Housing Loans


CFHL Nischint and Top-up



1) CFHL- “NISHCHINT” (Loan for Pensioners)

1

Purpose

For meeting any genuine needs and purpose acceptable to the company, like marriage of children, medical expenses etc. and should not be for any speculative purpose.

2

Loan amount

Minimum  – ₹ 2 lac

Maximum – ₹ 25 lac

3

Eligibility

1.  All pensioners of Central and State Governments, Central and State Governments’ Undertakings, Defence Services, Educational Institutions (Govt. aided Universities, Institutes, Schools and Colleges), reputed companies where pension is paid through EPF, Pension scheme under LIC of India and other Insurance companies, Pension schemes for senior citizens as declared by Government of India.

2.  The property to be mortgaged should be in the name of the self or to be jointly with the spouse.

3.  The applicants spouse should join as co-applicant to the loan.

4

Security

Equitable mortgage of the property being financed

Collateral: on case to case basis, if required.

5

Rate of interest (ROI)

10% (VLS).

6

Repayment

Minimum term of 5 years and Maximum tenure of 10 years, subject to maximum age of 70 years.

7

 

Other Charges

Processing fees – 0.25% of the loan amount, subject to maximum of ₹ 1000/- (applicable GST to be collected)

      8

Other Conditions

a)  Only the average of the last 6 months net drawn pension (after commutation benefit if any) will be considered for arriving at the loan eligibility.

b)  Pension slip, proof of retirement and the details of the organisation last worked for have to be submitted.

c)  Penal interest @ 2% on the delayed amount for the delayed period only.

d)  For loan above ₹ 15 lac, guarantee of legal heirs should be obtained.

e)  Retirement includes Voluntary retirement.

 

 

                                                                            

2)  CFHL Top Up Loan

1

Purpose

Top up loans to existing customers for repair and renovation of the dwelling unit for which the housing loan was extended.

2

Quantum of Loan

Minimum loan amount : ₹ 1 lac

Maximum loan amount: ₹ 15 lac

3

Security

Creation of further mortgage of the property already mortgaged.

4

Rate of interest

Applicable IHL rate plus 0.50%.

5

Repayment

Maximum tenure for repayment is 15 years and subject to maximum age of 70 years.

6

Other Charges

As per Fair Practice Code updated from time to time

7

Other conditions

The applicable Processing fee (PF) is ₹ 1000/- plus service tax.

                 




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