CORPORATION BANK HOME LOAN INTEREST RATES

CORPORATION BANK HoME LOAN INTEREST RATES

Every institution has its start in modest initiatives but what makes it great is the passion of the people behind it. Carrying the legacy forward with an undaunted commitment to its vision, the journey of Corporation Bank truly epitomizes this.

Started about 108 years ago in 1906, with an initial capital of just Rs.5000/-, Corporation Bank has recorded Rs. 2,84,722 Crore mark in business and even far more, with over 6677 service outlets across the nation, served by committed and dedicated 13,000 plus Corp Bankers. Proof of which is seen in its enviable track record in financial performance. We have many reasons to cheer, predominant of them is, being able to participate in nation building by empowering the rural and urban population alike. Today, we are proud that we are significant contributors to the growth of the country’s economy.

Nationalised in 1980, Corporation Bank was the forerunner when it came to evolving and adapting to the financial sector reforms. In 1997, it became the Second Public Sector Bank in the country to enter capital market, the IPO of which was over- subscribed by 13 times. the Bank has many ” firsts ” to its credit – Cash Management Services, Gold Banking, m-Commerce, ” Online ” approvals for Educational loans, 100% CBS Compliance and more recently, its poineering efforts to take the technology to the rural masses in remotest villages through low-cost branchless banking – Business Corresponent model. All of which symbolise Bank’s unswerved commitment to its customers to provide convenience banking.

At Corporation Bank, what motivates us is the passion to excel in banking by maintaining highest standards of service to our customers, backed by innovative products and services which makes us one of the leading Public Sector Banks in the country, catering to a wide range of customers – from individuals to corporate clients.

Corp Home – Loan for Housing purposes 

1. Eligibility: 
  • Residents /NRIs/ PIO holding Indian Passports conforming to normal borrower standards with independent & regular source of income.

 

  • Age of the borrower/s shall be between 18 years to 65 years subject to the condition that repayment period (including repayment holiday if any,) shall not go beyond the retirement age, in case of salaried class, and 70 years of age, in case of other than salaried class.

 

  • Where property is held in joint names, all the joint holders should join as co applicants to the loan.

 

  • In addition to spouse, maximum of one close relative as co applicant required for supplementing repayment capacity.

 

  • However, where the property to be mortgaged is jointly owned by close relatives, all the joint owners to join as co applicants, irrespective of their age and numbers.

 

  • Where property is owned by applicant’s parents/spouse who do not have independent/ regular income, they should join as co applicant only, irrespective of their age.

 

  • If, applicant is unmarried/divorcee, co obligation of parent/s (irrespective of their age) or third party guarantee is required.

 

  • Applicant /Co applicant must be confirmed in the service & should have two years of aggregate service in previous & present employment together.

2. Purpose :

  • For construction of house/flat, purchase of ready built house/ flat.

 

  • For take-over of housing loans from other Banks/Institutions.

3. Loan Amount: 

AreaLoan AmountOut of which, Loan for Site/Plot
Metro & Port Town CentresRs. 500 lakhRs. 50 lakh
Urban CentresRs.100 lakhRs. 30 lakh
Semi UrbanRs. 50 lakhRs. 20 lakh
RuralRs.25 lakhRs.10 lakh
Loan amount is based on location of the property.

4. Margin for Loan: 

Loan Amount Rs.Margin
For Loans up to Rs.20 Lakh10%
For Loans above Rs.20 lakh & up to Rs. 75 lakh20%
For Loans above Rs.75 lakh25%

* Property to be mortgaged for housing loan shall be primary security.
* Wherever, Site/Plot has already been mortgaged as security for any other credit
facility, loan only for construction of house may be sanctioned. In such cases, margin
of 35% shall be maintained on cost of construction.

4[a] Repayment Period: 

Age of the House/Flat
[Maximum age of the House/Flat shall not exceed 30 years]
Repayment Period
Up to 10 years30 years
Maximum tenor under floating rateloans is 30 years, inclusive of initial repayment holiday, if any.
Above 10 years & up to 20 years20 years
Above 20 years & up to 30 years15 years

* Repayment period should not exceed retirement date for salaried persons and 70
years of age for other than salaried persons.
* Maximum tenor under Fixed rate loans restricted to 20 years for salaried class and 15
years for other category of borrowers.
* Housing loans under Fixed Rate of Interest is offered upto 20 years only.

5. Security: 
Mortgage of house / flat purchased out of Bank Finance.

6. Guarantee: 

Third party guarantee at the discretion of the Sanctioning Authority.

 

Wherever third party guarantee is not stipulated, co obligation of Spouse is mandatory.

 

If, applicant is unmarried/divorcee, co obligation of parent/s (irrespective of their age) or third party guarantee is required.

7. Rate of Interest: 
[Interest Rate is linked to the Base Rate ]

a] FLOATING RATE:

Loan TenorUp to Rs.50 lakhAbove Rs.50 lakh
For all Tenors
[Max. 30 Years]
BR
(10.25%)
BR+0.25%
(10.50%)

b] FIXED RATE:

Loan TenorUpto Rs.25 lakhAbove Rs.25 lakh
For all Tenors
[Max. 20 Years]
13.10%13.60%

Note: The Interest Rate as above is applicable to fresh loans only

8. EMI and Eligible Income :

EMI (Equated Monthly Instalment): 

* The EMI stipulated in Credit Sanction Intimation while sanctioning of loan will remain the same during the entire tenor of the loan irrespective of revision in rate of interest during the tenor, except in cases, where initial repayment holiday period is given. This is may result in extension of payment period due to interest rate variations.

* Where part of the loan is prepaid, re-fixing/reduction of EMI is permittedbased on the residual balance and leftover repayment period so that the loan is closed within the original repayment tenor. A letter of request from the borrower is however required.

* Wherever initial repayment holiday period is given, EMI will be fixed at the beginning of repayment period depending upon the balance outstanding in the account.

Eligible Income: 

– Regular & verifiable income is only considered
– Salary, Pension, Business income, Agricultural income are eligible
– In case of seasonal income, quarterly/half yearly/ yearly installments are also considered
– HUF income is not considered.

9. Project Cost: 

  • Loan for construction/purchase of house in Agricultural land not to be permitted under the Scheme.

 

  • Project cost consists of purchase price only. Registration charges, stamp duty, documentation charges, VAT & Service Tax shall not be included in the project cost.

 

  • In case of ready built flat/flat under construction, sale agreement can include cost of parking area.

 

  • In case of construction of house, project cost includes construction of compound wall.

 

  • Cost of Solar Water Heating System may also be considered as one of the components of project cost

 

  • Where loan is availed for construction of house/purchase of ready built New flat/New house or flat/house under construction, cost of permanent fixtures such as wardrobe, wooden fittings/racks & Modular Kitchen/Solar water/Electricity system, etc., may be included in the project cost subject to the folloeing conditions:

1. Project Cost component of such items shall not exceed20% of Project Cost.
2. Loan component for such items shall not exceed Rs.15 lakh.

