“Group Housing Loan Scheme” is the new loan scheme of the bank offering home loan to its customers.
Purpose – For purchase of Flat, Row Houses, Construction of Houses
Eligibility – Group housing loan scheme is applicable to Individual borrowers also.
Quantum of Loan – Rs.1.00 lakhs to Rs.50.00 lakhs
Margin – Loan will be extended up to 75 % to 85 % of the total value of the flat including registration, stamp duty, processing fee, share money, mortgage expenses etc.
Security – Prime security will be Flat / Row Houses to be purchased. Charge will be created by way of unregistered equitable mortgage.
Repayment period – 15 years only
Interest –
| Slabs | First 2 Years ( Fixed ) |
Next 2 Years ( Fixed ) |
Last 11 Years ( Floating ) |
| Rs. 0.01 Lakhs to Rs.25.00 Lakhs | 8.00% | 9.75 % | 10.00 % * |
Guarantors – Two guarantors acceptable to the Bank will have to be provided.
Charges – Process charges Rs.1500/-
Prepayment Charges – No Prepayment charges
Foreclosure Charges – Foreclosure charges @ 2% in first 4 years & then @ 1 % in remaining 11 years on outstanding balance
Interest Calculation – Daily reducing balance