House Loan

 

Eligibility:
• Individuals, joint owners are also eligible

 

Purpose:
• For construction of house or purchase of house or flat.
• For carrying out repairs/renovation/addition/alteration to house.

 

Margin Norms:
• For house loans upto Rs75 lakh -20%.
• For house loans above Rs 75 Lakh 25%.
• Purchase of Land/Plot for House building 40%.

 

Rate of Interest:
• 9.40% PA on floating rate.
• For central/ state government employee/defense personnel and paramilitary forces, the rate of interest is 9.30%PA floating.

 
Security:
• Registered mortgage of plot and house to be constructed.
• Where the mortgage is not possible in case of ancestral property (lal dora) sanctioning authority may accept mortgage of some other property/pledge of government security/NSCs/KBPs/IBPs and PSU Bonds/Banks FDR/LIC Policies (Surrender value) etc. The value of security so obtained should be equal to 125% of the loan account.

 

Repayment:
• Loan along with interest is to be repaid in equal monthly installments within a period of 25 years (15 years in case of repairs/renovation/addition/alteration, inclusive of moratorium period of 18 months (6 month in case of repair and renovation)