|For Construction/ Acquisition/ Purchase/ Extension/ Repair / Renovation|
|Eligibility||Individuals, Group of individuals, and individual members of housing societies are eligible under the scheme|
|Age||Minimum: 18 years Maximum: subject to maximum age for repayment period|
|Quantum of Finance||For construction of house or purchase of house/ flat/ Plot : Need based finance, with no Maximum limit
For repairs / renovation / additions / alterations : Maximum Rs. 20.00 lac.
i) For Purchase of Plot only, offered / allotted by Govt. authorities and/ or Builders who are Bank’s borrowers:
a) 25% of the Cost of plot up to a finance amount of Rs.100 lac upfront
b) 40% of the Cost of plot for the finance amount over and above Rs.100 lac upfront
ii) For Construction or for Purchase of Plot & Construction:
a) For purchase of plot: 40% of the cost of land / plot upfront
b) For construction:
· 10% of the value of construction, proportionate for loans up to Rs. 20 lacs
· 20% of the value of construction, proportionate for loans above Rs. 20 lacs & upto Rs 75 lacs.
· 25% of the value of construction, proportionate for loans above Rs. 75 lacs
(loan amt. for ascertaining margin would be after clubbing both the loans i.e. for plot + for construction)
iii) For Purchase of Built up dwelling unit:
· 10% of the total value of property for loans up to Rs. 20 lacs up-front
· 20% of the total value of property for loans above Rs. 20 lacs & up to Rs. 75 lacs up-front
· 25% of the total value of property for loans above Rs. 75 lacs up-front
iv) For Extension / Renovation /Repair:
10% of the total estimated cost, proportionate for loans up to Rs. 20 lacs
|Rate of Interest||Please click here For rate of interest|
|Processing fee||Please click here For Processing fee|
|Documentation charges||Actual Stamp/Revenue expenses only|
The security for the loan shall be first charge by way of equitable / registered mortgage of the property. The title of the property must be clear, marketable and free from encumbrance.
If an intending borrower who has purchased / has entered into an agreement to buy housing property on power of attorney basis offers sufficient collateral in the shape of equitable mortgage of any other property and / or Govt. Security (ies), the same may be considered and the property / security obtained at the time of sanction may be released after obtaining the equitable mortgage of Housing property financed which shall remain the primary security for the loan. During the intervening period the property financed by the bank shall remain charged to the bank.
|Mode & Period of loan||
For purchase of plot: The loan shall be allowed only in the shape of term loan for a maximum tenor of 15 years.
|Take Home Salary/Income||
The amount of installment and repayment schedule to be fixed in such a manner so that the borrower gets the carry home salary/income, of his/ her total emoluments/earnings after the deductions, inter-alia, on account of installment of housing loan, as under:
|Prepayment||No pre-payment charges.|
In case of Co-borrower
In all other cases
In cases, where sale deed/ lease deed/conveyance deed is to be registered after a considerable gap like in cases of Installment/construction linked plan e.g. Authority/ Society/ Builder’s flats/plots: Guarantee of earning spouse/ major son or suitable third party guarantee must be obtained.
- Sun, December 16-2018