Purpose

  • Construction & Purchase of house/flat

  • Repairs / renovation / additions / alteration to the house/flat

  • Purchase of land to construct house/building for residential purpose

Eligibility

  • EMI should not be more than 60% of *disposable monthly income of the borrower along with that of the spouse/ other members of the family.

  • *Disposable monthly income means total income of the borrower less existing obligation from FIs.

  • Age of Applicant shall not be more than 60 years

Limit

  • Need based Finance

Margin

Residential Housing Loan up to Rs. 1.50 crore:

  • Minimum 10% (in case of construction) however, total margin including cost of land/existing building shall in no case be less than 25%.
  • Minimum 25% of bank value in case of outright purchase of house/flat of the tentative Bank Value
  • Minimum 40% of bank value in case of Land purchase

Residential Housing Loan for more than 1.50 crore:

  • Minimum 25% in case of construction / addition / repair / renovation of the proposed cost.
  • Minimum 25% of bank value in case of outright purchase of house/flat of the tentative Bank Value
  • Minimum 50% of bank value in case of Land purchase

          (subject to NRB stipulation)

Interest rate

  • Competitive rate and charges

Repayment

  • Maximum 20 years or age of 65 years (either of joint borrowers) whichever is earlier.

Security

  • Mortgaged of property (Min 8 feet motorable access)

  • In case of allotment of flat/ buildings, a tripartite agreement shall be executed amongst Developers, Borrowers & Bank

  • Personal guarantee of person(s) acceptable to the Bank shall be obtained.

Insurance

  •  Comprehensive policy as per banks’ clause.