Purpose
- Construction of House with or without plot purchase
- Purchase of readymade house/flat
- Purchase of under construction house/flat
- Additional Construction
- Takeover of existing housing loan
- Top-up for exisiting housing loan borrowers (General Purpose/Repair or Renovation)
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 borrowers:
- 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 8.50% based on CIBIL score
Documents
- Application RF-45
- Receipts F-260
- Term loan agreement 245 B
- Guarantee RF-154 A
- Mortgage of plot / House
- *For latest details please contact our nearest branch
Deduction Criteria, if any
- Gross annual Salary/income less than 3 lakh: 50% of gross income
- Gross annual Salary/income 3 lakh & above but less than 6 lakh: 60% of gross income
- Gross annual Salary/income 6 lakh & above but less than 12 lakh: 65% of gross income
- Gross annual Salary/income 12 lakh & above but less than 24 lakh: 70% of gross income
- Gross annual Salary/income 24 lakh & above but less than 60 lakh: 75% of gross income
- Above Rs 60 Lakh: 80& of gross income
Fees
- Processing fees: 0.25% + GST
- Documentation charges: 0.20% + GST
- Inspection Charges: NA