Big- Home is the home loan scheme offered by the bank to purchase new independent house or ready built Flats or repair and extension of built houses.
Purpose – A Scheme for purchase of new independent house / ready built Flats (Repair / Extension / Renovation also) for residential purpose
Eligibility – Indian resident having regular source of income minimum age 21 single or jointly as Husband wife, Parent – Son, Parent – Daughter
Quantum of Loan – For Construction / Purchase
1. Rs. 15.00lakhsin urban centre
2. Rs. 10.00lakhsin semi urban centre
3. Rs. 05.00lakhsin rural centre
For Repair / Extension / Renovation
1. Rs. 10.00lakhsin urban centre
2. Rs. 05.00lakhsin semi urban centre
3. Rs. 02.00lakhsin rural centre
Margin – Minimum 15%
Rate of Interest – 9%
Repayment – EMI within a period not exceeding 20 years (Moratorium 18 months from release of 1st installment)
Security – Equitable mortgage of property financed.
Service Charges – 1.1235% of sanctioned amount minimum Rs. 600/-
Documents – As per Annexure II enclosed in circular
Penal Interest – 2% per annum on the amount of default
Prepayment charges – If recovered within 3 years 2% prepayment charge to be recovered; after 3 years no prepayment charges