Housing Loans


New Loan for Urban Housing (New LUH)



1

Purpose

1

Construction  of House

2

Purchase of flat under construction

3

Repair/Renovations

4

Extension of House

5

Composite Loan

6

Purchase of ready built house / Flat

2

Eligibility

1.  The area where the proposed building is financed should be in an urban area (census 2011) as per NHB norms.

2.  Maximum limit for housing loan :

·         Rs. 28 lac in metropolitan centres {with population of Rs. 10 lac and above}

·         Rs. 20 lac in other centres.

3.  Dwelling size (carpet area) should not exceed 60 sqm (645 sq ft) or the cost of the dwelling should not exceed Rs. 35 lac in metropolitan centres and Rs. 25 lac in other centres.

4.  The said criteria is applicable in case of construction / purchase of a dwelling unit and is not applicable for repairs/ renovation / upgradation.

5.  The applicant /co-applicant’s household income should not exceed   ₹ 6 lac per annum.

6.  The scheme is applicable to loans granted on or after 01/04/11.

7.  No personal loan shall be granted.

3

Quantum of Loan

1.    Rs. 28 lac in metropolitan centres {with population of Rs. 10 lac and above}

2.    Rs. 20 lac in other centres.

4

LCR/LTV

Up to 75 % of the project cost.

5

Security

Equitable mortgage of the property being financed

 

Collateral: on case to case basis.

6

Rate of interest

8.50% Fixed for 3 years irrespective of risk rating

7

Repayment

Maximum up to 30 yrs.

8

Other Charges

As per the Fair Practice Code updated from time to time



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