Purpose - Construction, purchase / repair / renovation / alteration of a house or for purchase of a plot for the construction of a house.
Eligibility - All Resident / Non-Resident Indians with a regular monthly income, Spouses of Non-Residents, who are residents and receiving regular monthly income, Salaried persons, self employed businessmen, professionals and agriculturists, who have regular monthly income and who have a minimum of three years of standing / experience in their line of activity. The age should be such that the borrower is able to close the account before he attains the age of 70.
Quantum of loan – Maximum amount of Rs.300 lakhs restricted upto 60 times of Net monthly income (NMI)/ Average monthly income (AMI) for individuals upto 45 years of age and 48 times of Net monthly income (NMI)/ Average monthly income (AMI) for individuals over 45 years of age.
Interest rate - Upto 5 years: 9.25% and 10% for upto 30 lakhs and above 30 lakhs respectively. Between 5 – 15 years: 9.5% and 10.25% as above. Between 15 – 25 years: 9.75% and 10.50% as above.
Paperwork - A copy of the agreement for sale, a copy of the Title deeds of the present owner, a copy of the land tax receipt, a copy of the building tax receipt, encumbrance certificate from the Sub Registrar for the last 15 years, title clear certificate from the banks approved advocate, valuation report of the property and building from the banks approved valuator.
Repayment - Within 25 years or before the borrower reaches the age of 70 years. Repayment will begin on completion of the house or 18 months from the disbursement of the first installment of the loan, whichever is earlier.