10. Maximum number of Housing loans permitted: 

  • Maximum of three housing loans, is considered subject to borrower’s income/ repayment capacity, satisfactory status of the previous loans etc..

 

  • All housing loan limits availed for purchase of/ construction/ repair/renovation/ extension etc., are clubbed together for the purpose of charging Rate of Interest.

11. Processing Charges: 
Processing charges are fully waived (from 01.06.2013 to 30.09.2013)

W.e.f. 01.07.2012: 0.50% of Loan amount (Maximum Rs.50,000/-)
Note: The charges are exclusive of applicable Service Tax

12. Pre Payment Penalty: 

NIL

13. Conversion Charges :

  • From Floating to Fixed : 1% of the outstanding balance, inclusive of up to date interest as on the date of conversion.

 

  • From Fixed to Floating :The existing fixed rate loans including those already subjected to reset, where rate of interest charged is below 12% can be converted to floating rate at the option of the borrower at the time of next reset by payment of conversion charges at 1% on the loan amount outstanding as on the date of conversion.

 

  • The existing fixed rate loans including those already subjected to reset, where rate of interest charged is 12% and above , can be converted to floating rate at the option of the borrower at any time during the currency of the loan by payment of conversion charges at 2% on the loan amount outstanding as on the date of conversion.

 

  • Re-Scheduling of loan to lower tenor is not allowed under the Scheme.

14. Loan for Site & Construction of House: 

  • Under the Scheme, loan for purchase of site/plot/land and construction of house thereon are considered.

 

  • Where loan is availed for purchase of site & construction of house thereon, cost of site/land should not exceed 60% of project cost.

 

  • Construction should commence within 12 months.

 

  • Construction should be completed with in maximum of 24 months.

 

  • In case of default in construction of house, rate of interest is charged to such loan is COBAR+0.50%+3% and the interest at this rate is applicable from from the date of initial disbursement of loan.

15. Take over of Loan: 

  • Take over of housing loan availed with other banks/ Institutions/ employer permitted

 

  • Take over of loan from first financier is only permitted (i.e. First time takeover of loan only is permitted)

 

  • Repayment period should not exceed leftover repayment period of transferor bank OR repayment period prescribed under the Scheme in relation to age of the property OR Balance life of the property, whichever is shorter

 

  • Loan amount should not exceed 75% of market value or Balance outstanding at transferor bank whichever is lower

 

  • Age of the property not to exceed 25 years.

16. Second Loan for Enhancement: 

  • Enhancement of loan may be permitted during pre EMI or post EMI period.

 

  • loan for enhancement treated as separate loan. However loan amounts are aggregated for computation of rate of interest.

17. For Repairs/Renovation/Extension: 

FOR REPAIRS/RENOVATION/EXTENSION/IMPROVEMENT/FURNISHING OF HOUSE,
PLEASE AVAIL THE FACILITY UNDER `CORP GHAR SHOBHA SCHEME

18. Loan against Second charge/ Pari Pasu Charge: 

  • In case of resident individuals such as employees of Government/Reputed Institutions/ Organizations /Corporates, who have already availed housing loan from their respective employers by mortgaging the property in favour of the employer, in such cases, housing loan is considered on a selective basis only against Pari-Passu charge.

 

  • In such cases, value of the property must be 150% of the total loans availed against such property.

 

  • Loan against second charge not considered.

19. Corp Flexi Loans: 

The Scheme is to facilitate the younger borrowers expecting income growth in the years to come, and would like to avail higher quantum of loan than the normal eligibility. Under the scheme, installments will be flexible/progressive/ step up, in tune with increase in income. (The scheme is only for salaried class)

Option-1:

  • loan amount will be 130% of the normal entitlement.

 

  • First 5 years, EMI is based on present repayment capacity for normal loan entitlement.(100%)

 

  • Next 5 years, EMI will be normal for full loan (130%)

 

  • Balance period, EMI will be for balance repayment period on the balance outstanding at the end of 10th year.

Option-2:

  • loan amount will be based on present repayment capacity.

 

  • First 5 years, EMI at 70% of normal EMI.

 

  • Next 5 years, normal EMI.

 

  • Balance period , EMI will be for balance repayment period on the balance outstanding at the end of 10 th year.

Other Conditions: 

  • No relaxation permitted from the prescribed margin.

 

  • Certificate from employer regarding salary structure for the next 5 years compulsory.


20. Disbursement: 

  • Loan amount directly remitted to the seller. No reimbursement of purchase price permitted under the scheme.

 

  • In case of flat/ property is under construction, loan is released in stages depending upon the progress of construction.


21. Insurance: 

  • Property to be covered under Insurance under Reinstate value method.

 

  • Insurance of the mortgaged property is mandatory and the insurance premium borne by the borrower.

CITY UNION BANK HOME LOAN INTEREST RATE

CITY UNION BANK HOME LOAN INTEREST RATE

The bank, ‘The Kumbakonam Bank Limited’ as it was then called was incorporated as a limited company on 31st October, 1904. The first Memorandum of Association was signed by twenty devoted and prominent citizens of Kumbakonam including Sarvashri R. Santhanam Iyer, S.Krishna Iyer, V.Krishnaswami Iyengar and T.S.Raghavachariar. T.S.Raghavachariar was the First Agent of the Bank.  In 1908, he was succeeded by Shri R. Santhanam Iyer who became the Secretary of the bank under the amended Articles of Association which created the office of a Secretary to be in charge of the Bank’s Management in the place of the Agent, which post he held till his death in 1926. He was succeeded by Shri. S. Mahalinga Iyer as Secretary who subsequently became the First full-time Managing Director of the bank in tune with the amendment of Articles in 1929.  He held the position of Secretary from 1926 to 1929 and that of Managing Director from 1929 to 1963.

The bank in the beginning preferred the role of a regional bank and slowly but steadily built for itself a place in the Delta District Thanjavur. The first Branch of the Bank was opened at Mannargudi on 24th January 1930.  Thereafter, branches were opened at Nagapattinam, Sannanallur, Ayyampet, Tirukattupalli, Tiruvarur, Manapparai, Mayuram and Porayar within a span of twenty five years.  The Bank was included in the Second Schedule of Reserve Bank of India Act, 1934, on 22nd March 1945.

The Bank celebrated its Golden Jubilee on 14th November, 1954 at Kumbakonam under the Presidentship of Shri.C.R.Srinivasan, Editor, ‘Swadesmitran’ & Director, Reserve Bank of India.

In 1957, the bank took over the assets and liabilities of the Common Wealth Bank Limited and in the process annexed to it the five Branches of Common Wealth Bank Limited at Aduthurai, Kodavasal, Valangaiman, Jayankondacholopuram and Ariyalur.

In 1963,  Shri. R. A.Venkataramani Iyer took charge as the Chairman of the Bank which position he held up to 1969.

