Non Housing Loans

225-Commercial Housing loan (CHL)

Commercial Housing loan (CHL)



Brief Terms & Conditions at a glance

1.

Purpose of Loan

For 3rd dwelling unit onwards for the following:
For Construction, purchase, repairs, renovation, up gradation, extension, purchase of site and construction thereon and takeover of liability.

2

Who is eligible

All individuals who are salaried/professionals/businessmen/self-employed/NRI/Pensioners who have adequate repayment capacity.

3

Quantum of loan

75% to 85% of the project cost subject to repayment capacity and sufficient net take home income.

4

Repayment period

For salaried individuals – 5 years to 30 years.
For professionals – 5 years to 25 years.
For NRI – 5 years to 15 years.
For business class – 5 years to 20 years.

5

Interest rate applicable

Floating rate of interest applicable as given below:
For loans up to 30 lakhs - 9.75% to 10.75%
For loans above 30 lakhs – 10.25% to 11.00%

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.

Note: For details regarding Processing charges, other charges and other Compliances, please contact your nearest branch.



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