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 Your Dream Home

1. PURPOSE
Purchase of new/old residential unit (house/ flat/villa/apartment etc.)
Construction of residential unit on exiting non agriculture plot.
Purchase of non-agricultural plot and construction of residential unit (composite project) thereon**
Repairs/ improvements/ extension of the existing residential property.
Take-over of housing loan availed from another bank / FI
Completion of under construction residential unit.
Purchase of solar power panel along with purchase / construction of house.

2. ELIGIBILITYIndian citizens and NRIs
Minimum entry age is 18 years and maximum exit age up to 75 years.
Individuals may apply singly or jointly with other eligible individuals.

3. QUANTUM OF LOAN
No limit on the quantum of loan.
Loan eligibility depending on repayment capacity of the borrower and value of property
Maximum loan amount for repairs/renovation is Rs.30 lakh.

4. MARGIN, I.E. YOUR SHARE
10% of the total cost of the purchase/ construction for loans up to Rs.30 Lakhs
20% of the total cost of the purchase/ construction for loans above Rs.30 lakhs
20% of total cost of the repairs/renovation.

5. HOME LOAN MORATORIUM PERIOD
Moratorium period of up to 36 months in case of purchase/ construction
Moratorium period of to 12 months in case of repair & renovation.
Moratorium period of up to 48 months in case of Composite Home Loans from the date of first disbursement OR upto the period allowed by Development Authority from the date of purchase of plot, whichever is earlier.

6. REPAYMENT
Repayment period of up to 30 years in case of purchase/ construction
Repayment period of 15 years in case of repair & renovation

7. REPAYMENT METHODS
Equated Monthly Installments (EMI)
For borrowers engaged in agriculture or allied activities, Equated Quarterly Instalment (EQI) instead of EMI may be permitted.
Step-Up Repayment Method: EMI is set at a value lower than the normal EMI for initial months and for the remaining tenure it is set at a level higher than the normal EMI.
Balloon Repayment Method: lower than normal EMI at the start of the repayment tenure followed by lump sum amount expected to be available at end of repayment tenure.
Flexible Loan installment Plan (FLIP) Method: After receipt some lump-sum amount midway the EMI for the remaining period can be at a lower value than normal EMI.
Bullet payment: Deposit of lump sum payment during the repayment tenure and downward revision in EMIs for the remaining tenure.

8. HOME LOAN RATE OF INTEREST AND PROCESSING CHARGES
Please click here  to know our latest interest rates
Processing charges are 0.50% of loan amount subject to a maximum of Rs. 15000 plus GST
Valuation / Legal / Stamp Duty / CERSAI / Memorandum registration charges as per actual.

9. PREPAYMENT PENALTY
Floating rate loansThere is no prepayment penalty / take-over penalty if loan is taken over by other banks/FIs.
Fixed rate loansThere is no prepayment penalty if loan is prepaid from own verifiable sources.
A take-over penalty of 2% is charged on the average outstanding balance of the preceding 12 months if the loan is taken over by any other bank / FI or adjusted by the borrower in lump-sum from any third party/source (except genuine sale)

10. HOME LOAN SECURITY
Simple/Equitable mortgage (E.M.) of the residential property
In case the proposed residential unit is under construction, suitable interim security is required (till the period of its completion)
However, interim security is not required if tie-up with the builder (with tripartite agreement) for the particular housing project exists.

DETAILS OF BUILDER TIE-UP
click the link.

11. INSURANCE
Property should be comprehensively insured for an amount not less than the value of the property (less cost of land), covering all risks with Bank clause.