Purpose:
For construction / purchase / repairs / additions / renovations of residential house / flat including the purchase of land and construction thereon. For taking over of the Housing Loan liability with other recognized Housing Finance Companies, Housing Boards, Co-operative Banks, Co-operative Societies and Commercial Banks at our prevailing low rate of interest.
Eligibility:
How much you are entitled to :
We finance upto:
4 years of gross salary to salaried individuals.
4 years' gross annual income to individuals engaged in business or to self-employed persons.
For NRIs up to 2 years' gross income and selectively up to 3 years' gross income.
Selectively loan upto 5 years' gross salary/ income also permitted
Rs.7.5 lacs for repairs / renovations / additions to the existing house / flat. Selectively upto Rs.15 lacs in Metro Centres.
What is your contribution?
New house / flat
(including those for purchase of site &
construction of house thereon) | 20% | 20% |
| Old house/flat | 25% | 25% |
| Margin - 25 % for both new and old houses in respect of housing loans for acquiring second house / flat i.e., where the applicant is already owning a house/flat with or without loan. |
Rate of Interest
Please visit interest rate page for current rates.
Security:
Repayment:
Processing Charges:
Prepayment :
At your choice. In case of take over of liability by other banks / HFIs, no prepayment penalties in respect of Housing Loans carrying floating rate of interest.
Documents / Formalities:
Stipulated Loan Application with 2 passport size photos of applicant / guarantor
Sale Deed
Agreement for Sale
Copy of the approved plan for the proposed construction / extension / addition
Detailed cost estimate / valuation report from Bank's Panel Chartered Engineer / Architect
Allotment letter of Co-operative Housing Society / Apartment Owners' Association / Housing Board / NOC from the Society / Association / Builders / Housing Board
Legal Scrutiny Report, EC for the past 13 years, Property Tax paid receipt, Khata and permission for mortgage, wherever necessary
Salary Certificate and Form No.16 (in case of salaried persons)
IT Returns filed for the past two years (in case of non-salaried persons)
A brief note on the nature of business, year of establishment, type of organization, etc., (in case of self-employed)
Balance Sheet and P&L Account for the past three years (in case of self-employed)
For more details, please visit our nearest branch or call to toll free no. 1800 425 0018.
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