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Home Loan |
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| Overview: |
| Target Audience |
| Home loans are offered to following individuals basically to own a residential property in India. |
- Salaried
- Professionals
- Self-employed
- NRI's
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| Purpose |
- Purchase of a plot of land and Construction of a house thereon
- Construction of a house on plot of land already owned
- Purchase of a new house / flat
- Purchase of old house / flat. The residual age of the property as confirmed by our certified valuers should not be less than 30 years (Home Acquisition Plan)
- Extend /Renovate/Repair of a house or flat already owned by self (Improvement/Extension Plan)
- Take-over of existing Housing Loan
- Loan takeover with additional refinance
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| Eligibility |
| Salaried Individual |
| Age (years) |
Minimum-18, Maximum-Age of Superannuation |
| Work Experience |
Minimum 2 years |
| Clubbing of Income |
Income of spouse/parents/child permitted |
| Self-employed Individual/Professional |
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| Features |
| Normal Product |
| Loan amount |
80% to 85% of property value |
| Tenor (Repayment period) |
Maximum 20 years |
| Minimum Property Value |
Rs. 5,00,000/- |
| Geographic limits |
The property should be located within 50 Km radius of nearest Branch/RAC. |
| Extension or Renovation plan |
| Take over with/without additional refinance |
| Note : The loan amount not to exceed 80% of the cost of property or the eligibility as per the income norms which ever is lower. |
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| Documentation |
| These are the documents required for sanctioning a loan. |
| Salaried Individual |
| Proof of identity (Either one of these) |
Passport & Photograph
Voter's ID & Photograph
Driving License & Photograph
Pan Card & Photograph |
| Proof of income (Either one of these) |
Last 3 months Salary Slip
FORM 16 |
Last 3 months Salary Slip
FORM 16 |
Ration Card
Passport
Latest Electricity Bill
Latest Telephone Bill |
| Bank statement (where salary is credited) |
Last 6 Months Bank Statement |
| Guarantor form |
If applicable |
| Self-employed Individual/Professional |
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| Interest/Charges* |
| Interest Rates |
| Home loan normal product/Extension or renovation plan*/Take over loan |
| Sr. No. |
Type |
Loan amount (Rs.) |
Effective ROI (% p.a.) |
1. |
Floating |
Up to 30 Lacs
Above 30 Lacs |
As per effictive RPLR of financial institute |
2. |
Fixed |
Irrespective of the loan amoun |
As per effictive RPLR of financial institute |
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*Fixed rate not applicable
*As applicable with all the leading financial instituations.
Refinance/top up component priced at 0.5% below MRR
*Property Insurance : Mandatory
Charges
- Processing Fee – as applicable
- Prepayment penalty - Nil
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