For construction / acquiring of new house / flat or for acquiring existing house / flat which is not older than 40 years and has remaining life of 10 years more than the loan tenure.
Individuals, Group of individuals being close relatives having a legal, identified and regular source of income, either singly or jointly with Parents, sons, spouse. Brothers, Daughters & Sisters can be accepted as co- borrowers if they are or intended to be, co-owners of the house property.
Quantum of Loan:
Base on repaying capacity of the borrower and value of property
Minimum 25% for construction / purchase of new flat/house.
For construction/acquiring of new or existing house/flat not older than 10 years, maximum period of 30 years or on borrower reaching the age of 70 years whichever is earlier.
For purchase of house/flats older than 10 years, maximum period of 25 years or on borrower reaching the age of 70 years whichever is earlier.
Rate of Interest:
MCLR (12m)+ 1 %
Maximum of 36 months where construction is undertaken
0.50% of the Loan Amount subject to maximum of Rs.20,000/-