Housing Loan

Housing Loans

Maximum Amount	Rs. 1,40,00,000.00 (per dwelling unit)
Repayment Period	Maximum 240 EMI.
Interest Rate	Please refer ‘Interest Rates’ on this site.

Term Loans under this segment shall be sanctioned, for the following purposes:-

Purchase of Flats / Houses / dwelling units.
Construction on plot of ‘Land’ owned / possessed by the applicant.
Carrying out re-construction/ alterations / renovations in existing property owned / possessed by the applicant

TERMS & CONDITIONS:-

Loans shall be sanctioned against the ‘Equitable Mortgage’ / Security of property.
Bank may also accept other securities having adequate value such as LIC Policies, NSCs, or any other security as the Bank may deem fit or find appropriate.
Bank may allow Moratorium Period, as per merit of the case. However, Moratorium Period shall be either up to the date of completion of construction or 18 months from the date of disbursement of Ist instalment of loan, which ever is earlier.
The Housing Loans shall be sanctioned only to the individuals in whose name the property is registered or shall be registered, in case of purchase.
The Bank keeping in view the merit of each case shall decide the amount of margin. However, in cases of loans applied for purchase of property, a minimum margin of 10% of the consideration amount shall be kept / ensured.