1.

Purpose of Loan

1. Construction of house.
2. Purchase of ready built house/flat.
3. Purchase of flat under construction.
4. Repairs/Renovation/up-gradation of house.
5. Extension of house.
6. Balance transfer/Takeover of housing loans. 

2

Who is eligible

1. Allindividuals belonging to SC/ST/Minority community, who are salaried/professionals/businessmen/self-employed/NRI/Pensioners who have adequate repayment capacity.
2. In the case of SC/ST/Minorities - Male or female who is the title holder with sufficient repayment capacity along with co borrower.
3. Other than SC/ST/Minorities, Women title holder either singly or jointly with co-borrower and with sufficient repayment capacity.
4. Rural men with income up to Rs. 2 lakhs per annum.

 

3

Other  conditions

Property to be financed should be located in rural area with population < 50,000/- as per 1991 census.

3

Quantum of loan

1. For construction/purchase of house/flat  - Up to Rs. 15 lakhs only.
2. For repairs/renovation/extension/up-gradation  - Rs. 5 lakhs only
3. 80% of the project cost subject tomaximum ceiling mentioned above, repayment capacity and sufficient net take home income.

4

Repayment period

1. For salaried individuals -  5 years to 30 years.
2. For professionals -  5 years to 25 years.
3. For NRI  - 5 years to 15 years.
4. For business class -  5 years to 20 years.

5

Interest rate applicable

Rate of interest applicable as given below:

8.85% fixed for first three years and thereafter the prevailing roi, then.

6

Disbursement

In the case of purchase of house/flat, on the date of registration, and in the case of construction/repairs/renovation/up-gradation/extension, as per the progress of work.

7

Security for the loan

Equitable mortgage of the residential property being financed.

8

Collateral security

Depends up on case to case basis.

9

Stamp duty

As laid down in The State Stamp Act of the respective state government.