CUB SWYAM GRAHA
Individual Housing Loan Scheme For The General PublicPurpose:

The bank may render credit assistance for:-
1.Purchase of a house site for construction of a house there on.
2.For a construction of a house property over the site.
3.Purchase of a ready built house/flat.
4.Extension/improvement of the existing house/flat.
5.Purchasing a flat under construction.

Eligibility:

Individuals having an assured source of income viz. salaried employees, self employed professionals, businessmen , farmers etc.,

Permissible amount of Loan:

The loan may be granted upto 75% of the total cost subject to a maximum of RS.25.00 Lakhs.In respect of advance against plot or land , the amount of loan shall not exceed 50% of the cost of the plot and the cost of construction of the house. However, it shall also be ensured that the quantum of loan does not exceed 48 months net salary /income of the applicant or last year income in respect of professionals / others as per IT returns.
Documents to be given:

1. In respect of salaried employees, while computing the net income, salary certificate from the employer should be given.
2.In respect of self employed professionals , the income is calculated based on the It return submitted by the borrower.
3. In respect of the farmers/ rural artisans the net income should be calculated based on the details of land holdings and income from allied activities and other sources if any after deducting the amount of crop loans and other loans.

Margin:

A Margin of 25% is to be brought in at each stage of disbursement of the loan.

Rate of Interest:

Click to View the Latest Rate 

Repayment Period:

The Loan to be repaid within a maximum period of 10 Years in equated monthly installments for business people and 15 Years for Salaried Class.

Security:

Equitable Mortgage Charge of house site together with the construction to be made thereon / ready built house/flat for which the loan has been granted.

Processing Fees:

Processing Fees at 1% of the loan amount to be charged. And no other hidden charges as charged by other banks

Insurance:

Insurance to be got effected over the immovable property held as security at the cost of the borrower and also the clear title and marketable over the immovable property

Other Documents:

1.For Documents of title of the Bank’s Legal advisor opinion is must.

2.Copy of the approved site plan for the proposed construction.

3.Valuation report by the bank’s approved Engineer for the proposed construction or ready built house is must.

4.Third party guarantee on an individual with comparable ..mean is needed

Disbursement of the Loan:

The Loan should be disbursed in suitable stages duly considering the requirement of funds and progress of work.

Other Conditions:

1.The bank shall have the first charge by way of mortgage on property including additions/alterations made therein.

2.Disbursement of loan shall be effected only after all documentation formalities completed.

3.Disbursement of loan is to be effected only by account payee pay order/Demand Drafts directly in favour of the seller/ builder/ vendor/ society , etc.,

4.In case of construction of house, loan to be made in stages in accordance with a phased program as under:-

a) 25% when relative plan is sanctioned

b) 25% for construction up to the plinth level against production of certificate from the Engineer

c)25% for construction up to the celling level against production of certificate from the Engineer.

d) Balance on completion of roof against the Certificate from the Engineer.

5.In respect of ready built house payment may be made in one lump sum

6.The Construction should be completed with in a maximum period of 18 Months of the date on which the first disbursement of the loan in made.

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  • Initial repayment holiday not to exceed 12months
  • Total deductions including instalment should not exceed 50% of gross income
  • In case of employees, repayment should be completed before the date of superannuation

In other cases, the age limit is 65 years for repayme

 

 


Basic Requirements
 

  • Proof of income such as Salary Certificate/IT Assessment Order
  • Copy of approved Plan and Estimate of the buililding/SaleAgreement
  • For Salaried persons, irrevocable authorisation for recovery of Instalments must be submitted,duly acknowledged by the Employer

Security 

Land &Building purchased/constructed

CENTRAL BANK OF INDIA HOME LOAN INTEREST RATE

CENTRAL BANK OF INDIA HOME LOAN INTEREST RATE

Established in 1911, Central Bank of India was the first Indian commercial bank which was wholly owned and managed by Indians. The establishment of the Bank was the ultimate realisation of the dream of Sir Sorabji Pochkhanawala, founder of the Bank. Sir Pherozesha Mehta was the first Chairman of a truly ‘Swadeshi Bank’. In fact, such was the extent of pride felt by Sir Sorabji Pochkhanawala that he proclaimed Central Bank of India as the ‘property of the nation and the country’s asset’. He also added that ‘Central Bank of India lives on people’s faith and regards itself as the people’s own bank’.

During the past 102 years of history the Bank has weathered many storms and faced many challenges. The Bank could successfully transform every threat into business opportunity and excelled over its peers in the Banking industry.

 Home Loan Scheme
 

 

1

 Purpose(a)    For construction / acquiring of new or existing house/flat not older than 30 years.

(b)   For extension in the existing house/flat.

(c)    For repairs/renovation/alteration of existing house/flat.

(d)   Finance may be granted for purchase of plot obtaining declaration from the borrower that he/she/they undertake to construct the house on the plot within the period of two years.

2

 Eligibilitya.       Individual salaried employees, self-employed persons, professional, any other person having a legal, identified and regular source of income.

b.      The applicant/s must be 18 years old (completed) as on the date of application.

c.       In case of salaried individuals, applicants must submit original salary certificate/Form 16/income tax return.

d.      In case of self-employed persons, professionals and others.

 

i.            Loan amount upto Rs.10.00 lakh: Satisfactory evidence of sufficient monthly/annual income to be produced by the borrower. Income certificate issued by Tahsildar/Mandal Revenue Officer/Revenue Department Officer having State level Gazetted rank can be accepted for sanction of housing loans upto Rs 10.00 lakh.

ii.            In case of agriculturists not filing income tax returns, income certificate issued by Tahsildar/Mandal Revenue Officer/Revenue Department Officer having State Level Gazetted rank can be accepted for sanction of housing loans upto Rs.10 lakh.

 

Loan amount above Rs.10.00 lakh: The borrower should produce Income Tax Return for preceding two years as evidence of income.

3

Quantum of loan

a)      90% (for loans upto Rs.20 lakh) and 80% (for loans above Rs.20.00 lakh) of the cost of construction / purchase of new / existing flat/house or cost of extension of existing house/flat,(including cost of land)  subject to Net Take Home Pay/Income norms. (Stamp duty, registration and other documentation charges, cost of life insurance cover on the life of the borrower should not be included in cost of housing unit).

b)      75% of the cost of repairs/renovations/alterations of existing house/flat subject to a maximum of Rs.10.00 lakh.

c)      75% of the cost (registered value) of  Plot after complying with Net Take Home Pay/Income norms.  Plot on standalone basis should not be financed.  Cost of the Plot should not exceed 75% of the total cost of housing unit.

4

 MarginLoan up to Rs. 20 lakhs- 10%

Loan above Rs. 20 lakhs- 20%

5

Security
  • Equitable/Registered mortgage of the property being financed.
  • Where mortgage of the property being financed is not possible, for instance, in case of purchase of house/flat on first power of attorney, other tangible securities such as mortgage of some other property, pledge of bank’s FDR/ LIC policy/Govt. Securities, NSCs, KVPs, IVPs, Bonds, etc. equal to 125% of the loan amount may be taken as security.

