This is divided into two parts:-
1) Home loan with Overdraft Facility
- 2) Term Loan For Other Purposes ( like Repairs/Renovation of house , Refurbishing/furnishing of house, Purchase of new vehicle, Purchase of consumer durables/ furniture, Solar Energy equipment, Children marriage / education expenses, medical expenses, Family holiday , tour).
Part 1 : OVERDRAFT FACILITY FOR CENT HOME LOAN DOUBLE PLUS
Enable efficient management of cash flow. It helps in minimizing interest Burden while offering the flexibility to withdrawal at time of need.
For construction / acquiring of new or existing home/flat
- Extension of existing house.
Individual salaried employees, self-employed persons, professional, any other person having a legal, identified and regular source of income.
- The applicant/s must be 18 years old (completed) as on the date of application.
QUANTUM OF LOAN
- 90% (for loans uptoRs.20 lakh)
- 80% (for loans above Rs.20.00 lakh and up[to Rs. 75 lacs)
- 75% ( for loans above Rs. 75 lacs)
- 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 above Rs, 10.00 lakhs.
- 75% of the cost (registered value) of Plot.
- Based On Net Home take
- Moratorium period of up to 36 months.
- Repayment period of up to 30 years
NET TAKE HOME PAY/INCOME NORMS:
||Net Take Home Pay/Income
|Upto Rs.5.00 Lakh
|Above Rs.5.00 Lakh But Upto Rs.10.00 Lakh
| Above Rs.10.00 Lakh
- 0.50% of the Loan Amount subject to maximum Rs.20,000/-
- Equitable mortgage (E.M.) of the residential property
Condition of Guarantee is waived for salaried individuals irrespective of loan amount. In case of self-employed /others for loans up to Rs.20.00 lakh, no guarantee is required.
- However, wife, husband, father, mother, sister, brother may be taken as co-applicant instead of insisting for guarantor for loans above Rs.20.00 lakh to self-employed/others.
House / Flat / Property financed should be adequately insured.