HOUSING LOAN

HOUSING LOAN TO PUBLIC

Objective

To ensure availability of Housing Loan at attractive rates and ensure a house for all.

Purpose

For construction of house/ flat;

For purchase of built house/flat.

For purchase of under construction house/flat from Housing Boards/ Development Authorities/ Co-operative Societies/ Approved Private Builders/ Projects.

For carrying out Additions to the house/flat.

For carrying out repairs/ renovation / alterations/ cost of furnishing to the house/flat.

For meeting cost escalation in the cases of under-construction flats to existing Housing Loan borrowers.

For purchase of land/plot for house building.

Eligibility

Individuals or Joint owners.

Quantum Of Finance

For Construction/Additions/Purchase of House/Flat: Need based loan depending upon the project cost and repaying capacity.

For purchase of Land/ Plot for House Building: Maximum Rs.100 lacs for State Capitals and Metro and Rs. 50 lacs for other centers; (Higher amount may be considered on individual merit of case)

For repairs / renovation / alterations: Maximum Rs.25 lac.

Cost of furnishing may be included in the project cost with maximum upto 10% of eligible Housing loan with a maximum upto Rs.5.00 lac.

Margin (Borrower`S Contribution)

Housing Loan Upto Rs.25 lac

20%

Housing Loan Above Rs.25 lac

25%

Purchase of Land/Plot for House Building

25%

Charges e.g. stamp duty, registration charges and other documentation charges shall be borne by the borrower and shall not be considered towards margin money. However such charges may be added to the cost of the house/dwelling unit for the purpose of calculating LTV ratio in cases where the cost of the house/dwelling unit does not exceed Rs.10 lakh.

Security

Equitable/registered mortgage of the property in question.

Repayment

Loan for carrying out repairs/ renovation / alterations to the house/flat: Max.15 years inclusive of moratorium period, if any.

Loan for Others: Max. 30 years inclusive of moratorium period, if any.

The income of the spouse and earning children (whether married or unmarried) and of the joint owners can be added for determining the income for the purpose of borrowers` repaying capacity. In such cases, they should be made co-borrower.

Parents can also be made as co – borrower in cases where the property is in the single name of Son / Daughter or in the joint name of Son and Daughter and also clubbing of their income be permitted for the purpose of eligibility/repayment of loan.

Likely rental income, if the property is to be let out may also be added for determining the repaying capacity.

Repayment Holiday/ Moratorium

For Construction/ Additions of House/ Flat: Till completion of construction (including additions) or 18 months, from the date of disbursement of first installment of the loan, whichever is earlier.

For carrying out repairs/ renovation / alterations to the house/ flat: Till completion of repairs/ renovation / alterations or 6 months, from the date of disbursement of first installment of the loan, whichever is earlier.

For purchase of ready built House/ flat OR land/plot: Till the date of possession or 3 months from the date of advance, whichever is earlier.

Rate Of Interest

08.95% (Terms and Conditions Follows)

Processing Charges/ Upfront Fee

For Loan Amount upto  Rs.300 lacs- 0.50%

of loan amount, Maximum Rs. 20000/-

For Loan amount above Rs. 300 lacs- Rs.50000/-

Documentation Charges

Rs. 1350/-

 

Pradhan Mantri Awas Yojana – Credit Linked Subsidy Scheme – EWS & LIG

Objective

To ensure availability of Housing Loan to Individuals from Economically Weaker Section (EWS) & Low Income Group (LIG) category at attractive rates and ensure a house for all.

Purpose

For purchase, new construction and addition of rooms, kitchen, toilet etc., to existing dwelling units as incremental housing For construction of house/ flat

Coverage

All Statutory towns as per Census 2011 and towns notified subsequently would be eligible for coverage under the Mission.

Eligibility

Individuals from Economically Weaker Section (EWS) & Low Income Group (LIG) category. Joint owners from the same family are also eligible.

  • EWS households - households having an annual income up to Rs.3,00,000 (Rupees Three Lakhs only).
  • LIG households - households having an annual income above Rs.3,00,000 (Rupees Three Lakhs) and up to Rs.6,00,000 (Rupees Six Lakhs).

Beneficiary Family

A beneficiary family will comprise husband, wife and unmarried children. The beneficiary family should not own a `pucca` house (an all weather dwelling unit) either in his/her name or in the name of any member of his/her family in any part of India. An Affidavit to this effect is to be submitted.

Quantum Of Finance

Max. Rs.30 lac. Subject to maintaining Loan to Value ratio (LTV) and repaying capacity

Margin (Borrower`S Contribution)

Loan up to Rs. 20 lac

10%

Loans above Rs. 20 lac
and up to Rs. 30 lac

20%

However Cost of stamp duty, registration and other documentation charges may be added to the cost of the house/dwelling unit for the purpose of calculating LTV ratio in cases where the cost of the house/dwelling unit does not exceed Rs.10 lac.

Disbursement

As per extant housing loan scheme to public. However disbursement should be made in not more than 4 installments depending upon the progress of construction, as Subsidy will be released to the Bank by the HUDCO in maximum of four installments.

Credit Linked Subsidy

  • The subsidy is available at the rate of 6.5% upto loan amount of Rs. 6 lac for tenure of 20 years or during tenure of the loan whichever is lower.
  • Subsidy will be available only for loan amount upto Rs.6 lac and additional loan beyond Rs.6 lac, if any, will be at nonsubsidized rate.
  • The Net present value of the interest subsidy will be calculated at a discounted rate of 9%.
  • Maximum subsidy amount will be Rs 267280.00.

Interest subsidy will be credited upfront to the loan account of beneficiaries.

Security

Equitable/registered mortgage of the property in question.

Repayment

Up to age of 70 years or 30 years, including moratorium period, whichever is earlier.

The income of the spouse and earning children (whether married or unmarried) and of the joint owners can be added for determining the income for the purpose of borrowers` repaying capacity. In such cases, they should be made co-borrower.
Subsidy will be available for a maximum loan tenure of 20 years.

Repayment Holiday/ Moratorium

For Construction/ Additions of House/ Flat: Till completion of construction (including additions) or 18 months, from the date of disbursement of first installment of the loan, whichever is earlier.

For carrying out repairs/ renovation / alterations to the house/flat: Till completion of repairs/ renovation / alterations or 6 months, from the date of disbursement of first installment of the loan, whichever is earlier.

For purchase of ready built House/ flat : Till the date of possession or 3 months from the date of advance, whichever is earlier.
For under-construction flats/houses built by approved private builders: 
Till possession is handed over to the purchaser (borrower);
OR
Whichever is earlier, subject to interest being collected on monthly basis (as and when debited) during the moratorium period.

Rate Of Interest

08.95% (Terms and Conditions Follows)

Processing Charges/ Upfront Fee

For loans upto Rs. 6 lac NIL
For Loans above Rs. 6 lac (As per HL to public)

Documentation Charges

Nil

Above are only salient features of the scheme. For details please contact nearest branch