6

Guarantee
  • Condition of Guarantee is waived for salaried individuals irrespective of loan amount. In case of self-employed /others for loans up to Rs.20.00 lakh, no guarantee is required. However, wife, husband, father, mother, sister, brother may be taken as co-applicant instead of insisting for guarantor for loans above Rs.20.00 lakh to self-employed/others.

7

Repayment 

(a)  For construction/acquiring of new or existing house/flat not older than 10 years, maximum period of 30 years or on borrower reaching the age of 70 years whichever is earlier. If the borrower is more than 60 years old, immediate legal heir should be made Guarantor/Co-Borrower and duly documented consent of all other legal heirs should be obtained.
(b)  For purchase of house/flats older than 10 years, maximum period of25 years or on reaching the age of 70 years whichever is earlier.

 

(c)  In case of salaried individuals, the repayment period may be extended beyond the retirement of the employee up to maximum age of 70 years, provided the post-retirement income is adequate to meet the EMI liability.

 

(d)  In case of salaried class, the EMI may be fixed elongating repayment period up to 70 years of age, maximum 30 years in case house not older than 10 years and upto 70 years of age, maximum 25 years if the home/flat is older than 10 years.
(e) In case of extension of existing home / flat, repairs/ renovation / alteration of existing home / flat repayment should be made within a maximum period of 10 years.
(f)Moratorium period is to be included in the maximum repayment period allowed under housing finance scheme. In other words the moratorium period plus instalments repayment period should not exceed the maximum repayment period as per the scheme.

E.g. If borrower opts to repay in 180 EMIs with 36 months moratorium period then the total repayment period will be 180+36=216 months which should be within the maximum repayment period as per the scheme.

(g)  In case of purchase of plot, the repayment may be combined with that of house construction loan.  In case, construction does not start within stipulated 2 years, the loan is liable to be recalled and paid immediately. Exceptionally, the loan is to be repaid within next 3 years at Base Rate + 8% RoI.

 

8

Rate of

Interest

 

Presently Rate of interest on Housing Loan is as under
 

Tenor

Loan upto Rs.30 lakhAbove Rs.30 lakh

upto Rs.75 lakh

Loan above Rs. 75 lakhs
 FloatingFloating 
a) Upto 5 yearsBR+0 =10.25%BR+0 =10.25%BR+0.25=10.50%
b) 5 to 10 yearsBR+0 =10.25%BR+0 =10.25%BR+0.25=10.50%
c) 10 to 30 yearsBR+0 =10.25%BR+0 =10.25%BR+0.25=10.50%
BR = BASE RATE (PRESENT BASE RATE 10.25%)

9

Processing   Charges0.50% of the loan amount subject to maximum of Rs.20,000/-

No processing charges for staff of our Bank.

 

 

10

Prepayment      ChargesNo prepayment charges on floating rate housing loans.

 

In case of fixed rate housing loans, prepayment charges will be nil in case borrower repays entire loan amount out of his/her own sources and 1% of outstanding amount if account is taken over by other Banks/FIs.

11

Take over of loanTake over of loan from other Bank/FI is allowed on certain terms and conditions

12

Net Take Home PayFor borrowers with annual income upto Rs.5.00 lakh, the Net Take Home Pay/Income should not be less than 35% of Gross Monthly Salary/Income after including the income of the co-borrower/s. This can be relaxed up to 30% for borrowers with annual income above Rs.5.00 lakh but upto Rs.10.00 lakh and 25% for borrowers with annual income above Rs.10.00 lakh.

 

Canara Bank Home Loan Interest Rates

Cenera Bank Home Loan Interest Rates

Widely known for customer centricity, Canara Bank was founded by Shri Ammembal Subba Rao Pai, a great visionary and philanthropist, in July 1906, at Mangalore, then a small port town in Karnataka. The Bank has gone through the various phases of its growth trajectory over hundred years of its existence. Growth of Canara Bank was phenomenal, especially after nationalization in the year 1969, attaining the status of a national level player in terms of geographical reach and clientele segments. Eighties was characterized by business diversification for the Bank. In June 2006, the Bank completed a century of operation in the Indian banking industry. The eventful journey of the Bank has been characterized by several memorable milestones. Today, Canara Bank occupies a premier position in the comity of Indian banks. With an unbroken record of profits since its inception, Canara Bank has several firsts to its credit. 

Housing Loan

Purpose:

For construction / purchase / repairs / additions / renovations of residential house / flat including the purchase of land and construction thereon. For taking over of the Housing Loan liability with other recognized Housing Finance Companies, Housing Boards, Co-operative Banks, Co-operative Societies and Commercial Banks at our prevailing low rate of interest.

Eligibility:

  • SSalaried individuals, individuals engaged in business / professionals and self-employed persons. NRIs are also eligible to avail loans without specific permission of RBI.
    Persons above the age of 55 years are also eligible subject to certain stipulations of RBI.

How much you are entitled to :

We finance upto:

  • 4 years of gross salary to salaried individuals.
  • 4 years’ gross annual income to individuals engaged in business or to self-employed persons.
  • For NRIs up to 2 years’ gross income and selectively up to 3 years’ gross income.
  • Selectively loan upto 5 years’ gross salary/ income also permitted
    Rs.7.5 lacs for repairs / renovations / additions to the existing house / flat. Selectively upto Rs.15 lacs in Metro Centres.

What is your contribution?

 

Loans upto Rs.20 lacs

Loans above Rs.20 lacs

New house / flat
(including those for purchase of site &
construction of house thereon)

20%

20%

Old house/flat

25%

25%

Margin – 25 % for both new and old houses in respect of housing loans for acquiring second house / flat i.e., where the applicant is already owning a house/flat with or without loan.

Rate of Interest

Cenera Bank Home Loan Interest Rate

Rates of interest on Housing loans:

Upto Rs.30 lakhsAbove Rs.30 lakhs

Upto Rs.75 lakhs

Above Rs. 75 lakhs
Base Rate

(presently @ 9.95%)

Base Rate + 0.05%

(presently @ 10.00%)

Base Rate + 0.25%

(presently @ 10.20%)

Interest rate structure on Housing Loans rationalized; now uniform rates of interest across all repayment tenors.

 

Please visit interest rate page for current rates.

Security:

  • Mortgage of House / Flat

Repayment:

  • In convenient equated monthly instalments upto 25 years or borrow attaining age of 70 years whichever is earlier (subject to conditions).

Processing Charges:

  • Nominal processing fee of 0.50% (Min Rs.500/- and Max. Rs.10,000/-) is charged. (Waived during Retail Loan Festival period valid till 15.01.2012).

Prepayment :

At your choice. In case of take over of liability by other banks / HFIs, no prepayment penalties in respect of Housing Loans carrying floating rate of interest.

