Retail Loans

Purpose

• Purchase of new/old residential unit (house/ flat/villa/apartment etc.)
• Construction of residential unit on existing non agriculture plot.
• Purchase of non-agricultural plot and construction of residential unit thereon
• Repairs/ improvements/ extension of the existing residential property.
• Take-over of housing loan availed from another bank / FI
• Completion of under construction residential unit.

Eligibility

• Indian Citizens or NRIs
• Minimum age is 21 years & maximum age is 65 years
• Individuals may apply singly or jointly with other individuals

Quantum of Loan

• No maximum limit for quantum of loan for construction/outright purchase
• For salaried individuals: Maximum loan upto 60 times of gross monthly salary slip/pension payment order
• For agriculturists: Maximum loan upto 5 times of gross annual income
• For non-salaried individuals: Maximum loan upto 5 times of average gross annual income of last 2 years
• Maximum limit for repairs is Rs.30 lakhs

Your Share/Margin

• Minimum 10-15% of total project cost
  *10% for urban properties & semi-urban properties.
  *15% for rural properties

Moratorium Period

• Till completion of construction or 18 months from the date of disbursement of 1st installment
• Maximum moratorium period for repairs - 12 Months

Repayment

• For construction/outright purchase: Maximum upto 30 years
• For repairs/renovation: 15 years

Repayment Methods

• For salaried/business people: EMIs
• For agriculturists: Quarterly, Half-Yearly or Yearly Installments

ROI & Processing Fee

• *Processing charges: Nil up to 31.03.2024

Prepayment Penalty

• In case of takeover of loans by other Banks/FI: 1.00% on outstanding balance as on date of closure
• In case of pre-closure from own verifiable sources: Nil
• No Pre-payment penalty

Security

• Primary Security
  • Mortgage of house/flat financed by the Bank
  • Upto 115 to 125% of the loan quantum in select cases
    *115% for urban/semi-urban properties
    *125% for rural properties
    
• Collateral Security
  • Nil

Guarantee

• Guarantee from a local person with worth 150% of the loan quantum must be obtained for rural properties
  • For salaried from state Govt/GOI/PSB & other Govt. employees guarantee not required.
  • In case of pensioners, guarantee is required from a local resident with a worth greater than 150% of the loan amount

Insurance

• Property should be comprehensively insured for an amount not less than the value of the property (less cost of land), covering all risks with Bank clause

Sustenance norm

• 30% of gross monthly/gross annual income is to be set aside for the purpose of regular sustenance of borrower &his/her family.

***CIBIL Min:600
-1& new to CIBIL also be accepted.

Others:

*** For outright purchase of existing residential flat, ceiling age of the construction at the time of loan sanction is 20 years or lesser and max loan tenure is 20 Years.

***For outright purchase of residential building, age of the building should be 25 years or lesser & max loan tenure is 30 Years.