Housing Loan

Age

• At entry minimum age of borrower must be 21 yeas and maximum to 60 years for salaried, 70 years for pensioner and 65 years for businessman and self employed professionals.
• Loan to be repaid by age of 75 years.

Eligibility

• For salaried, with a permanent job for the minimum period of 1 year in current organization or having total job history of atleast 2 years
• Businessman and self employed professionals having two years of standing

Limit 

Lowest of A/B/C:

A) 90% of the Project Cost

B)  Maximum 20 lakh for rural area and 40 lakh for semi-urban area. (No limit for urban area)

C) Maximum up to 90% of the Value of House Property

Margin: 25 % of the total cost

Security

Registered mortgage of proposed house property

Repayment

Maximum 30 years or till the borrower reaching the age of 75 years, which ever is earlier.

Interest Rates

• Starting from 7.50% based on CIBIL score

Deduction Criteria, if any

1. Gross annual Salary/income less than 3 lakh: 50% of gross income
2. Gross annual Salary/income 3 lakh & above but less than 6 lakh: 60% of gross income
3. Gross annual Salary/income 6 lakh & above but less than 12 lakh: 65% of gross income
4. Gross annual Salary/income 12 lakh & above but less than 24 lakh: 70% of gross income
5. Gross annual Salary/income 24 lakh & above but less than 60 lakh: 75% of gross income
6. Above Rs 60 Lakh: 80% of gross income

Fees

• Processing fees: 0.25% + GST
• Documentation charges: 0.20% + GST
• Inspection Charges: NA