|
Purpose
|
-
Purchase of ready to occupy/repurchase of house aged up to 30 years.
-
Purchase of ready to occupy/repurchase of flat aged up to 20 years.
-
Purchase of Land and Construction of House. (In cases where plot is purchased and construction is undertaken at a later stage, declaration to be obtained from the borrower that he intends to construct a house on the said plot with the help of bank finance)
-
Purchase of Flat or residential unit under construction in Housing Projects approved by bank.
-
Additions to the house / flat/ residential unit (Since Estimate/plan/permit is available & equivalent to new construction, no restriction on loan amount)
-
Alteration / Repair/ Reconstruction to the house / flat
-
Reimbursement of Expenses incurred within two years for Flats/ residential unit under Construction, and Purchase of Ready to occupy Flat/ Villas subject to the condition:
-
Reimbursement should not be beyond one year from the date of handing over, in the case of Purchase of Ready to occupy Flat/ residential unit
-
Reimbursement should not be beyond two years from the launching of the project, for Flats/ residential unit under Construction and branch to confirm that the project is on-going.
-
Reimbursement of Expenses incurred within one year for individual houses subject to the condition that reimbursement should not be beyond one year from the issue of Building Number/ Occupancy Certificate from local body/ any valid document issued by competent authority evidencing the date of completion of the unit.
-
Reimbursement of Expenses incurred for Repairs, Alteration and Additions within one year.
-
Takeover of Housing Loans
|
|
Target
Customers
|
Resident Indian
-
Salaried (Employees of Government, PSU, MNC, Listed companies and reputed Public and Private limited companies only)
-
SENP (Self employed non professional) Manufacturers, Traders, Wholesalers, Retailers, Service Providers
-
SEP (Self employed professionals) Doctors, CA, CS, ICWA, Architect, Engineer
-
Agriculturist
-
Senior citizen / Pensioner
Non-Resident Indian
|
|
Age
|
|
Minimum
|
21Years
|
|
Maximum
|
Age at the time of maturity of the loan* - 65 Years
|
|
|
Amount
|
|
Minimum
|
Rs 10 Lakhs(NRI’s)
Rs. 2 Lakhs (PMAY Scheme)
Rs. 5 Lakhs (Others)
|
|
Maximum
|
- Rs. 1500.00 Lakhs
- Rs. 100 Lakhs (Surrogate Program)
- Rs. 50.00 Lakhs (for renovation)
|
|
|
Tenure
|
|
Minimum
|
5 Years
|
|
Maximum
|
- 30 years or date of retirement whichever is earlier.
- 20 years or 65 years of age whichever is earlier (for Surrogate program)
|
|
|
LTV
|
up to 80% (based on loan amount)
|
|
Interest rate
|
|
|
Eligibility
|
Eligibility- Minimum Bureau Score of 730
|
|
Features
|
-
Security for the loan will be Mortgage of Land and building to be constructed/Purchased
-
Repayment period may be extended beyond retirement, if pensionable
-
Surrogate Program available– Assessment is based on Last 12 months Average Bank Balance (excluding months with lowest and highest Average Bank Balances) in Personal Account, in case income documents are not available
-
Top up Loan available for existing customers with 12 months regular repayment track record, Subject to conditions.
|
|
Processing fees
|
0.50% of loan amount (Minimum Rs 5000 +Service Tax; Maximum Rs 10000.00).
|
|
Penal Interest
|
2% p.a. for the defaulted amount for the defaulted period.
|
