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PURPOSE
 

  • Purchase/ construction of house/ flat
  • Purchase of plot and construction of house thereon**
  • Repairs/ improvements/ extension of the existing residential property
 
ELIGIBILITY
  • Indian citizen above 21 years
  • Individual, either singly or jointly with other family members viz. father, mother, son and/or spouse, who have regular sources of income as co-applicants.
  • NRIs are also eligible for the home loan. Contact our nearest branch for further details.
 
QUANTUM OF LOAN
 
  • Depending on repayment capacity of the borrowers and value of property
  • Maximum Rs. 30 Lakhs for Repairs.
 
MARGIN, I.E. YOUR SHARE
 
  • 20% of the total cost of the purchase/ construction of house/ flat for loans upto Rs. 75 Lakhs
  • 25% of the total cost of the purchase/ construction of house/ flat for loans Above Rs. 75 lakhs to Rs. 2 Crores
  • 35% of the total cost of the purchase/ construction of house/ flat for loans Above Rs. 2 Crores
  • 20% of total cost of the repairs
 
MORATORIUM PERIOD
 
  • Moratorium period of up to 18 months.
 
REPAYMENT
  • Repayment period of up to 30 years
  • 10 years in case of repairs
  • Flexible methods of repayment
 
RATE OF INTEREST AND PROCESSING CHARGES
  • Please click here to know our latest interest rates
  • Processing charges are 0.50% of loan amount subject to a maximum of Rs. 15000 plus service tax as applicable
  • Valuation / Legal / Stamp Duty / CERSAI / Memorandum registration charges as per actuals.
 
PREPAYMENT PENALTY
    Floating rate loans

  • There is no prepayment penalty if loan is prepaid from own verifiable sources or taken over by other banks/FIs.


  • Fixed rate loans

  • There is no prepayment penalty if loan is prepaid from own verifiable sources.
  • A take-over penalty of 2% is charged on the average outstanding balance of the preceding 12 months if the loan is taken over by any other bank / FI or adjusted by the borrower in lumpsum from any third party/source (except genuine sale)
 
SECURITY
  • Equitable mortgage (E.M.) of the residential property
  • If the house/ flat proposed to be purchased is yet to be constructed or is under construction, interim security may be required (till the period of its completion)
 
GUARANTEE
  • Third party guarantee is not mandatory for Resident Indian
  • One/two guarantors of Indian Residents, having means equivalent to that of the loan amount, is to be provided by the NRI applicant
 
INSURANCE
  • Property insurance is compulsory to the tune of the value of the property
 
**Conditions apply. For further details, please visit our nearest branch.
 
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I would like to convey my appreciation to you for the timely assistance provided to many of our students that helped them obtain an educational loan for studying at the ISB for PGP 2009-10.
Link To: Union Million
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