House Loan

Long-tenure finance to purchase a built house/flat, construct on owned land, purchase land and construct together, buy government-auctioned property, or take over an existing home loan from another lender.

Features

• Purchase of a built house or flat.
• Construction on land already owned by the applicant.
• Simultaneous purchase of land and construction.
• Purchase of property auctioned by government bodies.
• Self-financing scheme; takeover of existing home loans from other institutions.

Interest Rate

• Fixed rate: 11% p.a.
• Floating rate: 9.00% in year 1, 9.50% in years 2–3, thereafter 2% above the NABARD Borrowing Rate.
• Pre-closure charge: 1% of the outstanding loan balance.

Loan Amount & Tenure

• Up to 75% of the cost of the property or construction cost (takeovers up to 100% of the outstanding balance).
• Repayment up to a maximum of 20 years, subject to the borrower’s age / retirement date.

Eligibility

• Assessed on income, age, number of dependants, spouse’s / children’s income, assets, liabilities, occupational stability and savings history.

Margin / Security

• Mortgage of title deed via Memorandum of Deposit.
• Non-encumbrance certificate mandatory.
• Property valuation required.

Documents Required

• Income proof: last 3 months’ salary slips or Form 16.
• 3 years’ income tax returns with CA computation.
• 6 months’ bank statements.
• KYC documents for borrower and guarantor.
• Property title documents and registry copies.