Purpose: This loan finances purchase of new Flat/ Bungalow and construction of own house.
Eligibility: Salaried person and Self-professionals can avail this home loan.
Quantum of Loan: The maximum amount of home loan that can be granted per beneficiary of a dwelling unit is Rs.20 lakhs.
Rate of Interest: The rate of interest for loans up to Rs. 10.00 lakhs 9.50% per annum. For loans above Rs. 10 lakhs to Rs. 20 lakhs, the rate of interest is 10% per annum.
Margin: The margins for this home loan are; 15% of cost for first purchase of a flat/house in new building, 20% of cost for purchase of a flat/house under resale, in a building not older than 10 years and 25% of cost for purchase of flat/house, under resale in a building older than 10 years, but not older than 30 years.
Repayment: The maximum period of repayment is 15 years.
Security & Guarantee: Minimum two guarantees acceptable to Bank is required. The house constructed/ purchased is the prime security. The collateral security is assignment of Single Premium Term Insurance Policy on the life of the applicant. The sum assured should be sanctioned with term which is at least the repayment period.