Purpose – For construction or acquisition of new dwelling units and for reconstruction of houses
Quantum of Loan – Maximum amount of loan offered is Rupees 25 lakhs.
Repayment period- Any period above 5 years and up to 15 years
Bank Lending Rate for housing finance – For Long Term PLR will be 10.00% p.a.(on all existing and fresh Housing loans up to Rs.20.00 lakhs), Long Term PLR: 11.00% p.a.(on Housing loans exceeding Rs.20.00 lakhs and finance for second house), PLR + 2% will be 13.00% p.a.(on Housing loans for investment /lease)
Repayment installment – The repayment for this home loan can be made in equated monthly installments to be adjusted for a variance in the interest rate.
Prepayment – There is no prepayment penalty charged.
Margin – The margin is fixed as 25.00% or as applicable under National Housing Bank Refinance scheme
Security – Mortgage of the dwelling unit and two guarantors
Repayment – Out of current income or terminal benefits, installment not to exceed 50% of current family income.
Scope – All terms and conditions as appearing under the National Housing Bank Refinance Scheme for such loans are subject to the changes as advised by the National Housing Bank from time to time.