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 :

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

·         ₹ 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 ₹ 35 lac in metropolitan centres and ₹ 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.    ₹ 28 lac in metropolitan centres {with population of ₹ 10 lac and above}

2.    ₹ 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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