Cent Home loan

Purpose :

For the purpose of self-occupation as under:

  • a) purchase a plot of land for purpose of construction of house thereon
  • b) purchase /construct a new house/flat
  • c) purchase an existing (old) house / flat (which is not older than 40 years and has remaining life of 10 years more than the loan tenure applied for)
  • d) repair or renovate an existing house /flat (Maximum loan up to Rs.10 Lakh)
  • e) takeover of Home Loans (complete / under construction) from other Banks/HFCs/FIs
  • f) Furnishing/interiors as part of the project cost. Maximum 15% of the cost of furnishing & interiors may be added to the cost of house/flat subject to maximum Rs.50 lakh, however, the maximum loan amount will be restricted to the stipulated LTV Ratio.

 

Eligibility :

  • Resident Indian citizen and non-resident Indians (NRIs) who have attained 18 years (completed) as on date of application & Housing Cooperative Societies. (FEMA guidelines to be complied with while lending to NRIs) Individuals may apply singly or jointly with other eligible individuals. However restricted to maximum 3 including spouse/children/ parents /siblings

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 :

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 of existing House/Flat subject to maximum of Rs 10 lakh.
(c) Minimum 25% for purchase of plot.

(ii) Loans above Rs.30.00 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) The borrower should bring in his proportionate margin whenever disbursement is made.

Maximum Loan Tenure:

  • For construction/acquiring of new or existing house/flat, loan tenure of maximum 30 years or on borrower reaching the age of 75 years, whichever is earlier subject to repayment capacity, may be allowed.
  • In case of extension of existing house / flat, repairs/ renovation / alteration of existing house / flat repayment should be made within a maximum period of 10 years.

Rate Of Interest :

RBLR+ Concession/CRP

ROI is based on CIC score & ranging from 7.20% to 7.65% (presently)

Criteria in consideration of CIC Scores:

  • Minimum CIC Score of the applicant is as under:
Name of CIC Minimum Threshold Limit
Transunion CIBIL 675
CRIF 570
EXPERIAN 700

Moratorium period:

In cases of new construction only, the moratorium period is allowed up to maximum 48 months depending upon the schedule of construction. However in the case of new construction, installments will start after the moratorium period allowed from the date of first disbursement or 6 months, after the date of completion whichever is earlier.
In other cases, installments will start from second month of disbursement.
In case of repairs/ renovation / alteration of existing house / flat, the installments will start after 3 months from the date of first disbursement.

Processing Charges:

  • 0.50% of the Loan Amount subject to maximum Rs.20,000/-+ GST
  • API Integration Charges of Rs. 81+GST to be recovered for fresh proposal.
  • Processing Charges on "Cent Home Loan Scheme" is waived up to 31.08.2022 under" Welcome Monsoon Retail Campaign" 

Documentation Charges:

Rs.1350/-+GST