Cent Home loan

Purpose :

  • For construction/ acquiring of new home /flat or for acquiring existing home / flat which has remaining life of applied loan tenure plus 10 years.
  • For repairs/renovation/alteration of existing home/flat

Eligibility :

  • Individuals , Groups of individuals , who have attained 18 years ( completed) as on date of application and including Cooperative Societies , having a legal, identified and regular source of income either singly or jointly with Parents, sons, spouse.
  • NRI are also eligible for Housing loan,

Quantum of Loan :

Net annual income& repaying capacity of applicant based on EMI/NMI Ratio

  1. Net Annual Income-wise graded ratio is as under
    Net Annual Income EMI/ NMI Ratio (Maximum)
    <=Rs.1.20Lakh 20%
    >Rs.1.20L & <=Rs.3.0 Lakh 30%
    >Rs.3 L & <=Rs.5.0 Lakh 55%
    >Ea.5 L &<= Rs.8.0 Lakh 60%
    >Rs.8 L & <= 10 Lakh 65%
    >Rs. 10.0 Lakh 66.67%

    NMI (Net Monthly Income) = Gross Monthly Income (GMI) – all statutory deductions & taxes. (Excluding all existing and proposed EMI).
    EMI for the purpose of computing the EMI/NMI ratio will include all EMI towards existing loans and the proposed loan, therefore, existing EMIs should not be deducted from Gross Monthly Income (GMI) for the purpose of computation of NMI.
    Note : permissible loan amount will be assessed on the basis of the lower value arrived at from undernoted eligible criteria :
    Maximum permissible LTV Ratio
    and
    Permissible EMI/NMI Ratio.
  2. Gross annual income should include only regular income from all sources. Windfall income or income of temporary nature like overtime, etc. should be excluded while arriving at Gross Annual Income, even if such income stream is regular.
  3. The income stated by the applicants should be backed by documentary evidence.

Margin :

( FOR SALARIED BORROWER )

  1. 90% of the cost for loans up to Rs.30 lakh,
    80% of the cost for loans above Rs.30.00 lakh to Rs. 75 lakh and
    75 % of the cost for loan above Rs. 75 lakh
    subject to EMI/NMI ratio norms.
    (cost above means of the cost of construction / purchase of new / existing house/flat or cost of extension of existing house/flat (including cost of land).
  2. 75% of the cost of repairs/renovations/extension/alterations of existing house/ flat subject to a maximum of Rs.10.00 lakh subject to EMI/NMI ratio norm .
  3. 75% of the cost(registered value) ofPlot after complying with EMI/NMI ratio norm.
    Plot on standalone basis should not be financed.Cost of the Plot should not exceed 75% of the total cost of housing unit.

( FOR NON-SALARIED BORROWER )

  1. 80% of the cost for loans up to Rs.75 lakh
    75% of the cost for loans above Rs 75 lakh
  2. 75% of the cost of repairs/renovations/alterations of existing house/ flat subject to a maximum of Rs.10.00 lakh subject to EMI/NMI ratio norm.
  3. 75% of the cost of extension of existing house /flat or cost(registered value) ofPlot after complying with EMI/NMI ratio norm .
  4. Plot on standalone basis should not be financed.Cost of the Plot should not exceed 75% of the total cost of housing unit.

Repayment:

  • Maximum period of 30 years or on borrower reaching the age of 75 years whichever is earlier.
  • 10 years in case of Repair/Renovation

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)
- - -

Internal risk rating score below 50 will not be considered at all.

  • 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:

0.50% of the loan amount+ GST Minimum – Rs.2,500/- Maximum – Rs.20,000/-

Documentation Charges:

Rs.1350/-+GST