|Purpose / Objective||For purchase of House Site on ownership basis; House site should be located in layout which is approved by Competent Authority|
|Eligibility||Minimum entry age is 18 years and maximum exit age is 60 years|
|Amount of Loan||*30 times of Gross Monthly Income; |
The cap on Plot Loan per borrower has been fixed as under:
*For purchase of property in Rural area : Rs. 50.00 lakhs
*For purchase of property in Semi-urban area : Rs. 100.00 lakhs
*For purchase of property in Urban area : Rs. 200.00 lakhs
*For purchase of property in Metro : Rs. 300.00 lakhs.
|Margin||25% on Land cost |
|Processing fee||1.15 % on Loan amount (presently waived)
|Interest Rates||Please see the Lending Rates link on home page
*Construction of house has to commence within 2 years from the date of availing the loan / from the date of handing over possession by the Government Housing Development Agency, as the case may be, otherwise higher Rate of Interest will be charged for the delayed period.|
|Repayment||Maximum 180 EMIs (No Holiday Period) |
|Security||* Equitable Mortgage of Property purchased out of loan proceeds.
* Equitable Mortgage to be registered (at Applicant’s cost) if there is a provision for the same in the State where property is located. |
|Documents to be submitted for processing the application||As detailed in our Home Loan product.
All the applicable/relevant documentary evidences are to be submitted|
|Value added||Group Insurance cover:
* At the option of the applicant, Group Insurance Life Cover is arranged at concessional premium (to be borne by the Applicant).
* The Premium amount will be financed as a seperate loan instead of financing as a part of the loan.|