Home >> Loans >> Cent Home Loan Scheme To Employees Of Central/State Govts/PSUs
(a) For construction / acquiring of new or existing house/flat not older than 30 years.
(b) For extension in the existing house/flat.
(c) For repairs/renovation/alteration of existing house/flat.
(d) Finance may be granted for purchase of plot obtaining declaration from the borrower that he/she/they undertake to construct the house on the plot within the period of two years.
All Permanent Employees of of Central/State Governments, PSUs of Central Government.
Quantum of loan
a) 90% (for loans upto Rs.20 lakh) and 80% (for loans above Rs.20.00 lakh) of the cost of construction / purchase of new / existing flat/house or cost of extension of existing house/flat,(including cost of land) subject to Net Take Home Pay/Income norm mentioned in Para 6 below. (Stamp duty, registration and other documentation charges, cost of life insurance cover on the life of the borrower should not be included in cost of housing unit).
b) 75% of the cost of repairs/renovations/alterations of existing house/flat subject to a maximum of Rs.10.00 lakh.
Net Take Home Pay
Loan up to Rs.20 lakh - Minimum 10 %.
Loan above Rs. 20 lakh - Minimum 20%.
(a) Equitable/Registered mortgage of the property being financed.
(b) Where mortgage of the property being financed is not possible, other tangible securities such as mortgage of some other property, pledge of bank's FDR/ LIC policy/Govt. Securities, NSCs, KVPs, IVPs, Bonds, etc. equal to 125% of the loan amount may be taken as security provided in all such cases, the loan repayment cash inflow is clearly demarcated.
Condition of Guarantee is waived.
(a) Maximum period of 30 years. the EMI may be fixed elongating repayment period up to 70 years of age or 30 years maximum in case house not older than 10 years or 25 years if the flat/house is older than 10 years. In the case of new construction, installments will start after 36 months from the date of first disbursement or 6 months, after the date of completion whichever is earlier. In other cases, installments will start from second month of disbursement.
Rate of Interest on Housing Loan is as under:
Loan upto Rs.30 lakh
Above Rs.30 lakh
upto Rs.75 lakh
Loan above Rs. 75 lakhs
Up to 5 years
BR + 0.25%
Over 5 yrs and less than 10 yrs
10 years and above
0.50% of the loan amount subject to maximum of Rs.20,000/-
Processing Fee is waived in the cases where the employees are maintaining salary account with our Bank.
Processing Fee is also waived in the cases where the salary disbursement account are with the other Banks as per the arrangement of Central Government Organisation provided the borrower government employee gives standing instruction to the concerned Bank to transfer the entire salary credit to his savings account with our Bank.
No prepayment charges on floating rate housing loans.
Take over of loan
Take over of loan from other Bank/FI is allowed
Undertaking to deduct housing loan EMIs from the salary of the Central Government Employees / Terminal Benefits to be obtained from the concerned department prior to the disbursal of the loan.
Ø All other terms & conditions of the Bank's Cent Home Scheme to remain the same.