Home Loans

Purpose :

  • For acquiring house site and constructing house thereon.
  • For construction of house on the land already owned by the party.
  • Purchase of ready built house or flat.
  • For making extension/additions to the existing house.
  • For carrying out repairs/ to damaged house.
  • Takeover of housing loan liability with other banks and financial institutions and up gradation- modification thereon if any.

Eligibility :

  • Individuals who are in gainful employment/profession/business are eligible.
  • The age of the applicant should not more than 55 years. In case spouse/son/daughter having earning / repaying capacities joining as co-borrower their age can be taken into account for determining the eligibility.

Quantum of Loan :

  • 80% of estimated cost of construction and cost of site.
  • Maximum loan is limited to 60 months salary to employees and 5 times average net annual income to other persons except NRE.
  • In the case of NRE the amount is limited to 4 times of the average net annual income.

Security :

  • Equitable mortgage of land and building to be constructed/ to be purchased by bank finance. Value of land including development/ construction should be at least 125 %.
  • One Co-obligants having landed property / sufficient income from salary/other sources.

Repayment :

  • Repayment in equated monthly /quarterly/ half yearly/ yearly installments based on the income generation of the borrower.
  • Maximum repayment period is 30 years subject to the borrower attaining 70 years except in the case of NRE Where the repayment period is limited up to 60 years.
  • New schemes like PMAY, UHF and RHF with certain concessions are also introduced.

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