Documents / Formalities:

  • Stipulated Loan Application with 2 passport size photos of applicant / guarantor
  • Sale Deed
  • Agreement for Sale
  • Copy of the approved plan for the proposed construction / extension / addition
  • Detailed cost estimate / valuation report from Bank’s Panel Chartered Engineer / Architect
  • Allotment letter of Co-operative Housing Society / Apartment Owners’ Association / Housing Board / NOC from the Society / Association / Builders / Housing Board
  • Legal Scrutiny Report, EC for the past 13 years, Property Tax paid receipt, Khata and permission for mortgage, wherever necessary
  • Salary Certificate and Form No.16 (in case of salaried persons)
  • IT Returns filed for the past two years (in case of non-salaried persons)
  • A brief note on the nature of business, year of establishment, type of organization, etc., (in case of self-employed)
  • Balance Sheet and P&L Account for the past three years (in case of self-employed)

CATHOLIC SYRIAN BANK HOME LOAN INTEREST RATE

CATHOLIC SYRIAN BANK HOME LOAN INTEREST RATE

Our long experience in banking has given us the valuable insight that financial strength is best achieved through customer trust. Our mission is to keep thriving on this philosophy while infusing sustainable practices for the future. Our goal is to produce predictable earnings for our shareholders by rallying our employees through a dynamic and challenging environment. With such ideals in place, we trust that we can outgrow the industry average growth level and climb to a business volume of Rs 34,000 crore, and also reach a net worth level of above Rs 700 crore by 2015. Besides, we are geared to increase our branch presence to 500 centers, covering all prominent locations in India by 2015.

Finance for :

Construction or purchase of House or Flat

For addition/extensions and renovations of existing House/Flat

 
Eligibility 

  • To Individuals
  • To Group of individuals including Co-operative Societies

Quantum of Finance 

  • In Metros/Urban Centres – Upto Rs.50 lakhs
  • In other centres – Upto Rs.25 lakhs

Rate of interest 

Loan upto Rs.30 Lakhs 

  • 11.50%

Loan above Rs.30 Lakhs 

  • 12.50%

Margin 

  • For construction,renovation,repair – 25% on the actual cost
  • For purchase of ready built house/flat – 25 % on purcahse value as per sale deed including cost of registration

Repayment 

  • Maximum period 20Years including repayment holiday
  • Initial repayment holiday not to exceed 12months
  • Total deductions including instalment should not exceed 50% of gross income
  • In case of employees, repayment should be completed before the date of superannuation

In other cases, the age limit is 65 years for repayment

Basic Requirements 

  • Proof of income such as Salary Certificate/IT Assessment Order
  • Copy of approved Plan and Estimate of the buililding/SaleAgreement
  • For Salaried persons, irrevocable authorisation for recovery of Instalments must be submitted,duly acknowledged by the Employer

Security 

Land &Building purchased/constructed

 

Bank of Maharashtra Home Loan Interest Rate

Bank of Maharashtra Home Loan Interest Rate

Housing Loan Scheme          

Purpose
  • Build your own house
  • Purchase new house/Flat (Old or New)
  • Repairs/Renovation of existing house
EligibilitySalaried Persons, Professionals, Businessmen with sufficient disposable income. Farmers having min five acres of irrigated land holding. Non Resident Indians are also eligible.
AgeMinimum 21 years – Maximum 50 yrs. for salaried persons.
Maximum 55 years for other than salaried persons
Quantum of Loan:For salaried class
50 times of Gross Salary or 60 times of Net Monthly salary which ever is higher subject to applicable marginFor Businessmen
Equal to avg annual income (Net profit + Depreciation) of last 3 yrs X 4 times (B/S, IT returns) Also note repayment of any other term liabilities.

For Farmers
4 times of avg annual net income. Cross check Gross income, land holding, cropping pattern, Sugar Factory/APMC/ other agencies bills etc. Ensure for repayment capacity & repayment experience. If jointly owned, consider joint holder’s income

Maximum Loan Quantum:No maximum limit for Metro/Urban area
Rs.15 lakh in Semi Urban/Rural area
Rs.5 lakh for repairs/renovation in all areas
DeductionsTotal deductions including proposed EMI should not exceed 65% of gross monthly salary / annual income.
SecurityUpto Rs 25000/- One Guarantor with sufficient income/networth
Above Rs 25000/- Equitable/Regd. Mortgage of property or Equal amount of paper security (NSCs, FDRs of our Bank etc. excluding shares) guarantee of the spouse, guarantee of relatives whose income is considered for quantum
InsuranceFor full value against fire/ Earthquake etc with Bank’s clause.
Click here to view the Interest Rate of Housing LoanBank of Maharashtra Home Loan – Latest Interest Rates on home loans of Bank of Maharashtra starts from 10.25% p.a. Check Eligibility, Documents, EMI of Home Loans of BOM.

Latest Interest Rates As per July 2013:

Bank of Maharashtra
Tenure

up to 25 lacs

25-30 lacs

30-75 lacs

75 & above

Up to 5 years10.00% 10.00%10.50%10.75%
5-10 years10.20%10.25%11.00%11.25%
10-20 years10.30%10.50%11.25%11.50%
  1. Actual search & title verification charges to be borne by the borrower, to be paid to the empanelled Advocate.
  2. Valuation charges to be borne by borrower, to be paid to empanelled valuer
  3. Stamp duty on various document to be executed by the borrower applicable as per State Stamp Act.
  4. Documentation charges as given below :
Loan amountCharges
For credit facilities Upto Rs. 2.00 LakhNil
Rs.2,00,001/- to Rs.10,00,000/-Rs.500/-
Rs.10,00,001/- to Rs.50,00,000/-Rs.1,500/-
Rs.50,00,001/ and aboveRs.5,000/-

 

 

 

 

 

  1. Processing Fees:
Loan SlabProcessing fees
Loan upto Rs. 25.00 lakh

NIL (till 30-6-2012)

Loan above Rs. 25.00 lakh

0.50% (Max. Rs. 50,000/-)

Prepayment Penalty:For Floating Rate loans: NIL
For Fixed Rate loans:
a) NIL, if closed from own sources
b) 2% on principal outstanding if the loan is taken over by other Banks/FIs
Life Insurance: NA

Bank of India Home Loan Interest Rates

Bank of India Home Loan Interest Rates       

OBJECTIVE & PURPOSE :

The Star Educational Loan Scheme aims at providing financial support from the bank to deserving/ meritorious students for pursuing higher education in India and abroad. The main emphasis is that every meritorious student is provided with an opportunity to pursue education with the financial support on affordable terms and conditions.

