Purchase of Flat (New or Resale)
Construction of House,
Extension to existing Flat / House
Takeover of Housing Loan from other Financial Institutions, etc.
Maximum amount of Rs. 70.00 Lakh.
Any Individual (Businessman, Professional, Self- Employed, Salaried Person having Regular source of Income)
Property should be in the name of Applicant.
The Co-applicant is necessary for Housing Loans. Co-applicant will mainly be spouse or son or daughter or father or mother of the Principal Borrower and he/she may be an earning or non-earning member. In these cases the income of the Co-Applicant can be clubbed for calculation of eligible loan amount. In the absence of the above Co-applicants, Brother or Sister may be taken as Co-applicant, but their Income shall not be clubbed for calculation of eligible loan amount.
|Agreement Value||Loan Eligibility|
Up to Rs.28.00 Lakh
Note: Loan amount should not exceed Rs.25.00 Lakh
|90% of the Agreement value|
|Above Rs.28.00 Lakh
Note:- Loan amount should not exceed Rs.70.00 Lakh.
|75% of the Agreement value|
Eligibility as per Repayment Capacity = Repayment capacity * 100000 / EMI for Rs.1,00,000/-.
Repayment Capacity = Net monthly Income – (Less) minimum Take home Pay – (Less) Other deduction.
Minimum Take Home salary/ Income, = 40% of the Net Income/ Salary p.m. Subject to Minimum of Rs.8000/- & Maximum of Rs.20,000/-
Which ever is lower.
Up to 10 years (120 months) including the one month moratorium.
In case of under construction flats, longer holiday period upto 18 months can be sanctioned by the Sanctioning Authority subject to total holiday period and EMI should not exceed 120 months.
In case of taking over Housing Loans form other Banks/Financial Institutions, the maximum limit of EMIs with our Bank will be 120 EMIs Less EMIs already paid to the previous Bank/financial institutions.
In case of Resale property, repayment tenure till residual life of dwelling unit or 120 EMI whichever is earlier.
RATE OF INTEREST Click Here