| Eligibility |
Salaried employees , Professionals like Doctors Lawyers, Engineers , Chartered Accountants, Self –employed persons. Group of Individuals , NRIs, PIOs, HUF, Prop. Firm. Partnership Firm and Corporates(for purchase/construction of houses/flats for their employees). |
| Purpose |
- To Purchase / construct house / flat
- To renovate /extend / repair existing house /flat
- To purchase a plot of land and construction of house. (Composite Loan)
- To acquire household articles along with house / flat for furnishing the house /flat
- To take over housing loans extended by other banks/FIs /NBFCs
|
| Quantum of Loan |
For Construction/ Purchase of a house/ flat –
- At Metros (Mumbai/Delhi/Kolkata/Chennai) – Rs.500 lacs. Other Places Rs.300 lacs.
- For repair/renovation / extension /addition to house / flat – Rs 50 lacs.
- For purchase of a plot – Rs 100 lacs (part of composite loan)
-
For furnishing the house / flat -15% of Home loan, max. Rs 5 lac.
|
Loan eligibility : |
- Salaried employees : 72 times of gross monthly salary or 6 times of gross annual income based on I.T.Returns
- Self –employed Professionals /Individuals engaged in Trade / Commerce / Business : 6 times of gross annual income based on I.T. Returns
- HUF/ Proprietorship / Partnership Firm / Company ; 6 times of cash accruals (PAT + Depreciation) as per their balance Sheet / P&L account
|
Other stipulations : |
- In case of Individuals : Net take home pay/Income (net of EMI on proposed Home loan) Min.40% of Gross pay/income
- In case of HUF/ Prop / Partnership firm / Company/DSCR: Min 1.5
|
| Margin : |
| |
1st House |
2nd & subsequent house |
| For limits upto Rs 20 lacs |
20% |
25% |
| For limits over Rs 20 lacs upto Rs 50 lacs |
25% |
30% |
| For limits over Rs 50 lacs |
30% |
40% |
of the project cost, i.e. cost of construction / acquisition /renovation/ extension /repair etc.
cost incurred for purchase of plot and / or Pledge of liquid securities like Bank TDRs /NSCs/ KVPs etc. (to the extent of face value only) can be treated as margin. |
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Repayment : |
Maximum 20 years including moratorium period of 18 months in equated monthly installments
Progressive / Step-up EMI also permitted. |
| Processing charges |
- For Individuals - For Loans upto Rs.25 lacs One time @ 0.50% of loan amount – min.
Rs.4000/- and max. Rs.10,000/-
For Loans over Rs.25 lacs upto Rs.75 lacs - One time flat Rs.20,000/-
For loans over Rs.75 lacs upto Rs.300 lacs - One time flat Rs.25,000/-
For loans over Rs.300 lacs - One time flat Rs.50,000/-
- For Firms/Corporates - charges double that of Individuals
- For Rural Areas - 75% of charges that of applicable to individuals for borrowers of rural areas from Rural Branches.
|
| Conversion Charges |
For switch over from fixed to floating or vice-versa:
i. Fixed to Floating ROI:@0.25% p.a on o/s balance for the remaining maturity of the loan;
(Maximum Charge :2.10% of the outstanding balance ) |
| Documentation charges |
Rs.1000/- |
| Other Charges |
Charges applicable in case of deviation of Rs.5,000/- per deviation from scheme norms. Stipulated charges for availing switch over from floating to fixed and vice versa. |
| Rate of Interest
|
Floating-p.a at monthly rests (Under Festival Offer valid upto 31.03.2012):-
|
Upto 5 years |
>5 -10 years |
>10-15 years |
>15-20 years |
Upto Rs.25 lacs |
Base Rate |
Base rate |
Base Rate |
Base Rate |
>Rs.25 lacs to Rs.75 lacs |
0.25% >BR |
0.25% >BR |
0.25% >BR |
0.25% >BR |
>Rs.75 lacs |
0.75% >BR |
0.75% >BR |
0.75% >BR |
0.75% >BR |
Rate of Interest –Floating (Normal Rate of Interest)
|
Upto 5 years |
>5 -10 years |
>10-15 years |
>15-20 years |
FOR LIMITS UPTO RS.25 LACS: |
Base Rate |
Base Rate |
0.25%>BR |
0.25%>BR |
FOR LIMITS OVER RS.25 LACS BELOW RS.75 LACS : |
0.25%>BR |
0.50%>BR |
0.75%>BR |
1%>BR |
FOR LIMITS OF RS.75 LACS & ABOVE |
0.75% >BR |
1%>BR |
1.25%>BR |
1.50>BR |
Interest on daily reducing balances. Interest applicable to residents as well as non-residents. |
| Present Base Rate is 10.75% p.a. w.e.f 28.07.2011 |
Salient Features –
- Higher loan eligibility ; * Flexible EMI ; * Competitive Interest Rate;
- No 3rd Party Guarantee – where mortgage is available before disbursement;
- Free Personal Accident insurance Cover (Death and Permanent disablement);
- Optional Life Insurance Cover from Star Union Dai-ichi LIC Ltd;
- No Pre-Payment charges[Pre-Payment charges in case of take over of accounts abolished w.e.f 16.12.2011];No hidden charges;
- No Administration fees ;* No commitment charges;
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