HOME LOAN

PURPOSE

Purchase of new/old residential unit (house/ flat/villa/apartment etc.)
Construction of residential unit on exiting non agriculture plot.
Purchase of non-agricultural plot and construction of residential unit (composite project) thereon**
Repairs/ improvements/ extension of the existing residential property.
Take-over of housing loan availed from another bank / FI
Completion of under construction residential unit.
Purchase of solar power panel along with purchase / construction of house.

ELIGIBILITY

QUANTUM OF LOAN

No limit on the quantum of loan.
Loan eligibility depending on repayment capacity of the borrower and value of property
Maximum loan amount for repairs/renovation is Rs.30 lakh.

MARGIN, I.E. YOUR SHARE

10% of the total cost of the purchase/ construction for loans up to Rs.30 Lakhs
20% of the total cost of the purchase/ construction for loans above Rs.30 lakhs and up to Rs.75 Lakhs.
25% of the total cost of the purchase/ construction for loans Above Rs.75 Lakhs
20% of total cost of the repairs/renovation.

MORATORIUM PERIOD

REPAYMENT

REPAYMENT METHODS

Equated Monthly Installments (EMI)
For borrowers engaged in agriculture or allied activities, Equated Quarterly Instalment (EQI) instead of EMI may be permitted.
Step-Up Repayment Method: EMI is set at a value lower than the normal EMI for initial months and for the remaining tenure it is set at a level higher than the normal EMI.
Balloon Repayment Method: lower than normal EMI at the start of the repayment tenure followed by lump sum amount expected to be available at end of repayment tenure.
Flexible Loan installment Plan (FLIP) Method: After receipt some lumpsum amount midway the EMI for the remaining period can be at a lower value than normal EMI.
Bullet payment: Deposit of lump sum payment during the repayment tenure and downward revision in EMIs for the remaining tenure.

SMART SAVE OPTION

Under the Smart Save product, over and above the regular EMI for the loan, customers can deposit additional amount with an option to withdraw such excess amount at a later date as per their requirement.
As the excess funds help in reducing the loan outstanding, a lower interest is charged in the loan account (till such excess funds are available in the account). In other words, this option helps the customers to maximize their savings on interest without sacrificing ones financial liquidity.

RATE OF INTEREST AND PROCESSING CHARGES

Please click here to know our latest interest rates
Valuation / Legal / Stamp Duty / CERSAI / Memorandum registration charges as per actual.

PREPAYMENT PENALTY
Floating rate loans

There is no prepayment penalty / take-over penalty if loan is 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 lump-sum from any third party/source (except genuine sale)

SECURITY

Simple/Equitable mortgage (E.M.) of the residential property
In case the proposed residential unit is under construction, suitable interim security is required (till the period of its completion)
However, interim security is not required if tie-up with the builder (with tripartite agreement) for the particular housing project exists.

DETAILS OF BUILDER TIE-UP click the link.

GUARANTEE

Third party guarantee is not required 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 should be comprehensively insured for an amount not less than the value of the property (less cost of land), covering all risks with Bank clause.

**Conditions apply.
**Contact our nearest branch for further details**