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Purpose |
To purchase flat/ Residential accommodation. |
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Limit |
Maximum Rs.20.00Lakh (excluding subsidy of Rs.2.50Lakh) |
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Who can avail |
· Family comprising of husband, wife and unmarried children. Such person/family should not own a pucca house either in his/her name or in the name of any member of his /her family in any part of India. · APF should be approved by our legal department only. |
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Margin |
Minimum 5% |
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Repayment Period |
· 20years repayment period is permitted. · While sanctioning repayment tenure, sanctioning authority to confirm that entire repayment period covers active life/ earning life of borrower/co borrower and Guarantors. · In deserving cases moratorium period till the completion of construction or maximum up to 18 months from the date of disbursement of first installment of the loan, whichever is earlier be granted. |
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Rate of Interest |
CIBIL Score above 700 |
CIBIL score below 700 |
7.85%p.a. |
8.35%p.a. |
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Repayment Capacity of Borrower |
Residual Income of the applicant should be at least Rs. 8000/- after considering total deduction including EMI of proposed Housing Loan. I. In case the applicant is a businessperson and having Income Tax Return for last three years than he/she must have earned cash profit in last three years and he/she should be compliant with the income criterion in the current year and should have filed Income Tax Returns regularly for last 2 years OR if IT Returns are not filed by applicant and having Annual Income up to Rs.2.50 Lakhs than obtain Notarized Affidavit from applicant and his/ her residual income after all deductions including proposed loan EMI should be at least Rs. 8,000/-. II. In case the applicant is in service, he should be permanent employee and deduction of PF, PT should be there. III. All loans availed by the applicant/co-applicant if any from different sources must be regular in repayment. IV. In all cases of housing loan spouse of the applicant will have to join as a co-borrower. V. In case of Loan to be sanctioned without Guarantor Residual income of applicant should be Rs.12, 000/- |
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Guarantor |
· Housing Loan can be sanctioned by stipulating Personal Guarantee of One Guarantor. (In case of housing loan proposal without guarantor). Residual Income of applicants should be minimum Rs.12000/- · Guarantors can be an earning family member of proponent. |
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Documents required applicant & co-applicant/s |
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Consolidated Charges |
#Rs. 14,250/- + GST #Consolidated Charges will include Service Charges, CIBIL Charges, Inspection Charges, Third Party Verification, Title & Search Report and Legal Opinion Charges, CERSAI Charges, Vetting Charges, Valuation Charges, Subsidy Charges, Mortgage Handling Charges, Membership Charges & Nominal Membership charges only. No other charges to be recovered under this head. As regards membership Charges if customer is already a member and holding minimum shares of Rs. 1,500/- then consolidated charges to be reduced. (In case of Joint borrowers if both are our Members then consolidated charges will be recovered 14,250 – 3,000= Rs. 11,250/-). However, Charges such as Loan Documentation Charges, Mortgage Charges (including stamp duty) will be levied at actual. |
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Processing Charges |
1% of Sanctioned loan amount along with GST thereon (in addition to consolidated Charges) |
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Insurance |
Group Insurance Policy equivalent to loan amount on the life of the proponent/s to be considered at the time of loan sanctioned. The Term of the policy should cover entire loan tenure. |