Purpose – The home loan is offered for the Purchase/Construction of Flat/Independent Bungalow
Quantum of Loan – Maximum Limit will be as per Exposure Norms.
Terms – Maximum 13 yrs. / Maximum moratorium 18 months or date of possession, which ever is earlier
Margin – 15% for ready possession and 30% for under-construction of Flat/House
Guarantors – only two guarantors
Other Conditions –
- Valuation to be done by approved Architect of the Bank. Title Verification to be done by Bank’s Advocate.
- Advance to be given to the extent of 85% of the value.
- Home / Flat to be insured for full market value with Bank clause.
- Recovery through Post Dated Cheques / Salary deduction or SI on SB A/c.
- Registered mortgage of the property and all original title deed to be deposited with the bank.
Calculation of EMI – Housing Loan
| Term | Loan amount Rs. 1,00,000/- | Loan amount Rs. 5,00,000/ | Loan amount Rs. 10,00,000/ |
| 5 years | 2,224 | 11,122 | 22,244 |
| 10 years | 1,435 | 7,174 | 14,347 |
| 13 years | 1,269 | 6,343 | 12,687 |