Housing Loans
Scheme for financing 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 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)
| Housing Loan Upto Rs.75 Lakh | 20% |
| Housing Loan Above Rs.75 Lakh | 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 purchased/created out of bank finance.
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
|
Particular |
Loan UptoRs 30 Lakh |
Loan Above 30 Lakh and upto 75 Lakh |
Loan Above 75 Lakh |
|||
|
Women |
Other |
Women |
Other |
Women |
Other |
|
|
All |
7.40% |
7.45% |
7.50% |
7.55% |
7.60% |
7.65% |
Processing Charges/ Upfront Fee
Presently : As per Bank’s guidelines time to time.
Documentation Charges
Presently : As per Bank’s guidelines time to time.
Above are only salient features of the scheme. For details please contact nearest branch
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 Lakh. Subject to maintaining Loan to Value ratio (LTV) and repaying capacity
Margin (Borrower`S Contribution)
|
Loan up to Rs. 20 Lakh |
10% |
|
Loans above Rs. 20 Lakh |
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 Lakh.
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 NHB in maximum of four installments.
Credit Linked Subsidy
The subsidy is available at the rate of 6.5% upto loan amount of Rs. 6 Lakh 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 Lakh and additional loan beyond Rs.6 Lakh, 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 created/purchased out of bank finance.
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
As per Bank’s guidelines time to time
Processing Charges/ Upfront Fee
For loans uptoRs. 6 Lakh NIL
For Loans above Rs. 6 Lakh
Documentation Charges
Nil
Above are only salient features of the scheme. For details please contact nearest branch
May I Help You?
