The scheme is applicable only for individuals salaried class, businessmen, professionals and self-employed people, who have put in a minimum period of service/experience of 3 years
Pensioners with good networth/repayment capacity - Guarantee/NOC from legal heir necessary

For Construction / purchase of House /flat and also for repair /renovation of existing House /flat.

Normally 50 (max) at entry and 60 (max.) at the time of closure - relaxable by 10 years, if found viable by bank.

36 times of gross monthly income or 60 times the net monthly income whichever is higher.

Eligible Amount Calculator

For all fresh sanctions on or after 02.04.2008, following margins are being prescribed.

1. For Floating Rate Optees: Limit upto Rs 20 lakhs (Existing as well as Fresh accounts)-

Period of loan	Floating Rate of Interest -w.e.f 01.07.2008 for Existing as well as fresh accounts with limit upto Rs 20 lakhs
Upto 5 years	BPLR(13.25%) + TP minus 4.25% i.e 9.50%p.a.
Above 5 years upto 10 years	BPLR + TP minus 4.00% i.e 9.75%p.a.
Above 10 years upto 15 years	BPLR + TP minus 3.75% i.e 10.00%p.a.
Above 15 years upto 20 years	BPLR + TP minus 3.25% i.e 10.50% p.a.

(BPLR @ 13.25% with effect from 01.07.2008)

For Fixed Rate Optees with Home Loan Limit upto Rs 20 lakhs: With effect from 01.07.2008, fixed rate option will be available for Home Loan accounts with repayment period of 10 years only for Resident individuals.

Repayment Period	Fixed rate of Interest for fresh accounts(Limits upto Rs. 20 lakh) - from 01.07.2008
Upto 5 years	10.50% p.a.
Above 5 years upto 10 years	11.00% p.a.
Above 10 years upto 15 years	Restricted upto 10 years only

 

2. Floating Rate of Interest -w.e.f 01.07.2008 for Existing as well as fresh accounts sanctions of above Rs 20 lakhs &upto Rs 2 crores-

For Floating Rate Optees:

Period of loan	Floating Rate of Interest -w.e.f 01.07.2008 for Existing as well as fresh accounts sanctions of above Rs 20 lakhs &upto Rs 2crores
Upto 5 years	BPLR + TP minus 3.75% i.e 10.00%p.a.
Above 5 years upto 10 years	BPLR + TP minus 3.50% i.e 10.25%p.a.
Above 10 years upto 15 years	BPLR + TP minus 3.25% i.e 10.50%p.a.
Above 15 years upto 20 years	BPLR + TP minus 2.75% i.e 11.00% p.a.

(BPLR @ 13.25% with effect from 01.07.2008)

For Fixed Rate Optees with Home Loan Limit above Rs 20 lakhs & upto Rs 2 Crores:

Fixed Rate Option shall be restricted upto repayment period of 10 years only. The revised rates for fresh sanctions made on or after 01.07.2008 are as under.

Repayment Period	Fixed rate of Interest for fresh sanctions (above Rs 20 lakhs & upto Rs 2 Crores)
Upto 5 years	11.25% p.a.
Above 5 years upto 10 years	11.75% p.a.
Above 10 years upto 15 years	Restricted upto 10 years only

 

3. From 01.07.2008, Fixed Rate Home Loans (both upto
Rs.20 lakhs and more than Rs.20 lakhs) shall not be sanctioned beyond tenure of 10 years. However, sanction of Home Loan under Fixed Rate option upto 10 years is subject to reset period of two years.

4. Bank shall normally give Home Loan finance upto two houses only. The finance for third House may be considered at Bank's discretion and at BPLR rate.

5. Home Loan shall be normally given upto Rs.2 crores and for Home Loan above Rs.2 crores, the same shall be considered on case to case basis at BPLR on floating rate basis subject to a minimum margin of 25% on project cost.

 

Repairs and renovation -

maximum amount of loan - Rs.5 lakhs

Period	Rate of Interest(Floating)
Upto 5 years	09.50% p.a.
Beyond 5 years upto 10 years	09.75% p.a.

 

Max. 20 years for purchase/construction and 10 years for repairs and renovation

For Loan limit upto Rs.20 lakhs

Revised Rates / EMI (Per Lakh) with effect from 01.07.2008 for loan limit above Rs.20 lakhs and upto Rs.2 Crores

## Fixed Rate subject to reset clause once in 2 years

NIL

Processing Fee of 0.25% on loan amount and administrative fee of 0.32%

Permitted

Legal fees and Engineer's valuation charges are to be borne by the loan applicant.

The processing & administrative charges are exclusive of legal and valuation charges. Bank panel Lawyer and Engineer will give opinion / certificate and the charges payble to them will be borne by the Borrower.

However the above charges (Legal fees and Engineer's valuation charges) can be part of Home Loan

For fresh sanctions to be made, pre-closure charges of 2% on Balance outstanding /applicable DL, whichever is higher.

Pre-closure charges is waived, if loan is closed out of the own resources and it is not by shifting of loan account to other Bank/Institution.

• Please scrutinize all original doucments. The title of the property may be in single or joint ownership basis. In case of any difficulty in getting the papers, a certified copy can be obtained from the local sub-registrar's office on payment of a nominal fee
• Refer the documents to a lawyer who can certify the clear title
• Obtain 'Nil Encumbrance Certificate' for a minimum period of 13 years to ensure that no mortgage has been created on the property. This will enable you to ensure that the title belongs to the rightful owner, who is the seller.
• In case of sale of third party property viz., real estate promoter(s), please check whether the third party is the absolute owner (or) holds power of attorney to sell the property. It is advisable to buy from builders with past credentials.
• Obtain required clearance under land ceiling and regulation act, which would stand in good stead, should a problem arise in the future.
• Please check if the price quoted is in-line with the prevailing market rate. You could take up the help from a Consultant for the purpose.
• Look at the approved as approved by the competent authority and ensure that there are no deviations in your construction from the approved plan

• Proof of employment and salary certificate for self and spouse (if employed)
• Balance sheet for last 3 years in the case of professionals, businessmen and self employed persons
• Income Tax/Wealth Tax returns for the past 3 years
• Proof of other income like rent, interest on investment, if any
• Agreement of Sale/Sale Deed
• NIL Encurmbrance Certificate for 13 years
• Approved building plan
• Parent documents for 30 years
• Patta
• Valuation report from Bank's empaneled Engineer
• Legal Opinion from Bank's empaneled Advocate

Registration of Equitable Mortgage is mandatory in States where such provision is available.

Note: RBI guidelines in force from time to time are applicable.