The Kalupur Commercial Bank – Kal Niwas Yojna (Kal Housing Loan Scheme)

By Pradeep Yuvaraj | March 30, 2011

Purpose: This loan finances purchase of new or old residential property and also repair / renovation of existing residential property.


Quantum of Loan: The maximum amount that is granted as home loan is Rs. 50 lakhs. In case of new house /flat, 85% of the cost will be granted as loan. In case of old house / flat only 75% of the cost is granted as loan. In case of self employed individuals, based on the average monthly income as per Income Tax return of last 2 years, the maximum amount to be granted as loan will be decided.


Rate of Interest: In case of EMI scheme, the rate of interest for first year is 8.5% per annum. For the second and third year the rates are 9% per annum and 9.5% per annum respectively.


Repayment: The maximum period of repayment loan is 15 years. In case of salaried persons, the term of loan is decided based on the period of service remaining.

Security: The loan would be secured by equitable mortgage of the property financed by way of depositing title deeds. One personal guarantor is required. Mortgage procedure shall be done by the bank’s approved advocate.


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About Pradeep Yuvaraj

Pradeep Yuvaraj is a Co-Founder and Director at Finerva Financial Solutions Private Limited, a financial education company focused on personal finance education. He has penned over 250 articles relating to Personal Finance and clocked over 500 hours of educating individuals on managing personal finance. He is a serial entrepreneur and has been associated with 7 Start-ups. His entrepreneurial experience spans industries as varied as Education, Gas Engineering, Automobile Design, Software development and more recently a Pure play presentation design company. Prior to turning entrepreneur in 2005, he has worked for 3 of the top ten companies of the world - Shell, ExxonMobil and Total SA. This experience included handling Branch Operations, Channel Sales and Business Development across 5 states over a period of 8 years. He holds an MBA from Symbiosis and an Electronics Engineering Degree from the University of Pune.

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