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Housing Loan Scheme |
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Purpose |
- Build your own house
- Purchase new house/Flat (Old or New)
- Repairs/Renovation of existing house
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Eligibility |
Salaried Persons, Professionals, Businessmen with sufficient disposable income. Farmers having min five acres of irrigated land holding. Non Resident Indians are also eligible. |
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Age |
Minimum 21 years - Maximum 50 yrs. for salaried persons.
Maximum 55 years for other than salaried persons |
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Quantum of Loan: |
For salaried class
50 times of Gross Salary or 60 times of Net
Monthly salary which ever is higher subject to
applicable margin
For Businessmen
Equal to avg annual income (Net profit +
Depreciation) of last 3 yrs X 4 times (B/S, IT
returns) Also note repayment of any other term
liabilities.
For Farmers
4 times of avg annual net income. Cross check
Gross income, land holding, cropping pattern, Sugar Factory/APMC/ other agencies bills etc. Ensure for repayment capacity & repayment experience. If jointly owned, consider joint holder’s income |
| Maximum Loan Quantum: |
No maximum limit for Metro/Urban area
Rs.15 lakh in Semi Urban/Rural area
Rs.5 lakh for repairs/renovation in all areas
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| Deductions |
Total deductions including proposed EMI should not exceed 65% of gross monthly salary / annual income. |
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Security |
Upto Rs 25000/- One Guarantor with sufficient income/networth
Above
Rs 25000/- Equitable/Regd. Mortgage of property or Equal amount of paper security (NSCs, FDRs of our Bank etc. excluding shares) guarantee of the spouse, guarantee of relatives whose income is considered for quantum |
| Insurance |
For full value against fire/ Earthquake etc with Bank’s clause. |
Click here to view the Interest Rate of Housing Loan
- Actual search & title verification charges to be borne by the borrower, to be paid to the empanelled Advocate.
- Valuation charges to be borne by borrower, to be paid to empanelled valuer
- Stamp duty on various document to be executed by the borrower applicable as per State Stamp Act.
- Documentation charges as given below :
| Loan amount |
Charges |
| For credit facilities Upto Rs. 2.00 Lakh |
Nil |
| Rs.2,00,001/- to Rs.10,00,000/- |
Rs.500/- |
| Rs.10,00,001/- to Rs.50,00,000/- |
Rs.1,500/- |
| Rs.50,00,001/ and above |
Rs.5,000/- |
- Processing Fees:
| Loan Slab |
Processing fees |
| Loan upto Rs.5.00 lakh |
Rs.1000/- |
| Loan above Rs.5.00 lakh and upto Rs.15.00 lakh |
Rs.2500/- |
| Loan above Rs.15.00 lakh |
Rs.5000/- |
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Prepayment Penalty:
For Floating Rate loans: NIL
For Fixed Rate loans:
a) NIL, if closed from own sources
b) 2% on principal outstanding if
the loan is taken over by other Banks/FIs |
| Life Insurance: NA |
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| Last Update Date : 29-12-11 |
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