BOI Star Home Loan
  1. Provides loans to purchase a Plot for construction of a House, to purchase/construct house/flat, as well as for renovation/ repair/alteration/addition to house/flat Maximum loan amount is Rs.500 lacs and repayment ranges up to 25 years, with reasonable margin and nominal processing charges. No commitment /administrative charges
  2. The loan is available at very competitive rates of interest, currently available in the industry.
  3. Option for different EMI amounts for different periods during tenure of loan to suit customer’s repayment capacity
  4. Prepayment of Loan permitted
  5. Interest is calculated on daily balance basis which is of great advantage to customer as it results in lower interest amount.
  6. Loan to NRIs as well as Persons of Indian Origin.
  7. Simplified application form/procedures for convenience of customers, and speedy approvals.
  8. Free Personal Accident Insurance cover (Renewed at banks discretion)
  9. Life Insurance Cover to borrowers for Loan Protection(optional)
  10. Please visit our nearest Branch and avail loan to own your dream home
EligibilitySalaried employees, Professionals, Self-employed persons. Requests are also considered from NRIs, PIOs, HUF, and Prop. Firm, Partnership firms and corporate.
Purpose
  • To purchase/construct house/flat
  • To renovate/extend/repair existing house/flat.
  • To purchase a plot of land for construction of house.
Quantum of LoanFor construction/purchase of a house/flat-Rs.300 Lacs (Rs.500 Lacs in major metros viz. Mumbai, Kolkata, New Delhi and Chennai)

  • Repairs/renovation/extension to house/flat –Rs.50 lacs
  • Purchase of a plot – Rs.100 lacs
  • Loan for purchase of household articles along with home Loan for furnishing the house/flat @15% of Home Loan amount Max. Rs. 5.00 lacs is offered under Secured Personal Loan with same Rate of Interest as applicable under Home Loan with maximum repayment period of 10 years including moratorium period, if any.

Note: Minimum Home Loan :- For Metro/Urban Centres :-Rs. 1 Lac

Processing charges / Other expensesFOR INDIVIDUALS

Loan LimitCharges- One Time (inclusive of ST)
For All Loan amounts@0.25% of loan amount Min.Rs.1, 000 and Max. Rs.20,000/-

For Partnership firms & Corporate Borrowers – Processing charges will be double that of individuals.
For Rural areas – Processing charges will be 75% that of applicable to individuals in respect of loans availed by borrowers from rural areas from the Rural Branches. Legal Expenses/Valuation Charges/Stamp Paper Charges etc., At actuals.

Margin
For 1st House/FlatFor Loan up to Rs.75 Lacs:For Loan above Rs.75 Lacs:
20% on pure cost of the house/flat excluding stamp duty, registration etc.25% on pure cost of the house/flat excluding stamp duty, registration etc
For 2nd or Subsequent Home Loan/House/Flat25% on pure cost of the house excluding stamp duty, registration etc.
Repayment(can be customized)Highly flexible – maximum 25 yrs. including moratorium period of 18 months (max.) in monthly instalments, including Bank’s approved projects. Loan to be normally repaid before date of retirement in case of salaried persons and before attaining 65 years of age in case of others.
Eligible Quantum of Loan/ EMICalculation of quantum of loan is related to Income/repayment capacity of proponent/borrower

Salaried Employees :72 times of gross monthly salary or 6 times of gross annual income based on I-T Returns.
Self-employed/ Professionals etc.6 times of Gross annual income based on I-T Returns
HUF/Proprietorship /Partnership Firm/ Company6 times of cash accruals (PAT+Depreciation) as per Balance Sheet/P&L Account
In case of Individuals
Net Take Home pay(NTH)/income (net of all deductions including EMI of Proposed loan) is stipulated as under :-i. Gross Monthly Income up to Rs.1 Lacs NTH Minimum – 40% 
ii. Gross Monthly Income over Rs.1 Lac up to Rs. 5 Lacs NTH Minimum – 30%

iii. Gross Monthly Income over Rs.5 Lacs NTH Minimum – 25%

In case of HUF/Proprietorship/ Partnership firm/Company: DSCR should be minimum 1.5.
Rate of Interest (Floating ROI- linked bank’s base rate , p.a. at monthly rests)
Up to 5 yrs.> 5-10 yrs.> 10-15 yrs.> 15-25 yrs.
FOR LIMITS UPTO RS.30 LACS :10.2510.2510.2510.25
FOR LIMITS OVER RS.30 LACS BELOW RS.75 LACS :10.3510.3510.3510.35
FOR LIMITS RS.75 LACS & ABOVE10.5010.5010.5010.50
SecurityMortgage/Equitable Mortgage (1st charge) on land/flat/house. Third Party guarantee (if mortgage could not be created before or at the time of disbursement).
Special Features
  • Free Personal Accident Insurance cover for the borrower (covering accidental death as well as permanent total disablement) as per terms of insurance policy covering loan outstanding as on the date of accident(Renewal at the discretion of the Bank).
  • Life Insurance cover to housing loan borrowers , at affordable premium against risk of death during tenure of loan under Group Insurance Scheme in tie up with Star Union Dai-Ichi Insurance Co. Ltd. at borrower’s own expenses & option.
  • Loan furnishing the house/flat at a rate of interest as applicable to housing loan under the scheme.
Other Attractive Features
  • Interest on Daily Reducing Balance Basis
  • No Pre-Payment Charges on Floating Rate Loans
  • Facility for step up/ step down EMIs
  • Inclusion of notional rental income in case of 2nd House and also Employees staying in Staff Quarters;
  • Inclusion of Income of Close relatives for enhanced loan
  • Tax Benefit on Interest and Instalments repaid in Home Loans
  • Facility for 100% loan irrespective of stage of construction OR Bridge Loan subject to conditions:

Bank of Baroda Home Loan Interest Rates

Bank of Baroda Home Loan Interest Rates

It has been a long and eventful journey of almost a century across 25 countries. Starting in 1908 from a small building in Baroda to its new hi-rise and hi-tech Baroda Corporate Centre in Mumbai, is a saga of vision, enterprise, financial prudence and corporate governance.

It is a story scripted in corporate wisdom and social pride. It is a story crafted in private capital, princely patronage and state ownership. It is a story of ordinary bankers and their extraordinary contribution in the ascent of Bank of Baroda to the formidable heights of corporate glory. It is a story that needs to be shared with all those millions of people – customers, stakeholders, employees & the public at large – who in ample measure, have contributed to the making of an institution. 

Baroda Home Loan

Bank of Baroda invites you to be a proud owner of your own home and offers easy Home Loan with a number of conveniences to suit your budget.

Home Loan is available for:

  • Purchase of new / old dwelling unit.
  • Construction of house.
  • Purchase of plot of land for construction of a house.
  • Repaying a loan already taken from other Housing Finance Company / Bank.
  • Repayment period up to 30 years (floating rate option).

