Home Loan

For purchase of new & Plots/Flats/Dwelling House and for Construction of House.

Eligibility

Individuals below the age of 65

Professionals & self employed persons in business for at least 3 years.

Sanction Limit

– 75% of Cost of Construction

– 80% of Property value

Repayment period

Upto 15 years.

Repayment Installment

– EMI based

– Reducing Balance

Rate of Interest under EMI Scheme

11.50% under EMI Scheme

Rate of Interest under reducing balance

A) Building a Home or buy a flat

1) Loans upto Rs.5 Lakhs – 12.50% p.a.

2) Above Rs.5 Lakhs – 13.00% p.a.

B) Home Repairing

1) Loan upto Rs.5 Lakhs for Urban – 12.50%

2) Loan upto Rs.2 Lakhs for Rural – 12.50%

Security

Mortgage of the House / Flat to be purchased / constructed

Two Guarantors

Insurance of the flat mortgaged and on the list of the borrower on a case to case basis

Prepayment

No prepayment penalty applicable for the present

Margin

20.00% for purchase of House/site.

25.00% for construction

Document required

Proof of Residence – Photocopy of Ration Card / Electricity Bill / Telephone bill / passport.

Form 16A, salary slip or last 3 years balance sheets / Tax returns.

Title and valuation report of property to be purchased.