Purpose – The home loan is offered for the construction and purchase of new/built houses
Eligibility – Individual with independent and assured net monthly income (NMI) of Rs. 5000/- and age is over 21 to 65 years.
Agriculturist having 7 acre land with Net Annual Income (NAI) of Rs. 60,000/- and age is over 21 to 65 years.
(Base for NAI is last year’s net profit from Agricultural operation).
Repayment Period – For applicants up to 45 years of age: Maximum of 20 years (inclusive of moratorium period, if any).
For applicants over 45 years of age: Maximum of 15 years (inclusive of moratorium period, if any).
Processing Charge – At present it is 0.5 % of loan amount; when borrower request for in-principle approval after receipt of an application and processing charge it should be given.
Margin – For purchase of existing or construction of new house/flat, extension of existing house, Furniture & Consumer durables – 15%
For Repairing / Renovation -20%
For Purchase a plot of land – 30%
Quantum of Loan – Maximum: Rs. 35.00 lakhs; for borrowers over 21 to 45 years of age.
Moratorium – No moratorium period for purchase of existing house/flat/tenement etc. Up to maximum 18 months for construction of new house/flat/Tenement and extension/repair/renovation of existing house
Security – Equitable Mortgage of Property; Third party guarantee; Post Dated Check