Cent Home Loan Scheme for purchasing 3rd or 4th house/flat

Purpose:

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.

Eligibility:

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

Margin:

FOR SALARIED BORROWER

i) Loans up to Rs.30.00 lakh :

(a) Minimum 10% for construction / purchase of new or existing flat / extension of existing house or flat .
(b) Minimum 25% for repairs / renovation / alteration subject to maximum of Rs 10 lakh
(c) Minimum 25% for purchase of plot.

(ii) Loans above Rs.30.00 lakh and up to Rs.75.00 lakh :

(a) Minimum 20% for construction / purchase of new or existing flat or house /extension of existing house or flat .
(b) Minimum 25% for purchase of plot.

(iii) Loans above Rs.75.00 lakh:

(a) Minimum 25% for construction / purchase of new or existing flat or house /extension of existing house or flat / purchase of plot.

(iv) The borrower should bring in his proportionate margin whenever disbursement is made. Wherever borrower informs about his margin already paid to the builder, proper due diligence to be exercised to confirm whether real transfer of consideration took place between the seller and the purchaser. The same may be verified from the bank account statement.

FOR NON-SALARIED BORROWER

I. Loans up to Rs.75.00 lakh :

(a) Minimum 20% for construction / purchase of new or existing flat or house/ extension of existing house or flat.
(b) Minimum 25% for repairs / renovation / alteration of existing house or flat, subject to maximum of Rs 10 lakh
(c) Minimum 25% for purchase of plot.

II. Loans above Rs.75.00 lakh:

Minimum 25% for construction / purchase of new or existing flat or house /extension of existing house or flat / purchase of plot

Repayment:

For construction/acquiring of new or existing house/flat not older than 10 years, maximum period of 30 & 25 years for salaried & non salaried years respectively 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:

REPO BASED LENDING RATE (RBLR) = Repo + Spread + Credit Risk

REPO BASED LENDING RATES based on CIC Score & Internal Risk Rating
Internal Risk Rating Score CIC SCORES
CIBIL/CRIF above 725
OR
Experian above 750
CIBIL/CRIF 701-725
OR
Experian 726-750
CIBIL/CRIF 675-700
OR
Experian 700-725
A B C
71-100
(CBI-1 to 3 i.e. LOW RISK)
RBLR RBLR+0.10 RBLR+0.20
50-70
(CBI-4 to 6 i.e. MEDIUM RISK)
RBLR+0.25 RBLR+0.35 RBLR+0.45
<50
(CBI-7 to 10 i.e. HIGH RISK)
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No fresh sanction to Customers having scores below 675 from CIBIL/ CRIF and below 700 from Experian

Criteria in consideration of CIC Scores:

  • Minimum Credit Information Company (CIC) Score of the applicant is as under:
Name of CIC Minimum Threshold Limit
Transunion CIBIL 675
CRIF 675
EXPERIAN 700

Moratorium period

Maximum up to 24 months in case of construction in case of moratorium period is more than 18 months up to 24 months , the Pre – EMI interest is payable by the borrower as and when applied.

Processing charges

Takeover of Loan Rs.2,500/-

Documentation Charges

Rs.1350/-+GST