| Eligibility | Minimum entry age is 18 years and maximum exit age is 60 years |
| Amount of Loan | *30 times of Gross Monthly Income;
The cap on Plot Loan per borrower has been fixed as under:
*For purchase of property in Rural area : Rs. 50.00 lakhs
*For purchase of property in Semi-urban area : Rs. 100.00 lakhs
*For purchase of property in Urban area : Rs. 200.00 lakhs
*For purchase of property in Metro : Rs. 300.00 lakhs. |
| Margin | 25% on Land cost |
| Processing fee | 1.15 % on Loan amount
|
| Interest Rates | Please see the Lending Rates link on home page
*Construction of house has to commence within 2 years from the date of availing the loan / from the date of handing over possession by the Government Housing Development Agency, as the case may be, otherwise higher Rate of Interest will be charged for the delayed period. |
| Repayment | Maximum 180 EMIs (No Holiday Period) |
| Prepayment charges | NIL |
| Security | * Equitable Mortgage of Property purchased out of loan proceeds.
* Equitable Mortgage to be registered (at Applicant’s cost) if there is a provision for the same in the State where property is located. |
| Documents to be submitted for processing the application | As detailed in our Home Loan product.
All the applicable/relevant documentary evidences are to be submitted |
| Value added | Group Insurance cover:
* At the option of the applicant, Group Insurance Life Cover is arranged at concessional premium (to be borne by the Applicant).
* The Premium amount will be financed as a seperate loan instead of financing as a part of the loan. |
| Salient Features | For purchase of House Site on ownership basis; House site should be located in layout which is approved by Competent Authority |
