Housing Loan
Info | Details |
Eligibility | Any person with assured monthly Income acceptable to the Bank. |
Rate of interest | Reducing balance – 10.50% |
Purpose | ✓ Acquisition of a house, flat, or apartment (new or old) ✓ Construction of a house on a site or plot of land already acquired ✓ Extension or renovation of an existing house, flat, or apartment ✓ Acquisition of an old house and its renovation or extension ✓ Acquisition of an old house, its demolition, and reconstruction |
Repayment Tenure | Maximum 20 years |
Surety | Minimum two guarantor with sufficient net worth |
Loan Limit | Maximum amount of Rs. 30,00,000/- |
Security | Mortgage of unencumbered immovable property with building, Flat or Apartment belonging to the applicant situated within the jurisdiction of the Bank. In case of direct finance, it should be situated within the territorial jurisdiction of the Branch from where the loan is availed. |
Margin | 75% of the Estimate in case of construction or 75% of Registration Value in case of purchase residential building/Flat/Apartment |
Other Terms | Membership is necessary for the borrower and sureties to avail this loan. |