Purpose

For Purchase of dwelling unit/Construction/ Purchase of Plot and construction/ Extension/ Repair / Renovation

Eligibility

Individuals, Group of individuals, and individual members of housing societies are eligible under the scheme

Age

Minimum: 18 years  Maximum: subject to maximum age for repayment period

Quantum of Finance

For construction of house or purchase of house/ flat/ Plot : 

Need Based

For repairs / renovation / additions / alterations : Maximum Rs. 20.00 lac.

Margin

i. For Purchase of Plot only, offered / allotted by Govt. authorities and/ or Builders who are Bank’s borrowers:

1. 25% of FMV of plot (In terms of Bank’s extant guidelines on valuation of property) up to a finance amount of Rs.100 lac upfront
2. 40% of FMV of plot (In terms of Bank’s extant guidelines on valuation of property) for the finance amount over and above Rs.100 lac upfront.

1. For construction (plot already owned):

• 10% of the value of construction, proportionate for loans up to Rs. 30 lakh
• 20% of the value of construction, proportionate for loans above Rs. 30 lakh& up to Rs.75 lakh
• 25% of the value of construction, proportionate for loans above Rs. 75 lakh)

2. For purchase of plot and construction (project):

1. For purchase of plot: 30% of FMV of land / plot (In terms of Bank’s extant guidelines on valuation of property) upfront. Also ensure that finance for acquisition of land / plot shall not exceed 60% of the sanction limit of project (i.e. plot+ construction).
2. For construction

• 10% of the value of construction, proportionate for loans up to Rs. 30 lakh
• 20% of the value of construction, proportionate for loans above Rs. 30 lakh& up to Rs.75 lakh
•  25% of the value of construction, proportionate for loans above Rs. 75 lakh

(loan amt. for ascertaining margin would be sanctioned limit for the project i.e. for plot + for construction)

3. For Purchase of Built up dwelling unit:

• 10%  of the total value of property for loans up to Rs. 30 lakh up-front
• 20%  of the total value of property for loans above Rs. 30 lakh & up to Rs. 75 lakh up-front
• 25%  of the total value of property for loans above Rs. 75 lakh up-front

4. For Extension / Renovation /Repair:

• 10% of the total estimated cost, proportionate for loans up to Rs. 20 lakh

5. For Purchase of Flat from Society/ Builder:

• 10% of the total value of property, proportionate for loans up to Rs. 30 lakh.
• 20% of the total value of property, proportionate for loans above Rs. 30 lakh & up to Rs. 75 lakh.

• 25% of the total value of property, proportionate for loans above Rs. 75 lakh.

Rate of Interest

Please click here For rate of interest 

Processing fee

Documentation charges

Actual Stamp/Revenue expenses only

Security

The security for the loan shall be first charge by way of equitable / registered mortgage of the property. The title of the property must be clear, marketable and free from encumbrance.

Mode & Period of loan

For purchase of plot: The loan shall be allowed only in the shape of term loan for a maximum tenor of 15 years.
For Extension / Renovation /Repair: The loan shall be allowed only in the shape of term loan for a maximum tenor of 15 years.
 For purchase of built up house/construction/Purchase of plot & construction: The loan is allowed only in the shape of term loans for a maximum tenor of 30 years ascertaining that the present age plus tenure of loan not to exceed the following age criteria:

Prepayment

No pre-payment charges.

Guarantee

1. In case of Co-borrower: Obtaining of Guarantee may be waived.
2. In all other cases: Guarantee of spouse, Major son or third party may be obtained, if available.

In cases, where sale deed/ lease deed/conveyance deed is to be registered after a considerable gap like in cases of Installment/ construction linked plan e.g. Authority/ Society/ Builder’s flats/plots: Guarantee of earning spouse/ major son or suitable third party guarantee to be obtained. However, in case of Co-borrower, the Obtaining of Guarantee may be waived with the condition that if spouse of the Borrower/s is available and is not the Co-borrower, then guarantee of spouse to be taken invariably.