|Purpose||Construction & Purchase of house/apartments
Repairs / renovation / additions / alteration to the house/flat
Purchase of land.
|Eligibility||The gross monthly income (Self employed /Salaried/Professional & Other income) of the borrower along with that of the spouse/other family members should be at least double of monthly installment of the loan.
Age of Applicant shall not be more than 60 years
|Limit||Need based Finance
For Purchase of Land (Residential), Bank finance shall not exceed 50% of registered value or purchase or Rs. 25.00 lacs whichever is lower
|Interest rate||Competitive rate|
|Repayment||Maximum 15years (In Equal Monthly Installments)
Repayment of the loan not to extend beyond the age of 65yrs.
|Moratorium||Maximum 1 year period from date of the first disbursement or after the completion of the construction whichever is earlier
In case of purchase of house/ Flat, the repayment to start after the date of possession or 3 months from the date of disbursement whichever is earlier
|Security||-Mortgaged of property (Min 8 feet motorable access)
-In case of allotment of apartments/ buildings, a tripartite agreement shall be executed amongst private builders/Developers, Borrowers & Bank before release of the loan with subsequent mortgage of the same.
-Personal guarantee of person(s) acceptable to the Bank shall be obtained.