Affordable Housing Loan -Urban [AHL- U]

1.	Purpose	Purchase of Ready built House/Flat/ flat under construction. Construction of House. Undertaking extension/repairs/renovation/upgradation.
2	Eligibility	Areas covered: All areas falling under the Statutory Town definition of Pradhan Mantri Awas Yojana-Urban for individuals and Income: Annual household income not exceeding Rs. 6 lacs.
3	Rate of interest	Prevailing card rate.
4	Margin	Up to Rs. 20 lac - 15%. Above Rs. 20 lac up to Rs. 75 lacs - 20%.
5	Security	Mortgage of the property being financed. Collateral: on case-to-case basis.
6	Repayment	Maximum term up to 30 years subject to maximum age of 70 years of applicants.
7	Other conditions	The scheme is applicable to individual housing loans sanctioned on or after 01/04/2017 and falling under Statutory Town definition of Pradhan Mantri Awas Yojana-Urban. ROI is fixed for an initial period of 7 years. ROI would automatically shall be converted to variable interest rate for the respective risk category with annual resetting clause after the expiry of fixed tenure of 7 years. 2% plus applicable GST where the loan accounts are on fixed interest rate in case the loans are taken over by other banks/financial institutions. However, no pre closure charges will be collected if the borrowers close the loans out of their own funds.

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Purpose