- Construction or purchase of new/old house/ flat/ plot Carrying out repairs/ renovations/ additions/ alterations/ furnishing.
- After 3 years loan for personal needs allowed only under Flexible variant.
- Borrowers are entitled for 20% increase in the original total limit sanctioned after a lapse of five years under Flexible variant.
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Under Normal variant Individuals & Joint owners (age group of 18-65 years) having regular source of income. Income of spouse/children can also be added.
Under Flexible variant: Customers who are below the age of 50 years and existing Housing loan borrowers who have availed loan under our Housing Loan scheme for public. |
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- For construction/purchase of house/flat:- Need based.
- Cost of car parking upto the maximum extent of 5% of the cost of flat/house can be considered in the cost of the project.
- For carrying out repairs/ renovations/ additions/ alterations: - Maximum of Rs. 20 lacs.
- For furnishing of house – Maximum Rs. 2 Lacs
- For purchase of Land/ Plot - Maximum Rs. 50 Lacs.
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Under Normal variant – in the shape of a Term Loan
For purchase of Built-up house/ flat - In lump sum (Down Payment) .
For construction of house/ under construction flat - The loan amount will be
disbursed in stages as per progress of construction/ demand by selling agency
Under Flexible variant – 80% in the shape of Term Loan and 20% as overdraft.
Overdraft limit can be enhanced maximum upto 50% of the total loan amount sanctioned originally and first such enhancement is allowed after three years
Extent of enhancement in overdraft limit will be equal to reduction in term loan amount. These enhancement in overdraft limit are for personal needs and allowed through seperate overdraft account.
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Construction/ purchase/ repairs/ renovations/ additions/ alterations –
For Loans upto Rs. 25 lac - 20%*
For Loans above Rs. 25 lac - 25%*
* (Charges e.g. stamp duty, registration charges and other documentation charges, if any, paid by the borrower shall NOT be considered towards margin money. However, Acquisition cost of Plot be considered towards Margin Money).
Land/ Plot – 40%
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- For loans upto Rs. 300 lacs = 0.50% of the loan amount max. of Rs. 20,000/- + taxes
- For loans above Rs. 300 lacs = Rs. 50000/- + taxes
- Documentation charges of Rs. 1350/- + taxes
In addition, out of pocket expenses on actual basis shall also be borne by prospective borrower (s) as per detail hereunder:
a) Stamp duty payable for loan agreements and mortgage;
b) Advocates fee for Title Deed investigation/ Legal Search report;
c) Valuers fee for valuation report;
d) Credit Information report charges;
e) Registration with Central Electronic Registry;
f) Any other out of pocket expenses depending upon specific case.
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For Term Loan component under Normal or Flexible variant
- For construction/purchase of house/flat - Maximum of 25 years or borrowers attaining age of 65 years whichever is earlier (can be extended upto the age of 70 years under banks discretion) to be repaid in equated monthly installments inclusive of maximum moratorium period of 18 months (36 months in case of under constructed flats from Pvt. builders).
- For carrying out repairs/ renovations/ additions/ alterations - Maximum of 10 years inclusive of maximum moratorium period of Six months.
For Overdraft component of Flexible variant : Repayment shall be as under
For borrower below 55 years : Servicing of interest as and when charged i.e.
on monthly basis.
For 55 years and above : On monthly reducing drawing power maximum upto
the age of 65 years. |
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| Moratorium or Repayment holiday where loan is allowed for construction - till completion of construction or 18 months (6 months in case of repair/ renovation/ addition/ alteration) from the date of disbursement of first installment of the loan, whichever is earlier. Moratorium of 36 months allowed for under constructed flats purchased from Pvt. builders . |
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- On Floating ROI - NIL
- On Fixed ROI -
1) Nil- where the loans is prepaid by the borrower from his/her own sources
2) Nil- where the borrower shifts to other bank within 30 days from the date of upward revision in the rate of interest to be charged in his/her account or change in other terms of sanction.
3) 2 % - where the account is taken over by some other Bank/ Financial institutions. |
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| Mortgage of property for which finance is being given. |
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| For more details, please contact our nearest branch. |
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This variant provides the borrowers advantage of substantial savings on the interest component on
account of facility to:
I. Deposit their surplus funds in the overdraft account; and
II. Withdraw the same at their choice as per their needs. |
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| Customers who are below the age of 50 years and existing Housing loan borrowers who have availed loan under our Housing Loan scheme for public subject to fulfillment of all terms & conditions of this variant : |
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| For all puposes as per details described under Housing Finance scheme except for purpose of land/plot. |
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| Term Loan - 80% and overdraft 20% |
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- First enhancement allowed after 3 years, Overdraft limit can be enchanced maximum upto 50% of the total loan amount sanctioned. Extent of enchancement equal to reduction in Term Loan Amount.
- Borrowers are entitlement for 20% increase in the original total limit sanctioned after a lapse of five years.
- Enchancement(s) is/are for personal needs is/are allowed in the shape of a seperate Overdraft limit.
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| 25%: |
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Term Loan component: As per Housing Loan Scheme for Public.
Overdraft component:
- For Borrowers below 55 years: Servicing of Interest as and when charged i.e. on Monthly Basis.
- For 55 years and above: On monthly reducing drawing power maximum upto the age of 65 years. |
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As applicable under Bank's regular Housing Loan Scheme for public.
For more details, please contact our nearest branch. |
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| Seeks to provide additional facility in the shape of Overdraft for personal use to our existing/new/takeover Housing Loan borrowers. |
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| All Housing Loan borrowers including existing / new / take over cases. Loan is not permitted for any trade / business or for any other speculative purposes. |
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| For Personal needs/use. |
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Minimum Overdraft facility – Rs. 50,000/-
Maximum of Rs. 5 Lacs or 75% of the realizable value of property, including the Housing loan whichever is less. |
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| In the shape of an Overdraft limit. |
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| 25% on realizable value of House / flat : |
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| Account to be renewed annually. : |
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‘Applicable (Card) rate of interest under Housing Finance Scheme for Public.
{presently, 10.25% p.a. for Housing loans upto < Rs.75.00 lac and 10.50% for Housing loans of Rs.75.00 lac and above}’
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| By extension of charge on the immovable property mortgaged. |
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Upfront fee - NIL
Documentation Charges - Rs. 450/- + Taxes. |
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