Purpose
• To provide housing finance to Public in general for the following purposes
• For construction of new house / flat.
• For outright purchase of house / flat (New or Old).
• For repairs / renovation of the existing house / flat
• Home Conversion Loan.
• Land Purchase Loan.
• Bridge Loan.
• Stamp Duty Loan.
• Refinance Loan Scheme.
• Take over of housing loan from other bank/ institution.
• Additional loan on account of escalation of cost / for expansion etc.
Eligibility
• Salaried persons, professionals / Businessmen having sufficient disposable income to meet the repayment. The employment should be in State / Central Govt., Public or Private Sector Companies, Establishments of repute. The sanctioning authority should be satisfied about repaying capacity of employee.
• Farmers having minimum five acres of irrigated land holding.
• Non Resident Indians are also eligible for the loan.
Age Criteria
• Minimum: 21 years
• Maximum: 50 years in case of salaried persons.
• 55 years for applicants others i.e. Business , professionals etc.
Quantum of Loan:
For salaried class
• Equal to 50 times of monthly gross salary or 60 times of net monthly salary whichever is higher - or
• 85% of the cost of house / flat to be purchased / constructed (including registration and other essential charges i.e. Electricity Deposits, Mortgage charges etc.) Loan eligibility will be minimum amount of (a) and (b) above.
