HOUSE LOAN

ELIGIBILITY:

• Individuals, joint owners are also eligible

PURPOSE:

• For construction of house or purchase of house or flat.
• For carrying out repairs/renovation/addition/alteration to house.

MARGIN NORMS:

• For house loans upto Rs75 lakh -20%.
• For house loans above Rs 75 Lakh 25%.
• Purchase of Land/Plot for House building 40%.

RATE OF INTEREST:

• Please contact nearest branch for Present Rate of Interest.

SECURITY:

• Registered mortgage of plot and house to be constructed.
• Where the mortgage is not possible in case of ancestral property (lal dora) sanctioning authority may accept mortgage of some other property/pledge of government security/NSCs/KBPs/IBPs and PSU Bonds/Banks FDR/LIC Policies (Surrender value) etc. The value of security so obtained should be equal to 125% of the loan account.

 

REPAYMENT:

• Registered mortgage of plot and house to be constructed.
• Loan along with interest is to be repaid in equal monthly installments within a period of 25 years (15 years in case of repairs/renovation/addition/alteration, inclusive of moratorium period of 18 months (6 month in case of repair and renovation)