Housing Loan

Purpose

  • Purchase/Construction of House/Flat.
  • Renovation/Improvement of House/Flat.
  • Takeover of housing loans from other Banks/Financial Institutions.
  • Purchase of Site/Plot and Construction of House there on.

Eligibility

  • Individuals aged between 21 years and 65 years.
  • Maximum age – 75 years i.e. age by which the loan to be fully repaid.

Maximum Loan Amount

  • No Limit

Assessment of Finance

  • Upto 75 months’ average gross income of the applicant subject to take home income and minimum margin requirements
  • Applicant can add income of spouse/children, expected rent, depreciation and income from other sources to enhance loan eligibility.

Security

  • Mortgage of house/flat constructed/purchased out of our finance.

Margin

  • 20% for loans upto Rs.75.00 lacs & 25% for loans above Rs.75.00 lacs (cost of the project excludes stamp duty, registration charges)

Rate of interest

  • Base Rate = 9.65%(Floating)

Repayment period

  • Maximum of 30 years or by the time the borrower attains the age of 75 years, whichever is earlier.
  • Repayment Holiday – Maximum of 18 months
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