Housing Loan

  • Sailent Features
  • Purpose
  • Loan Amount
  • Margin
  • Repayment
  • Security

Sailent Features

Sailent Features

  • Minimum age: Individual(s) 21 years of age & maximum age limit for a Home Loan borrower is fixed at 60 years at the time of availing the loan. However, the repayment of the last installment shall not fall beyond 75 years subject to availability of sufficient, regular and continuous sources of income for servicing the loan repayment.
  • Up to Rs.25.00 lakhs Priority Sector. NTH 25%

Purpose

Purpose

  • Purchase of ready built House : Not more than 25 years old (The residual life of the property must be 5 years more than the repayment end date in all the case )
  • Construction of house on the already purchased/owned site
  • Purchase of Site & construction of House (In case of composite Housing loans, utilization of loan amount for purchase of plot is restricted to 60% of eligible/sanctioned loan amount under all Housing Loan variants )
  • Expansion/Renovation/Up gradation/Additional amenity for own house upto Rs.15.00 lakh
  • Take-over of HL liability from other Banks/Financial Institutions:

    a. All Public Sector Banks/Private Sector Banks.

    b. Eligible accounts from Co-operative Banks may also be permitted

    c. Takeover of Housing Loans from NBFCs/HFCs. The EMT documents shall be obtained and ensured through a legal scrutiny report on the enforceability. No deviations from our policy guidelines to match the due diligence of NBFC shall be allowed

Loan Amount

Loan Amount

  • Salaried class- 72 times of last drawn Gross salary
  • Non salaried class- 6 years gross annual income (average of last 3 years X 6)

Margin

Margin

I. Construction of House Margin % Margin %
a. Loan limit up to ₹ 30.00 Lakhs 10% of the Project cost
b. Above ₹ 30.00 Lakhs to ₹ 75.00 Lakh 15% of the Project cost
c. Above ₹ 75.00 Lakh 20% of the project cost
II. Purchase of Ready built house/flat
a. Age of building less than 10 years 10% of the Project cost
b. Age of building above 10 years upto 25 years 20% of the Project cost
C Age of building above 25 years upto 30 years 30% of the Project cost

Repayment

Repayment

  • Maximum 30 years (Including moratorium period)
  • However, repayment should be fixed in such a way that the entire loan should be recovered before the main borrower (Income earning) attains the age of 75 years.

Security

Security

  • Collateral security of mortgage of House to be constructed/ purchased.