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 loan that can be granted per beneficiary of a dwelling unit is Rs.30 lakhs to Rs. 50 lakhs.
Rate of Interest: The rate of interest for loans of Rs. 30 lakhs up to Rs. 50 lakhs is 11.5% per annum.
Margin: The margins for this home loan are 20% of cost for a newly purchased of a flat/house and 30% of the cost for a resale house / flat. There would be no loans granted for purchase of house / flat which is more than 30 year old.
Repayment: The maximum period of repayment is 15 years.
Security & Guarantee: Minimum two guarantees acceptable to Bank is required in case of this home loan. The house constructed/ purchased with the finance from the bank is taken as 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.