|Purpose / Objective||For purchase of House Site on ownership basis; House site should be located in layout which is approved by Competent Authority|
|Eligibility||Minimum entry age is 18 years and maximum exit age is 60 years|
|Amount of Loan||*36 times of Gross Monthly Income; |
The cap on Plot Loan per borrower has been fixed as under:
*For purchase of property in Rural area : Rs. 50.00 lakhs
*For purchase of property in Semi-urban area : Rs. 100.00 lakhs
*For purchase of property in Urban area : Rs. 200.00 lakhs
*For purchase of property in Metro : Rs. 300.00 lakhs.
|Margin||25% on Land cost |
|Processing fee||1.178% on loan amount|
|Interest Rates||Please see the Lending Rates link on home page.
Waiver of the additional interest is permitted in respect of the following:
On availment of Home Loan for construction from our bank
On completion of construction of the house from own sources based on request made by the customer and duly evidenced by engineer’s certificate. After carrying out actual visit by bank’s official, the additional interest shall be waived by the sanctioning authority.
Construction of house has to commence within 2 years from the date of availing the loan / from the date of handing over possession by the Government Housing Development Agency, as the case may be, otherwise higher Rate of Interest will be charged for the delayed period.|
|Repayment||Maximum 180 EMIs (No Holiday Period) |
|Security||* Equitable Mortgage of Property purchased out of loan proceeds.
* Equitable Mortgage to be registered (at Applicant’s cost) if there is a provision for the same in the State where property is located. |
|Documents to be submitted for processing the application||As detailed in our Home Loan product.
All the applicable/relevant documentary evidences are to be submitted|