Purpose – The loan is offered for purchase of ready built house / Flat, construction, repairs and renovation of house and extension of existing house.
Eligibility – The Housing loan may be sanctioned to the borrower within the area of operation of the Bank, age 21 to 55 years. The applicant should be a permanent member of the Bank.
Quantum of Loan – 15% to 25% margin on cost of construction or purchase of House / Flat, in other cases 25% margin.
Guarantors – Two guarantors with good network should not be defaulter of Bank.
Collateral security – House / Flat, Liquid Security
Interest Rate – Interest rate for the home loan will be charge on monthly basis as per the prevailing rate, penal interest 2% will be charged in case of default.
Moratorium Period – If required, three months to one year.
Disbursement of Loan – The loan will be disbursed as per the progress of construction, Incase of purchase of readymade House the disbursement can be made in single installment.
Fees and charges – 2.5% linking shares, Processing fees as per the Bank rule, Stamp duty as per the bank rule.