PURPOSE

• For Purchase or construction of a new house /flat
• Repairs / Renovation/Alteration including furnishing /Consumer durables as part of project cost to an existing house
• Takeover of housing loans from other Bank /FI is permitted provided the possession of the house is taken, repayment has already commenced and installment have been paid as per terms of sanction

ELIGIBILITY

• Any individual of over 21 years of age with a steady source of income. But the loan should be fully repaid before 70 years of age
• Two Loan may be given at different times either for the purchase/ construction and subsequent repair / renovation of a single property or for purchased /construction or repair / renovation of two different properties to an individual provided that he/she has the capacity to repay
• Parents/spouse/sibling may also stand as a co-borrower/Guarantor
• Income of parents/spouse/siblings may be clubbed for eligibility, if parents/spouse/siblings stand as a Co-borrower/Guarantor

LOAN AMOUNT

• Maximum amount ₹ 150 Lakh
• Net Annual income-wise graded ratio EMI/NMI Ratio

Annual Income Category Maximum permissible

<= ₹ 1.2 lakhs - upto 20% of NMI

> ₹ 1.2 lakhs & <=₹ 3 lakhs - upto 30% of NMI

> ₹ 3 lakhs & <=₹ 5 lakhs - upto 50% of NMI

> ₹ 5 lakhs & <=₹ 8 lakhs - upto 60% of NMI

> ₹ 8 lakhs & <=₹ 10 lakhs - upto 65% of NMI

₹ 10 lakhs - upto 70% of NMI

Equated Monthly Instalment (EMI) for the purpose of computing ratio will include all EMIs towards existing loans and the proposed loans, therefore, the existing EMIs should not be deducted from Gross Monthly Income for the purpose of computing of NMI

MARGIN

• 15% -For construction of new building
• 20% -For repairs and renovation
• 15% -For purchase of ready build house

INTEREST RATE

• As Prescribed by the Bank, Interest will be applied on monthly compounding basis