Individuals having sufficient income. Joint owners are also eligible.
|For All purposes except to||Housing Loan Upto Rs.75 Lac||20%|
|Purchase of Land/Plot||Housing Loan above Rs.75 Lac||25%|
|Purchase of Land/Plot for House Building||-||40%|
Equitable/registered mortgage of the property.
Where mortgage cannot be created immediately in situations like house/flat is being purchased/allotted by the Housing Board, Development Authorities or Co-operative Society/Builder, and title/conveyance deed are executed in favour of purchaser only after completion of construction & possession/ making full payment of the cost of house/flat, a stamped Tripartite Agreement be executed amongst Housing Board/Development Authority/Co-operative Society/ Builder, the intending borrower and the Bank before release of the loan.
Loan along-with interest is to be re-paid in equated monthly installments within a period of 30 years inclusive of moratorium period, if any subject to maximum age of 65 years.
For carrying out repairs/ renovation/alterations to the house/flat: Loan along- with interest is to be re-paid in equated monthly installments within a period of 15 years inclusive of moratorium period, if any.
For Construction/ Additions of House/ Flat: Till completion of construction (including additions) or 18 months, from the date of disbursement of first installment of the loan, whichever is earlier.
For purchase of ready built House/ flat OR land/plot: The repayment to start after the date of possession or 3 months from the date of advance, whichever is earlier.
For carrying out repairs/ renovation / alterations to the house/flat: Till completion of repairs/renovation / alterations or 6 months, from the date of disbursement of first installment of the loan, whichever is earlier.
Repayment should be fixed on a realistic basis, which should not normally exceed the prescribed limit of Net Monthly Salary/Income (NMS/I) of the borrower(s).