Particulars
Purpose	·For construction of house/flat ·Purchase of ready built house/flat/ old flat not more than 30 years in Mumbai, 15 years elsewhere. ·For takeover of housing loans from other banks/institutions
Eligibility	·Salaried Employees/Businessmen having regular source of income ·Applicant should be in the age group of 21 yrs – 50 yrs to avail adequate repayment period ·Where property is held in joint names all the joint holders should join as co-borrowers to the loan ·Anyone or more of the close relatives may join as co-borrowers (spouse, father, mother, son, daughter only)if the income of the applicant is not sufficient to service the loan. If the amount of loan is more than Rs.50 lacs, it can be disbursed in joint names with the other family members providedthe joint income is adequate to repay. ·In case the loan to NRI, the local family member should join as a co-borrower irrespective of ownership and income norms. ·Where the property is owned by applicants spouse/ parent who do not have independent/ regular income they should join as co-borrowers irrespective of their age. ·Salaried employees should have minimum 2 years of confirmed service with minimum net take home salary ( net off all EMIs) of Rs.8000/-
Loan Amount	·Maximum of Rs. 50 Lakh
Margin	For Salaried class:For Loan upto Rs. 20.00 lakhs – 10%                                     For Loan above Rs.20.00 lakhs – 15%   Basis of Margin-(cost of house +stamp duty +registration) For Business class: )For Loan upto Rs.20.00 lakhs – 15% For Loan above Rs.20.00 lakhs – 20% 100% Loan can be given if the margin is kept in the form of Fixed Deposit/ NSE/KVP/LIC policy/ Govt Securities
Repayment Period	·Maximum 15 years for Salaried Class & existing businessman with minimum 5 to 10 years of satisfactory banking relations. ·Businessman new a/c – 7 years, New a/c recommended by our existing customers – 10 years ·In case of salaried class repayment –holiday for the repayment of principle of maximum up to 12 months or date of possession of house whichever is earlier. ·Step up repayment option/ Bullet repayment option –for salaried class and existing businessman with 5 to 10 years satisfactory banking relations. ( various repayment options)
Rate of Interest	Loan Amount Proposed Rate of Interest p.a. 1styear Subsequent years Fixed Floating (Floor rate 8.50%) Fixed (Repricing every 3 years) Below Rs  20 lakh 8.50% 3.50 % below PLR 2.50% below PLR Above Rs 20 lakh & upto Rs 50 lacs  3.25 % below PLR 2.25 % below PLR
Security	Equitable Mortgage of house property
Guarantee	·Third party guarantee at the discretion of the sanctioning authority. ·Spouse to be taken as co-borrower where third party guarantee not obtained ·Sanctioning authority may consider waiver of guarantee of spouse on case to case basis
Processing Charges	Rs 2000 +Service Charge
Prepayment Penalty	Floating Rate-0.50% of amount, prepaid in excess of 10 EMIs during the year or pre-closure of the Loan a/c Fixed Rate-No prepayment charges after completion of 5 years or @ 1% on entire amount prepaid
'Documents Required
Loan for purchase of plot for construction of house	·Where loan is availed for purchase of plot and construction of house there on then the cost of the site/ land should not exceed 65% of the total cost of the project. ·In such cases, construction should commence within 12 months from the date of purchase of plot and to be completed within next 12 months ( Total period should not exceed 24 months) ·If the construction is not completed within stipulated time, the loan to be converted into property loan and to be repaid in 5 years thereafter. Total repayment period not to exceed 7 years. Interest as applicable to property loan from the date of disbursement.
Take over of loan	·Repayment period in case of take over of loan generally not to exceed the residual repayment period of the transferor bank/institution or 15 years whichever is lower. ·Property should not be older than 15 years old