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 lakh for State Capitals and Metro and Rs. 50 Lakh for other centers; (Higher amount may be considered on individual merit of case)
• For repairs / renovation / alterations: Maximum Rs.25 Lakh.
• Cost of furnishing may be included in the project cost with maximum upto 10% of eligible Housing loan with a maximum upto Rs.25.00 Lakh.

Margin (Borrower`S Contribution)

• 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

Processing Charges/ Upfront Fee

Presently : Nil

Documentation Charges

Presently : Nil

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 Lakh. Subject to maintaining Loan to Value ratio (LTV) and repaying capacity

Margin (Borrower`S Contribution)

PURPOSE

• For acquisition/ construction of house (including re-purchase) of 120 square meters and 150 square meters carpet area (Area enclosed within the walls, actual area to lay the carpet.
• This area does not include the thickness of the inner walls) as per income eligibility with basic civic infrastructure like water, toilet, sanitation, sewerage, road, electricity etc.
• Loans considered for Repair/ Renovation/ Extension will not be eligible for subsidy under the Scheme. Dwelling units of larger carpet area will not be eligible for Subsidy.

Coverage

All Statutory Towns as per Census 2011 and towns notified subsequently will be eligible for coverage under CLSS for MIG.

Eligibility

• Individuals from Middle Income Group (MIG) category. Joint owners from the same family are also eligible.
• MIG I households - households having an annual income above Rs. 6,00,000 (Rupees Six Lakhs) and up to Rs.12,00,000 (Rupees Twelve Lakhs). MIG II households - households having an annual income above Rs. 6,00,000 (Rupees Six Lakhs) Rs. 12,00,000 (Rupees Twelve Lakh) and up to Rs. 18,00,000 (Rupees Eighteen Lakhs).

Beneficiary Family

• A beneficiary family will comprise of husband, wife, unmarried sons and/or unmarried daughters. An adult earning member (irrespective of marital status) can be treated as a separate household;
• Provided that he / she does not own a pucca (an all weather dwelling unit) house in his / her name in any part of India.
• Provided also that in the case of a married couple, either of the spouses or both together in joint ownership will be eligible for a single house, subject to income eligibility of the household under the Scheme.

Quantum Of Finance

Need Based as per the existing housing loan scheme to public.

Margin (Borrower`S Contribution)

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 Lakh.

Disbursement

As per extant housing loan scheme to public. However disbursement should be made in not more than 9 installments depending upon the progress of construction, as Subsidy will be released to the Bank by the NHB in maximum NINE installments.

Credit Linked Subsidy

• Subsidy will be available only for loan amounts indicated above and additional loans beyond the aforesaid limit, if any, will be at non-subsidized rate.
• The Net present value of the interest subsidy will be calculated at a discounted rate of 9%.
• 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 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

36 months from the date of disbursement of first installment of the loan; Whichever is earlier, subject to interest being collected on monthly basis (as and when debited) during the moratorium period.

Rate Of Interest

Processing Charges/ Upfront Fee

Loan up to Rs. 9 lakh in MIG-I – NIL

Loan up to Rs. 12 lakh in MIG – II – NIL

Documentation Charges

For additional loan amount beyond the eligible loan amount as above– As per the existing housing loan scheme to public.

Eligibility

• Personal Needs: Employees of Central/ State Govt./ Schools/ Colleges/ Public Sector Undertakings (PSUs)/ Reputed Corporates and Other Income Tax Assesses, who are below the age of 60 years.
• Business Enterprise : Existing customers with a satisfactory track record of three years (cash profits during last three years and net profit in the immediately preceding year)

Income Criteria

• For salaried and other income tax assesses: Minimum net monthly salary of Rs.10,000/- for last three years (salaried class) or minimum net annual income of Rs.1,20,000/- (for other income tax assesses).
• For Business Enterprises: Minimum Net annual income/ Net Profit of Rs.120000/- and above.

Quantum Of Finance

• For Personal needs: Rs 1.00 Lakh to Rs 5.00 Lakh.
• For Business needs :Rs. 1.00 Lakh to Rs. 500.00 Lakh.

Assessment Of Limit

The assessment of limit will be carried out keeping in view three parameters as under and limit shall be fixed least of the followings:

• Maximum 75% of the realizable value of the property
• Maximum three times of Annual Gross Income /Gross Profit, whichever is lower (In case of Term Loan).
• Maximum Four times of Annual Gross Income /Gross Profit, whichever is lower (In case of overdraft).
• Maximum permissible deduction of Net Monthly Salary (NMS)/ Annual Net Profit after Tax (ANPAT) should be as under:

NMS/I – It is equal to {Gross Salary/ Income less Statutory Deductions such as Income Tax, Professional Tax, Other Tax Liabilities, PF etc.}

ANPAT - Annual Net Profit after Tax (ANPAT) will be arrived at after adding back depreciation and actual interest booked on all type of loans (Term loan, CC, OD etc.) excluding unsecured loans taken from relatives, friends etc., as per verifiable source such as Profit & Loss (P&L)/ Income & Expenditure/ Payment & Receipt etc., of the borrower(s).

All deductions for this purpose will include proposed mortgage loan installment, existing deductions (except statutory deductions), loan installments, actual interest on term loans, notional interest on full sanctioned limit of CC, OD etc. and should not exceed the prescribed ceiling.

Security

Equitable Mortgage of the unencumbered residential House/Flat or commercial or industrial property (in the shape of building/ Industrial Shed) self occupied or vacant

Repayment (Maximum)

Loan amount together with interest to be repaid in maximum 120 Equated monthly instalments (EMI) OR upto the age of 65 (applicable in case of Individual/ Sole Proprietorship), whichever is earlier.

In case of facility sanctioned in shape of Overdraft facility allowed on Monthly Reducing Drawing Power basis, Drawing Power be reduced every month to the extent of the principal component of the EMI calculated on full sanctioned limit by system itself

Prepayment Charges

NIL

Rate Of Interest

Processing Charges/ Upfront Fee

Presently - Nil

Documentation Charges

Presently - Nil