|Eligibility||Eligible persons and Age of the applicants as applicable to Home loan to Residents|
|Purpose / Objective||For purchase of House Site on ownership basis; House site should be located in layout which is approved by Competent Authority|
|Quantum of Loan||36 times of the Gross Monthly Income (as per latest salary slip – for salaried class) or 3 times of Annual Net Income (In case of Professional & Self-employed / business category – based on average of latest two years) subject to a maximum of Rs.300.00 lakhs, subject to availability of 40% Net Take Home pay on Gross Monthly Income after deduction of EMI for the proposed loan, apart from other deductions
The cap on Plot Loan per borrower has been fixed as under:
|Margin||25% on Land cost|
|Processing fee||1.18% on loan amount|
|Interest Rates||Please refer to the Lending Rates link on home page of our Bank`s Website
*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)|
|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.
CERSAI registration (at Applicant’s cost) to be done
(i) For Loans up to Rs 5 Lakhs – Rs 50 + ST
(II) For Loans above Rs 5 Lakhs – Rs 100 + ST
|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|
( Last modified on May 10, 2019 at 12:05:24 PM )