Value propositions

Bank offers following benefits with home loan availed by you:

  • Free Personal Accident Insurance is available for stipulated tenure.
  • Free Credit Card (BOBCARD – complementary for first year) to all Home Loan borrowers (first borrower) with loan limit of Rs. 2/- Lacs and above.
  • Concession of 0.25% in rate of interest for Car Loans.
  • Concession of 0.50% in rate of interest for Loan for consumer durables.
  • Top up Loan (Baroda Additional Assured Advance – AAA) can be availed 5 times during loan period.
    (Minimum Rs.1/- Lac,  Maximum Rs.200/- Lacs or 75% of residual value of house property after deducting 150% of outstanding loan amount of existing Home Loan, whichever is lower).
  • As per current IT provisions – Interest on loan upto Rs.1.50 lacs per annum is exempt from income tax (Under section 23/24 (1) of the Income Tax Act). An additional deduction of interest upto Rs.1 lac is available to persons taking a loan for their first home upto Rs.25 lacs during March 2013 to Feb 2014.

Terms & Conditions

  • In case of Salaried:
 Monthly IncomeModified Criteria
Up to Rs. 20,000/-36 times of monthly income
More than Rs.20,000/- & up to Rs. 1 lac48 times of monthly income
More than Rs. 1 lac54 times of monthly income
  • In case of others viz. professionals / self-employed / businesspersons etc., 5- times of average annual income (last three years).
  • Margin:
  Monthly income  Purpose  Margin
  Upto Rs.20000/-  Purchase of plot  20%
  House/flat already constructed from own resources  25%
  All other cases  20%
  Above Rs.20,000/-  Purchase of plot  20%
  House/flat already constructed from own resources  20%
  All other cases  20%
  • As security against the loan amount, the bank will take an equitable mortgage of the housing property and/or other suitable securities.
  • No Fees will be charged on part prepayment / full prepayment of the loan amount.
  • The loan can be repaid in a maximum period of 30 years taken under floating rate option subject to the period up to age of retirement in case of salaried persons and 70 years in case of others.

RATE OF INTEREST: (CLICK HERE FOR CURRENT INTEREST RATES).

Baroda Home Loan to Individuals / NRIs / PIOs (W.E.F 01.06.2013)
Fixed Rate optionNot Available
Floating Rate option (for fresh sanctions and for existing accounts w.e.f. 01.06.2013)
Repayment Period

Up to Rs. 30 Lacs

Above Rs. 30 Lacs and below Rs. 75 Lacs

75 Lacs and above

Upto 5 years

Base Rate i.e. 10.25%

Base Rate i.e. 10.25%

Base Rate i.e. 10.25%

Over 5 years & up to 15 years

Base Rate i.e. 10.25%

Base Rate i.e. 10.25%

Base Rate i.e. 10.25%

Over 15 years & up to 30 yrs

Base Rate i.e. 10.25%

Base Rate i.e. 10.25%

Base Rate i.e. 10.25%

Baroda Home Improvement Loan
  Base Rate + 2.50% i.e. 12.75%
Baroda Additional Assured Advance (AAA) (Resident / NRIs / PIOs)
  Base Rate + 1.50%
Baroda Auto Loan
Baroda Car Loan/ Baroda Car Loan to HNIs / Corporate w. e.f 01.07.2013
Repayment period upto 5 yearsBase Rate + 0.25% i.e. 10.50% p.a. at present (irrespective of tenure)
Repayment period > 5 years

 

Axis Bank Home loan Interest Rates

Axis Bank Home loan Interest Rates

Axis Bank offers affordable and flexible housing loans that can turn your dream of owning a home into reality.

If rising real estate prices have pushed the house you coveted beyond your budget, Axis Bank’s unmatched home loans will put it within reach. The attractive interest rates and minimal processing fees make our home finance products a first choice for savvy buyers. In addition, features such as flexible tenures, transparent processing and quick service have made our products stand out among the best home loans in India.

We have products to suit every budget, taste and need. Whether you are self-employed or salaried, want a floating or fixed rate, Axis Bank will offer a loan that is just right for you.

Features of Axis Bank Home Loans

Axis Bank housing loans are designed for today’s home-hunter. Our easy home loans are rich in features and offer a number of benefits.

  • Attractive housing finance rates: We offer attractive interest rates that make your housing loans affordable and easier on your pocket every month.
  • Flexible rates: Choose between fixed and floating rate options depending on which way you think interest rates are moving.
  • Balance transfer facility: Not satisfied with your existing Home Loan provider? You can transfer your Home Loan to us without any hassles.
  • Doorstep service: You don’t have to go the bank for Home Loans; the bank will come to your doorstep. Perfect for those leading busy lives.
  • Nil prepayment charges* : Come into some money and want to pay off your housing loan early? You can do that at Axis Bank without worrying about prepayment charges.

* Valid only on floating interest rate Home Loans.

.

Rate of Interest

Sr. NoTypeLoan amount (Rs.)Base Rate + Mark UpEffective Rate Of Interest
1Floating RateLess than Rs. 25 LacBase Rate + 0.75%10.75% p.a.
Loans greater than Rs.25 lac – Rs. 75 lacBase Rate + 1.00%11.00% p.a.
Loans greater than Rs. 75 lacBase Rate + 1.25%11.25% p.a.
Top Up – All loans, RenovationsBase Rate + 2%12.00% p.a.

Base Rate – 10.25%

NISHCHINT – Home Loan with Fixed Rate of Interest

TypeEffective Rate Of Interest
Fixed Rate11.75% p.a.

Repayment

  • *Repayment period for Home Loans shall not exceed 25 years.
  • *Repayment period of pre-allotment bookings of housing loans shall not exceed 1½ year
  • *Repayment period of improvement or renovation or extension of existing property shall not exceed 10 years.

Security

Equitable mortgage of the property to be financed by way of deposit of title deeds.

Disbursement

The loan will be disbursed in full or in suitable installments, taking into account the requirement of funds and progress of construction, as assessed by the Bank directly to seller or builder or local development authority or supplier of materials etc.

Processing charges or admission fee

Processing fee equivalent to 1% of the loan amount (applied for) will be collected along with the application form (taxes as applicable).

Penalty for early closure

Nil on floating interest rate Home Loans

Other Conditions

  • Bank reserves the right to reject any application without assigning reasons thereof
  • The applicant will undertake to inform the Bank as and when there is a change in address or employment

The terms and conditions mentioned above and elsewhere under the scheme are subject to modification from time to time solely at Bank’s discretion

Andhra Bank Home Loan Interest Rates

Andhra Bank Home Loan Interest Rates
“Andhra Bank” was founded by the eminent freedom  fighter and a multifaceted genius, Dr. Bhogaraju Pattabhi Sitaramayya. The Bank was registered on 20th November 1923 and commenced business on 28th November 1923 with a paid up capital of Rs 1.00 lakh and an authorised capital of Rs 10.00 lakhs.

