Purpose: This loan finances purchase / construction of new / old house / flat, Repairing / renovating an existing house / flat, Furnishing the house / consumer durables as a part of project cost and Take over of loans from other banks.
Eligibility: Any individual with sufficient capacity to repay the loan can avail this home loan.
Quantum of Loan: The maximum amount granted as loan in case of repairs/ renovation of existing house is Rs. 2 lakhs. For borrowers of age up to 45 years a maximum loan amount granted is 60 times the net monthly income. In case applicants above this age the maximum loan amount granted is only 48 times the net monthly income.
Margin: For loans up to 8 lakhs there is a margin of 15 %. For loans above 8 lakhs the margin is 25%. In case repairs or renovation of existing house the margin is 20 %.
Rate of Interest: The rate of interest for the home loan is 13% per annum.
Repayment: For applicants of age up to 45 years the repayment period is 15 years and it is 10 years for applicants above 45 years of age.
Security: Equitable Mortgage / Registered Mortgage of proposed property are taken as security.