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Purpose
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For construction of house/flat
Purchase of ready built house/flat/ old flat not more than 20 years
For takeover of housing loans from other banks/institutions
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Eligibility
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I. Salaried Employees / Businessmen having regular source of income.
II. Where property is held in joint names all the joint holders should join as co- borrowers to the loan.
III. Where the property is owned by applicants spouse / parent who does not have independent / regular income they should join as co-borrowers irrespective of their age
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Loan Amount :
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As per bank's rules & repayment capacity of the borrower.
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Margin :
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90% loan of Package cost excluding GST. |
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Rate of Interest
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9.5%
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Repayment
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Within 180 month's by EMI. Repayment will commence from the next month of disbursement. However in case of a house /flat under construction, the repayment will commence one month after the occupation of the flat / house or 18 months from date of advance, whichever is earlier. In such cases, monthly interest has to be serviced till the regular repayment commences.
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Security
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Equitable / registered mortgage of the house / flat to be purchased from Bank Loan
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Guarantors
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2 guarantors acceptable to the Bank
In case of existing loans preferably same guarantors be proposed.
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Other Conditions
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In addition to the above conditions, the specific terms and conditions of the loan will differ from case to case .
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