Purpose – Construction or purchase of new dwelling units, financing of old dwelling units (not more than 15 years old) provided it is in a good condition. repair/renovation/extension of existing house; repayment of loan availed from housing Finance companies/banks; Purchase of plot to construct a house subject to condition that a house will be constructed there on within a period of 2 years from the date of purchase of plot.
Eligibility – Individual(s) and co-op. group housing societies are eligible for the home loan
Quantum of Loan – Maximum of Rs.50.00Lakhs per beneficiary of a dwelling unit
Type of Facility – Term Loan
Processing Charges – As per Bank’s rules
Insurance – Comprehensive insurance of mortgage property with bank’s clause.
Repayment – Maximum 15 years depending upon repayment capacity including moratorium reckoned from the date of first disbursement. Moratorium not to exceed 18 months of first disbursement or 1 month after completion of house/flat, whichever is earlier. Interest during this period to be serviced as and when debited, equated monthly installments may be offered
Security Documentation – All usual loan documents as per Bank’s Rules; b) Mortgage of house/flat constructed/ purchased out of loan, duly permitted by the Lessor in case of Lease hold properties or bank may also accept security of adequate value in the form of LIC policies, NSCs, etc.
Sureties – One or two sureties of good means as per bank’s discretion.