| Housing Loan |
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Eligibility :
Salaried persons, Professionals & Self-Employed and Businessmen having regular income to liquidate the loans
Age
Minimum : 21 years
Maximum : Age of retirement for salaried class & 70 years for others.
Purpose :
- For construction of residential house on land already owned.
- For purchase of New / Old / Unfinished house/flat and renovation /extension /repair of the same.
- For purchase of plot and construction of house thereon
- For renovation / extension / repair of residential house already owned.
Loan amount :
For salaried persons : Up to 60 times of monthly gross salary (Maximum: Rs. 500 Lac)
For others : Up to 5 times of gross annual Income (Maximum: Rs. 500 Lac)
Nature of Loan : Term Loan
Margin :
For loans up to Rs. 20.00 Lacs - 15% of Project cost.
For loans above Rs. 20.00 Lacs - 20% of Project cost.
Project cost consists of :
- Purchase price of land/house/flat.
- Cost of construction/renovation/extension (if applicable)
- Accrued interest amount of moratorium period, if proposed to be capitalized
- Premium of Loan Insurance.
Click here for Rate of interest
Click here for Processing Fees, Prepayment Penalty, Documentation Charges, Mortgage and other charges |
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| Housing Loan |
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Security :
Primary : Equitable / Registered Mortgage of the property
Or
Pari-Passu / Second charge over the property if the borrower (salaried person) has already availed loan from his/her organization.
Rate of Interest :
| Up to Rs. 30 Lac | Above Rs. 30 Lac and up to Rs. 75 Lac | Above Rs. 75 Lac and up to Rs. 300 Lac | Above Rs. 300 Lac and up to Rs. 500 Lac |
| BR | BR+0.25% | BR+0.50% | BR+0.75% |
Repayment Period :
- Salaried Persons : Length of remaining service, Maximum 25 years
- Others : Remaining period in attaining the age of 70, Maximum 25 years
- Repayment period will be exclusive of moratorium period.
Moratorium Period :
- Maximum 18 months : In case of loan for construction of house where land is already owned or purchased.
- Maximum 24 months : In case of loan for purchase of Flat under construction.
Special Features :
- Repayment option for salaried persons – To extended repayment period up to 5 years after retirement
- Bullet Payment – To deposit some Lump Sum amount from future cash flows and to amend repayment schedule accordingly
- Progressive Monthly Installments (PMI) Options - Under this, the initial monthly installments for the first 5 years shall be kept lower i.e. @ 80% of normal EMI, for financial comfort which will be increased gradually/.
- Take over of housing loans from other finance companies / financial institutions / banks.
- For acquiring 2nd residential unit.
- Supplementary Finance for carrying out alterations/ additions/repairs to the house/flat or for finishing
- Supplementary / Additional finance to individuals who have availed housing loans from their employer on the basis of pari-passu charge / Second Charge
- Insurance cover to the extent of loan liability for entire repayment.
- 3rd Party Guarantee not required
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