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  • June 18,2018
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home loan

  • Eligibility
    Purpose
    • Purchase of land and construction of a house thereon.
    • Construction of house, where in the plot/land already owned by the applicant.
    • To buy built up / semi built up house or flat.
    • To Extend/improve/repair, the existing house or flat.
    • For Home furnishing, furniture / fixtures embedded to structure or otherwise.
    • To buy a flat under construction or proposed to be constructed
    • To takeover of housing loan from other banks/ financial institutions.
    Eligibility Criteria Individuals or group of specified individuals (co-borrowers) having an assured source of regular income viz. salaried / self-employed persons, professionals, businessmen, farmers etc.(including Staff, NRIs & PIOs)
    Minimum age Maximum age 18 years as on date of application
     
    Particulars Maximum Repayment Age
    For salaried (with pension) & other Individuals upto 75 years
    For Salaried (Non Pensionable) upto 60 years or superannuation, which is earlier
  • Finance
    Maximum Loan limit Housing Loan ---No upper ceiling (*conditions apply). The maximum permissible Bank finance can be calculated on the basis of income of individual as well as joint borrower, as the case may be.
    Home furnishing Loan --Maximum ₹ 25.00 Lacs (restricted to 30% value of existing house),

    Note: The income of the joint owners of the property irrespective of their relationship may be considered for computation for maximum permissible Housing Loan. The joint owners shall essentially be the co-borrowers.
    Components of finance
    • Purchase price of plot/house.
    • Construction cost of the house.
    • Conversion charges for conversion of the house/flat / plot from leasehold to freehold.
    • Cost of furnishing, repair, renovation & additional construction
    • Purchase price & installation charges of Rooftop Solar PVs and Non-Solar Lighting, wiring and other such fittings.
    • Premium of Group Secure Scheme (GSS)
    • Stamp duty, Registration and other Documentation Charges where cost of house/dwelling unit does not exceed ₹ 10.00 Lacs.
    Net Take Home Income Gross Annual income minus all existing deductions including IT deduction & Proposed loan installment) with details as under:
    Gross Annual Income Net Take Home
    Upto ₹ 5 lacs 50%
    Above ₹ 5 Lacs to ₹ 10 Lacs 40%
    Above ₹ 10 Lacs 30%
  • Security and Margin
    Primary/Collateral Security Primary- Equitable/ Registered Mortgage of financed property/property
    Collateral--Nil
    Margin
    Upto ₹ 30.00 Lacs 10%
    Above ₹ 30.00 Lacs & Upto ₹ 75.00 Lacs 20%
    Above ₹ 75.00 Lacs 25%
    For Home furnishing 25% of total cost of renovation/furnishing
  • Rate of Interest and Repayment
    Category of Loan Margin Rate of interest
    Upto ₹ 30.00 Lac =>20% 1 YEAR MCLR
      =>10% and < 20% 1 YEAR MCLR +0.10%
    Above ₹ 30.00 lac and ₹ 75.00 lac =>25 % 1 YEAR MCLR
      =>20 % and < 25 % 1 YEAR MCLR +0.10%
    Above ₹ 75.00 Lac =>25 % 1 YEAR MCLR
    Repayment Period For Home Loan - Upto 480 months, including the moratorium period of 18 months
    For Home Furnishing Loan-Maximum 120 months
  • Apply Now
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