| Eligibility | Salaried employees, Professionals, Self-employed persons. Requests are also considered from NRIs, PIOs, HUF, and Prop. Firm, Partnership firms and corporate |
| Purpose |
- To purchase/construct house/flat
- To renovate/extend/repair existing house/flat.
- To purchase a plot of land for construction of house
- Take over of home loan from other banks/FIs- subject to conditions .
|
| Quantum of Loan |
For construction/purchase of a house/flat-Rs.300 Lacs (Rs.500 Lacs in major metros viz. Mumbai, Kolkata, New Delhi and Chennai)
- Repairs/renovation/extension to house/flat –Rs.50 lacs
- Purchase of a plot - Rs.100 lacs
- Loan for purchase of household articles along with home Loan for furnishing the house/flat @15% of Home Loan amount Max. Rs. 5.00 lacs is offered under Secured Personal Loan with same Rate of Interest as applicable under Home Loan with maximum repayment period of 10 years including moratorium period, if any.
Note: Minimum Home Loan :- For Metro/Urban Centres :-Rs. 1 Lac |
Processing charges / Other expenses
[ 100% waiver of Processing charges on new home loans sanctioned during festive period upto 31.12.2013 & 1st disbursement on or before 15.01.2014 ]
| FOR INDIVIDUALS
| Loan Limit | Charges- One Time (inclusive of ST) |
| For All Loan amounts | @0.25% of loan amount Min.Rs.1, 000 and Max. Rs.20,000/- |
For Partnership firms & Corporate Borrowers – Processing charges will be double that of individuals.
For Rural areas – Processing charges will be 75% that of applicable to individuals in respect of loans availed by borrowers from rural areas from the Rural Branches. Legal Expenses/Valuation Charges/Stamp Paper Charges etc., At actuals. |
| Margin |
| For 1st House/Flat |
For Loan upto Rs.20 Lacs
|
For Loan up to Rs.75 Lacs:
|
For Loan above Rs.75 Lacs:
|
15% on pure cost of the house/flat excluding stamp duty, registration etc.
|
20% on pure cost of the house/flat excluding stamp duty, registration etc.
|
25% on pure cost of the house/flat excluding stamp duty, registration etc
|
| For 2nd or Subsequent Home Loan/House/Flat | 25% on pure cost of the house excluding stamp duty, registration etc. |
|
| Repayment(can be customized) | Highly flexible - maximum 30 yrs. including moratorium period upto 36 months (max.) in monthly installments, including Bank’s approved projects. Loan to be normally repaid before date of retirement in case of salaried persons and before attaining 70 years of age in case of others. Repayment upto 70 years also allowed to salaried employees having assured post retirement income |
| Eligible Quantum of Loan/ EMI | Calculation of quantum of loan is related to Income/repayment capacity of proponent/borrower
Salaried Employees :
|
72 times of gross monthly salary or 6 times of gross annual income based on I-T Returns.
|
Self-employed/ Professionals etc.
|
6 times of Gross annual income based on I-T Returns
|
HUF/Proprietorship /Partnership Firm/ Company
|
6 times of cash accruals (PAT+ Depreciation) as per Balance Sheet/P&L Account
|
In case of Individuals
Net Take Home pay(NTH)/income (net of all deductions including EMI of Proposed loan) is stipulated as under :-
i. Gross Monthly Income up to Rs.1 Lacs NTH Minimum – 40%
ii. Gross Monthly Income over Rs.1 Lac up to Rs. 5 Lacs NTH Minimum – 30%
iii. Gross Monthly Income over Rs.5 Lacs NTH Minimum – 25%
In case of HUF/Proprietorship/ Partnership firm/Company: DSCR should be minimum 1.5. |
Rate of Interest (Floating ROI- linked bank’s base rate , p.a. at monthly rests)
[ Special rate of interest on new home loans sanctioned during festive period upto 31.12.2013 & 1st disbursement on or before 15.01.2014 ]
|
| Up to 5 yrs. | > 5-10 yrs. | > 10-15 yrs. | > 15-25 yrs. |
| FOR LIMITS UPTO RS.30 LACS : |
10.25
|
10.25
|
10.25
|
10.25
|
FOR LIMITS OVER RS.30 LACS BELOW RS.75 LACS :
|
10.25
|
10.25
|
10.25
|
10.25
|
FOR LIMITS RS.75 LACS & ABOVE
|
10.30
|
10.30
|
10.30
|
10.30
|
|
| Security | Mortgage/Equitable Mortgage (1st charge) on land/flat/house. Third Party guarantee (if mortgage could not be created before or at the time of disbursement). |
| Special Features |
- Free Personal Accident Insurance cover for the borrower (covering accidental death as well as permanent total disablement) as per terms of insurance policy covering loan outstanding as on the date of accident(Renewal at the discretion of the Bank).
- Life Insurance cover to housing loan borrowers , at affordable premium against risk of death during tenure of loan under Group Insurance Scheme in tie up with Star Union Dai-Ichi Insurance Co. Ltd. at borrower’s own expenses & option.
- Loan furnishing the house/flat at a rate of interest as applicable to housing loan under the scheme
|
| Other Attractive Features |
- Interest on Daily Reducing Balance Basis
- No Pre-Payment Charges on Floating Rate Loans
- Facility for step up/ step down EMIs
- Inclusion of notional rental income in case of 2nd House and also Employees staying in Staff Quarters;
- Inclusion of Income of Close relatives for enhanced loan
- Tax Benefit on Interest and Installments repaid in Home Loans
- Facility for 100% loan irrespective of stage of construction OR Bridge Loan subject to conditions:
|
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