Housing Loans upto Rs.20.00 lacs

Eligibility Criteria

 General
  • Age 21 to 65 years.
  • Repayment maximum 20 years.
  • 80% of cost of construction OR 80% of Registration value for outright purchase as loan
  • Purchase of House: Age of independent house should not be more than 25 years.
  • Age of the flat should not be more than 20 years.
  • Loan upto and inclusive of Rs. 20 Lakhs treated as priority sector
  Salaried Persons
  •  Maximum 48 times monthly gross income or 75% of cost of construction whichever is less
  • Latest salary certificate and 3 years IT returns
  • Certificate from the employer regarding leftover service
  • Estimates and other related approved documents
  • Subject to 30% take home pay.
  Housing Loans for Agriculturists, Business & Self-employed persons
  • For  Agriculturists, four times of  gross annual income as per certificate issued by  the  competent  Revenue Authority, supported by evidence of  land  holdings
  • 4 times the gross annual income (48 times of monthly income)
  • Income Tax Returns
  • Auditor Certificate
  • Estimates and other related approved documents
  Income proof
EmployeesAgriculturistProf. & self employed
Last pay certificate, Form 16 issued by the employer/ IT Returns/ Assessment ordersIncome Certificate by competent Revenue Authority in respect of  income from agricultural and allied activitiesIncome proof for the last 3 years supported by financial statements signed by Chartered  – income tax returns /assessment orders
  • Property statements of applicants and coobligant.
  • Location sketch of the proposed house/flat.
  In case of purchase
  • Agreement for sale between vendor and purchaser
  • Name and address of the vendor and purchaser
  • Copies of prior documents of title to the property in possession of the vendor along with tax receipts
  • Authorization letter to receive original title deeds on registration from Registrar of Assurances.
  • Receipt of delivery issued by Registrar of Assurance to deliver the original title deeds.
  • Original receipts for the payment to builder/vendor.
  • Copy of the approved plan and a letter from the vendor about the age of the house/flat.
  • Certificate from the Approved Engineer about the present value, condition and life of the house/flat.
  • Original deed of conveyance of land, conveying the individual / proportionate share of land along with agreement for construction.
  • Lay out approval plan
  In case of construction
  • Copy of the approved plan.
  • Detailed estimate of construction.
  • Allotment letter of the house / flat issued by the Housing Board.
  • Original title deeds of the sight
  • Development Agreement between the owner of the site and builder.
  • Nil Encumbrance Certificate
  • Any other document stipulated by Legal Advisor / sanctioning authority
  Pre-Payment Charges
1) No prepayment charges, if the housing loan borrower makes payment from own savings / windfall gains for which documentary evidence is produced by the borrower.
2) 2% flat prepayment charges on prepaid amount if the borrower makes payment by borrowing funds from other sources.
3) 2% flat prepayment charges on prepaid amount if the borrower makes payment by take over by other banks / financial institutions
4) NO pre-payment charges for all housing loans with floating interest rates, new and existing.
Housing Loans above Rs.20.00 lacs
  Eligibility Criteria

 

 General
  • Age 21 to 65 years.
  • Repayment maximum 20 years ( including to excluding gestation period)
  • Gestation Period: For Construction of purchase of flats- Maximum 18 months or taking possession whichever is earlier.
  • Loan more than 20 lakhs are under non-priority

For houses/flats constructed by State Housing Boards: Maximum of 24 months or taking possession whichever is earlier.Accrued Interest has to be paid during the gestation period.

  • 80% of cost of construction OR 80% of Registration value for outright purchase as loan
  • Purchase of House: Age of the independent house should not be more than 25 years.
  • Age of the flat should not be more than 20 years.

 

  Salaried Persons
  • Maximum 48 times monthly gross income
  • Latest salary certificate and 3 years IT return.
  • Certificate from the employer regarding leftover service
  • Estimates and other related approved documents
  • Subject to 30% take home pay.

 

  Housing Loans for Agriculturists, Business & Self-employed persons
  • For  Agriculturists, four times of  gross annual income as per certificate issued by  the  competent  Revenue Authority, supported by evidence of  land  holdings
  • 4 times the gross annual income (48 times of monthly income)
  • Income Tax Returns
  • Auditor Certificate
  • Estimates and other related approved documents
  • Maximum area-wise quantum of loan for acquisition or construction of new dwelling units is – rural  – 25 lacs, semi-urban – 75 lacs, Urban – 150 lacs and Metro – 250 lacs.

 

 Quantum of  finance  for  repairs/ renovation
Age  of  HouseQuantum (max)
Upto  5 years

Rs.2.00 lacs

Above  5 years & upto 25  years

Rs.8.00 lacs

 

  Income Proof
EmployeesAgriculturistProf. & self employed
Last pay certificate, Form 16 issued by the employer/ IT Returns/ Assessment ordersIncome Certificate by competent Revenue Authority in respect of  income from agricultural and allied activitiesIncome proof for the last 3 years supported by financial statements signed by Chartered  – income tax returns /assessment orders

 

 

 

  • Property statements of applicants and coobligant.
  • Location sketch of the proposed house/flat.

 

  In case of purchase
  • Agreement for sale between vendor and purchaser
  • Name and address of the vendor and purchaser
  • Copies of prior documents of title to the property in possession of the vendor along with tax receipts
  • Authorization letter to receive original title deeds on registration from Registrar of Assurances.
  • Receipt of delivery issued by Registrar of Assurance to deliver the original title deeds.
  • Original receipts for the payment to builder/vendor.
  • Copy of the approved plan and a letter from the vendor about the age of the house/flat.
  • Certificate from the Approved Engineer about the present value, condition and life of the house/flat.
  • Original deed of conveyance of land, conveying the individual / proportionate share of land along with agreement for construction.
  • Layout approval plan

 

 In case of construction
  • Copy of the approved plan.
  • Detailed estimate of construction.
  • Allotment letter of the house / flat issued by the Housing Board.
  • Original title deeds of the site
  • Development Agreement between the owner of the site and builder.
  • Nil Encumbrance Certificate
  • Any other document stipulated by Legal Advisor / sanctioning authority

 

 Housing Loans to Non-Resident Indians (NRIs)
Housing Loan to Non-Resident Indians or  Indian Origin residing outside India, for acquisition of a residential commodation in India, subject to the following conditions, namely:
  • The quantum of loan, margin money and the period of repayment shall be at ar with those applicable to housing finance provided to a person in India;
  • The loan shall be fully secured by equitable mortgage of the property proposed to be acquired, and if necessary, also by lien on the borrower’s other assets in India;
  • The installment of loan, interest and other charges, if any, should be paid by the borrower by remitting from outside India through normal banking channels or out of funds in his Non-resident External (NRE) / Foreign Currency Non-resident (FCNR) Non-resident Ordinary (NRO) account in India, or out of rental income derived from renting out the property acquired by utilization of the loan;
  • The rate of interest on the loan shall conform to the directives issued by Reserve Bank of India or, as the case may be, by the National Housing Bank.

 

  Pre-Payment Charges
1) No prepayment charges, if the housing loan borrower makes payment from own savings / windfall gains for which documentary evidence is produced by the borrower
2) 2% flat prepayment charges on prepaid amount if the borrower makes payment by borrowing funds from other sources
3) 2% flat prepayment charges on prepaid amount if the borrower makes payment by take over by other banks / financial institutions
4) NO pre-payment charges for all housing loans with floating interest rates, new and existing.