Car Loan
Objective
Housing Finance
Eligibility
Individuals with regular and independent source of income from Trade/ Business/ Profession/Employment.
Purpose
Construction of new house & expansion/addition to existing house.
Purchase of flat / house from Public Housing Agencies / Registered / Reputed Builders.
Purchase of old houses (not more than 25 years old) from third parties in approved layouts.
Repair and Renovation of existing residential House..
Amount
Maximum Term Loan under the scheme is 80% of the cost of estimate in case of new construction subject to an upper ceiling of ₹ 1 crore.
For up-gradation / repair / remodeling of existing house is concerned, maximum Term Loan is 80% of the cost of up-gradation / improvement subject to a ceiling of ₹ 20 lacs.
Margin
Margin is minimum 20% of cost of construction / cost of house / cost of up-gradation /improvement.
Security
Bank’s Mortgage Charge on land and Building as prime security.
No liquid collaterals required.
Repayment
Maximum 360 EMIs.
Holiday Period
18 months.
Rate of Interest
Starting at Minimum 9% *.
Remarks
Building plan in borrower’s name duly approved by competent local authority.