Purpose: This loan finances acquiring of a house.
Eligibility: The applicant should not be over 55 years of age. The applicant should have an annual income of at least Rs. 2 lakh. In case of salaried employees, the employers consent to deduct the EMI from the salary account need to be submitted. In case self employed applicants, they should be giving tax for at least the previous 3 years.
Quantum of Loan: Up to maximum of Rs. 15 lakh is granted as loan. In case of salaried employees, a maximum of 60 months monthly gross salary (including the salary of the spouse) is granted as salary. In case of others, a maximum amount of 5 times the average annual income as per the income tax returns is granted as loan.
Security: The property has to be mortgaged as security. One of the sureties must be a government employee. In case of a female applicant, one of the sureties must be a male member of the family.
Repayment: The post dated cheques have to be submitted at the time of disbursement of loan to pay the EMI. The repayment has to be done within 120 monthly installments. The repayment has to be completed by the age of 65.
Other features: 0.5% of the loan amount is charged as processing fee.