Purpose – Construction /Purchase of House/flat; take over of loan availed for housing; purchase of site and construction of house; repairs /renovation./extension of an existing house
Eligibility – Individuals who are resident Indians and aged between 18-60years and who have sufficient income to repay the loan subject to following conditions applicants should be properly introduced, preferably applicants should be exclusively dealing with our bank;
Applicant should have sufficient income to repay the loan amount along with interest. If income of the family member is to be considered for repayment of the loan they should join availing the loan as co borrower and construction/purchase of house should be within our area of operation are eligible for the home loan
Loan Amount – Construction/Purchase: Loan amount should not exceed 75% of the total project cost or Rs.15lakhs whichever is less. Cost ceiling should not exceed Rs.20 lakhs.
For Repairs/Renovation/Extension: Loan amount should not exceed 50% of the cost of repairs or Rs.5.00 lakhs whichever is less. (Estimation for repairs should be properly assessed)
Rate of Interest – As applicable from time to time at present; 10.25% for loan period less than 10 years; 11.00% for loan period more than 10 years
Others – In case of purchase of house the house should not be more than 20 years old in case of RCC house and 10 years old in case of tiled roof house.