation / alterations or 6 months, from the date of disbursement of first installment of the loan, whichever is earlier.

For purchase of ready built House/ flat OR land/plot: Till the date of possession or 3 months from the date of advance, whichever is earlier.

Rate Of Interest

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Processing Charges/ Upfront Fee

For additional loan amount beyond the eligible loan amount as above– As per the existing housing loan scheme to public.

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Documentation Charges

For additional loan amount beyond the eligible loan amount as above– As per the existing housing loan scheme to public.

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Above are only salient features of the scheme. For details please contact nearest branch

Over Draft/Term Loan to Housing Loan Borrowers for Personal Needs

Objective

Seeks to provide additional facility in the shape of Overdraft/ Term Loan for personal use to our existing/new/takeover Housing Loan borrowers.

Eligibility

All Housing Loan borrowers including existing / new / take over cases. Loan is not permitted for any trade / business or for any other speculative purposes.

Purpose

For Personal needs/use.

Extent of Loan

Term loan - Minimum Rs. 2 Lacs & maximum: 100.00 lacs

Overdraft Limit- Minimum Rs. 2 Lacs & maximum: 25.00 lacs

Nature of Facility

a. Overdraft limit or

b. Term Loan

Margin

Nil :

80% of current realizable value of House property if Home Loan is up to Rs. 75 lacs (Existing O/s HL & Proposed OD/TL).

Or

75% of current realizable value of House property if Home Loan is above Rs. 75 lacs (Existing O/s HL & Proposed OD/TL).

Repayment

a. Overdraft – on the basis of Monthly reducing DP and to be liquidated in the residual period of Home Loan or upto the age of 70 year of borrower, whichever is later with maximum tenure of 30 years.

b. Term Loan – till the residual period of Home Loan or upto the age of 70 year of borrower, whichever is later with maximum tenure of 30 years.

Security

By extension of charge on the Immovable Property mortgaged/ to be mortgaged.

Rate of Interest

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Processing Fee & Documentation Charges

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Composite Loan For Purchase Of Residential Plot And Construction Of A House Thereon

Objective

To home loan borrowers who are willing to purchase residential plot and construction of House on the plot thereon

Purpose

For purchase of residential plot and construction of a house thereon. (Composite loan)

Eligibility

Individuals or group of individuals (co-borrowers) who are having an assured source of regular income viz. Salaried employees, Professionals, Self Employed persons, businessman, farmers etc. Staff members are also eligible under public scheme.

Quantum Of Finance

a. Need based loan depending upon the project cost and repaying capacity of the borrower.

b. Loan amount for purchase of residential plot shall not exceed 60% of the eligible loan amount. (loan amount as per repaying capacity/margin (whichever is lower)

c. Minimum 40% loan amount towards construction of a house out of the total eligible home loan amount*.

Margin (Borrower`S Contribution)

For All purposes (Including composite loan$ i.e. Plot purchase+ construction) except to purchase of Land /Plot

Housing Loan Upto Rs.30 lac

20% / 15%#*

Housing Loan Above Rs.30 lac and Upto Rs.75 lac

20%

Housing Loan Above Rs.75 lac

25%

Purchase of Land/Plot for House Building

25%

# Higher Rate of Interest on Card Rate is being charged in such cases. Borrower be made aware about this before sanction of loan.

$ Margin under composite Home loan to be ensured separately on plot purchase amount and cost of construction.

Security

Equitable/registered mortgage of the property in question.

Repayment

Max. 30 years inclusive of moratorium period, if any.

Repayment Holiday/ Moratorium

18 months from the date of first disbursement for purchase of residential plot and construction of a house thereon, whichever is earlier.

Rate Of Interest

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Processing Charges/ Upfront Fee

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Documentation Charges

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Above are only salient features of the scheme. For details please contact nearest branch


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