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Purpose
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For Purchase of built-up house/Flat /Construction/ Purchase of Plot and construction/ Extension/ Repair / Renovation.
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Eligibility
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- Permanent employees of Central/ State Governments / Public Sector Undertakings (PSU).
- Permanent employees of reputed Education Institutes as approved by the Bank
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Age limit
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Minimum : 21 years
Maximum: Subject to adjustment of loan before the age of
i. Employee without pension – 60 years
ii. Employee with pension or NPS – 70 years
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Quantum of Finance
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Minimum: Rs. 05 Lakh
Maximum: Need based finance
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Margin
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- i.) For Purchase of Plot only, offered / allotted by Govt. authorities and/ or Builders who are Bank’s borrowers:
- 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
- 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.
- ii.) 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)
- iii.) For purchase of plot and construction (project):
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).
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)
- iv.) 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
- v.) For Extension / Renovation /Repair:
- 10% of the total estimated cost, proportionate for loans up to Rs. 20 lakh
- vi.)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.
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Rate of Interest
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Please click here For Rate of Interest
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Period of Loan
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Maximum 30 years subject to maximum age.
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Prepayment charges
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NIL
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Processing Charges
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Full Waiver of Processing Charges
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Inspection Charges
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NIL
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Legal& Valuation Charges
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Charges related to Advocate, Valuer(1st & 2nd, if applicable)to be borne by bank
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Security
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Mortgage of the property financed.
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Locker Rent Concession
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50% concession on locker rent (small locker only) for self and spouse for first three years, who avail loan under this scheme.
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Guarantee
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- Govt/PSU: Obtaining of Guarantee may be waived.
- For Education Institute:
- In case of co-borrower: Obtaining of Guarantee may be waived.
In other case, Guarantee of spouse/ Major children or third party must be obtained.
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