For concession in Home Loan and Vehicle Loan if taken together
The average annual income of the applicant of last two years as per I.T. Return should be minimum Rs. 4 lakh.
Quantum of loan
Minimum Home Loan amount should be Rs. 20 lakh.
- 10% for loans up to Rs. 20 lakh for home loans and vehicle loans upto Rs.20 lakh. (combined loan amount max Rs.40 lakh)
- 20% for home loans above Rs. 20 lakh & vehicle loans above Rs.20 lakh
Rate of Interest
0.25% concession on all slabs subject to minimum MCLR.
0.50% concession on all slabs subject to minimum MCLR.
0.25% of the entire loan amount, maximum Rs. 20,000 + tax
Net Take Home Pay
For borrowers with annual income up to Rs.5.00 lakh, the Net Take Home Pay/Income should not be less than 30% of Gross Monthly Salary/Income after including the income of the co-borrower/s. This can be relaxed up to 25% for borrowers with annual income above Rs.5.00 lakh but up to Rs.10.00 lakh and up to 20% for borrowers with annual income above Rs.10.00 lakh.
# All other terms and conditions of Cent Home Loan Scheme and Cent Vehicle Scheme shall remain unchanged while sanctioning loans under the "Combo" product except for the concessions mentioned/outlined above.