Eligibility Criteria |
Individuals , Group of individuals , and individual members of Co-operative housing societies are eligible under the scheme.
Maximum age limit of the borrower to be as under-
| a) For salaried class |
60 years |
| b) For salaried class ( Pensionable) |
65 years |
| c) For salaried class , pensionable and major son |
15 years repayment irrespective of (earning member) stands as co-borrower date of retirement |
| d) For other than salaried class |
65 years |
In case of salaried class pensionable and major son ( earning member ) stands as co-borrower the income of the co-borrower clubbed / considered for computing the eligibility of repayment. |
Purpose |
For Construction/ Acquisition/ Purchase/ Extension/ Repair / Renovation |
Extent of Loan |
Max. Rs.150.0 lac
- For construction or Purchase of House / Flat : 75% of the cost of construction of house or purchase of house / flat Maxm. Rs.150.0 lac.
- For Carrying out repairs / renovations/ additions / alterations to a house / flat : 75% of the estimated cost subject to a maximum of Rs.5.0 lac
- For purchase of land / plot provided the borrower intends to construct a house on the said plot : 50 % of the cost of land / plot subject to maximum of 60 % of the total eligible housing loan amount.
|
Security |
- Mortgage of property for which finance is being given.
- In case of purchase of house / flat from housing Board / Society where mortgage cannot be created immediately , a Tripartite agreement amongst Society , borrower and Bank has to be executed.
|
Repayment |
- Repayment can be fixed for a period ranging from 2 to 25 years or till the borrower attains the age of 65 years.
- For salaried class the repayment period to coincide with the retirement age.
- For salaried people having pension able jobs repayment is extended up to 65 years of age.
- Co-applicant’s age can also be taken into consideration while fixing repayment plan.
|
Rate of Interest (Vaild upto 31.03.2010) |
Tenor |
Upto Rs.20 lac |
Above Rs.20 lac upto Rs.30 lac |
Above Rs.30 lac |
First two years
( Fixed ) |
8.25% |
8.25% |
9.50% |
3 to 5 years
( Fixed ) |
9.0% # |
9.25% |
10.25% |
6th year onwards |
BPLR-2.50%
( Floor Rate 10.0%) |
BPLR-2.25%
( Floor Rate 10.75%) |
BPLR-2.00%
( Floor Rate 11.50%) |
|
All other concessions on Housing Loans like no processing fee, no prepayment charges extended upto 31.3.10 for general public are also available to Doctors.
