Purpose
- For construction of house/ flat;
- For purchase of built house/flat.
- For purchase of under construction house/flat from Housing Boards/ Development Authorities/ Co-operative Societies/ Approved Private Builders/ Projects.
- For carrying out Additions to the house/flat.
- For carrying out repairs/ renovation / alterations/ cost of furnishing to the house/flat.
- For meeting cost escalation in the cases of under-construction flats to existing Housing Loan borrowers.
- For purchase of land/plot for house building.
Loan Amount
- For Construction/Additions/Purchase of House/Flat: Need based loan depending upon the project cost and repaying capacity of the borrower.
- For purchase of Land/ Plot for House Building: Maximum Rs.50 lac.
- For repairs / renovation / alterations: Maximum Rs.50 lac.
- Cost of furnishing may be included in the project cost with maximum upto 15% of Home Loan or Rs.50 lakh whichever is lower, within the prescribed Loan to Value (LTV) ratio.
Margin
| Housing Loan Upto Rs.30 lac | 20%/15%# |
| Housing Loan Above Rs.30 lac and Upto Rs.75 lac | 20% |
| Housing Loan Above Rs.75 lac | 25% |
| Purchase of Land/Plot for House Building | 25% |
#Higher Rate of Interest on Card Rate will be charged in such cases. Borrower be made aware about this before sanction of loan.
Charges e.g. stamp duty, registration charges and other documentation charges shall be borne by the borrower and shall not be considered towards margin money. However such charges may be added to the cost of the house/dwelling unit for the purpose of calculating LTV ratio in cases where the cost of the house/dwelling unit does not exceed Rs.10 lakh. Acquisition cost of Plot be considered towards Margin Money.
Security
Equitable/registered mortgage of the property.
Repayment
- Loan for carrying out repairs/ renovation / alterations to the house/flat: Max.15 years inclusive of moratorium period, if any.
- Loan for Others: Max. 30 years inclusive of moratorium period, if any.
The income of the spouse and earning children (whether married or unmarried) and of the joint owners can be added for determining the income for the purpose of borrowers` repaying capacity. In such cases, they should be made co-borrower.
Parents can also be made as co – borrower in cases where the property is in the single name of Son / Daughter or in the joint name of Son and Daughter and also clubbing of their income be permitted for the purpose of eligibility/repayment of loan.
Repayment Holiday/ Moratorium
- 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 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.
- For purchase of ready built House/ flat OR land/plot: Till the date of possession or 3 months from the date of advance, whichever is earlier.