HOUSING LOAN SCHEME

Our Housing Loan Scheme aims at helping your dream of owning your own House with an easy and quick loan facility.

The purpose of Housing Loan Scheme is

• For Purchasing existing building/flat
• For constructing a new building
• For extending/renovating/completing interiors of existing building/flat
• For reimbursing construction cost of recently built/purchased building/flat
• For taking over good home loans of other Banks/FIs
• For reimbursing cost of recently purchased building/flat

Margin:

• Minimum 25% of the purchase price (inclusive of registration expenses) but not exceeding the distress value of the property.
• Minimum 25% of the cost in the cases of new construction as well as extension/renovation/completion of interiors of an existing building/flat.
• Minimum 25% of the total cost in the case of new construction including land purchase value as per Rajinama deed including registration expenses, if any.
• Minimum 10% of extension/renovation cost in case of renovation/extension on the existing building/flat provided that no loan exists on the already built portion of the building/flat.
• Minimum 25% of the construction/extension/renovation cost/cost of completion of interior can be reimbursed for building/flat completed within the last five years
• No margin is required in case of takeovers. However, the takeover value shall be justifiable with the project cost with minimum 25% margin of the borrower.
• Minimum 25% of the purchase price (inclusive of registration expenses) but not exceeding the distress value of the property can be reimbursed for building/flat purchased within the last five years.

Moratorium: Up to one year from the date of first disbursement may be provided in addition to the normal repayment period up to 30 years. But in case of reimbursement and purchase, no moratorium period shall be provided.

Service Charges: As per Bank’s Service Charge and Fees Schedule