Home Loan

Title Norms
Purpose Construction of own house / Purchase of ready built house/flat/resale flat / takeover of housing loans from other banks/institutions
Eligibility Salaried Employees / Businessmen / Professionals
Limit of loan Per Beneficiary Max Rs. 25 lac
Basis of Advance i) 70% of Cost of flat +Stamp Duty +Registration OR Cost     of land & construction thereon
ii) Salaried : Max 60 times of the Avg net take-home salary
Businessman : Max 5 times of Avg Net cash accruals
i) or ii) stated above whichever is lower
Repayment Period Maximum 20 years for salaried class- holiday for repayment of   principle upto 12 months
Businessmen : Max 15 years
Step-up repayment/ bullet repayment option
Rate of Interest
Loan Amount Floating
Upto Rs. 25 lac 10%
Above Rs. 25 lac 11%
Processing fees 1% of sanctioned amount or ` 50000/- which ever is less.
Shareholding 2.50% of loan amount
Security Equitable/ legal Mortgage of house property to be purchased.
Top up loan Max Rs. 25 lac
Repayment period subject to max. 7years
Loan for construction of house 1. The cost of the land should not exceed 65% of total     cost of project.
2. Construction should be completed within 24 months
Conversion From Fixed to floating or vice versa option available
Documentation 1. Prescribed application form with photo identity and     residence proof of Applicant and Guarantor (if any)
2. Income proof a) or b) as applicable
    a) Salaried: salary slip for last 3 months and bank     statement for last 6 months, ITR & form 16 for 3 yrs
    b) Businessman: Profit & loss , ITR copies and Balance     sheet of last 3 yrs, 6 month bank statement.
3. Legal Documents for creating mortgage as per     requirement