| Housing Loan for 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. |
|
| Eligibility |
Individuals or group of individuals (co-borrowers) who are having an assured source of regular income viz. Salaried employees, Professionals, Self Employed persons, businessman, farmers etc. Staff members are also eligible under Public Scheme. |
| Quantum of Finance |
| For Construction/Additions/Purchase of House/Flat: Need based loan depending upon the project cost and repaying capacity of the borrower. |
| For purchase of Land/ Plot for construction of House Building: Maximum Rs.50 lac. |
| For repairs / renovation / alterations: Maximum Rs. 25 lac. |
| Cost of furnishing may be included in the project cost with maximum upto 10% of eligible Home Loan or Rs. 5.00 lakh whichever is lower, within the prescribed Loan to Value (LTV) ratio. |
|
| Margin (Borrower`s contribution) |
| Sanction |
Limit Margin |
| Housing Loan Upto Rs.75 lac |
20% |
| Housing Loan Above Rs.75 lac |
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. Acquisition cost of Plot be considered towards Margin Money. |
|
| Security |
Equitable/registered mortgage of the property in question. |
| 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. |
| 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 |
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| Processing Charges/ Upfront fee |
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| Documentation Charges |
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