|Corporate Entities: –
Ø Public Limited Companies
|To Provide Home Loans for construction / acquisition of Residential Units in the name of the Company for residential / welfare accommodation of their Directors / Partners / Promoters / Employees.
· Should be in line of business for at least 3 years
· Should have earned uninterrupted Net Profit in last 3 FYs and should have positive net worth.
· It is to be ensured that existing loan accounts of the Company, if any, should be regular and standard and also should not have been restructured during the last three years.
· External Credit Rating of BBB & above
SPV/Subsidiary of Corporate Entities will also be eligible for availing loan under this Scheme provided:
· The Parent Company fulfils the above mentioned eligibility norms.
· The Parent Company agrees to stand as a Guarantor for Home Loan
· The estimated cash flow of the SPV/ Subsidiaries is sufficient to repay the EMIs or the Parent Company gives an undertaking to Service the Home Loan in addition to guaranteeing the loan.
|Nature of Facility
|For properties situated / constructed at: –
|Home Interiors / Furnishings as part of Project Cost
|10% of the cost of the house / flat will be permitted towards Interiors / Furnishings, viz., wardrobe, modular kitchen, floorings, fixtures, fittings etc.
However, the maximum loan amount will be restricted to the stipulated LTV ratio. For the purpose of calculation of LTV ratio, the cost of interiors / furnishings will be added to the Project Cost / Value of the property.
|Permissible Loan Amount
|The maximum permissible loan amount will be assessed on the basis of Lowest amount of the undernoted parameters:
· Maximum permissible LTV ratio.
· Minimum DSCR of 1.25 (inclusive of EMIs of the proposed Home Loan) as per the AFS of last 3 FYs.
· Loan amount applied for
|15 years maximum including moratorium period
|Upto 3 months in case of purchase of ready-built house and maximum 36 months in case of under construction house. However, interest should be serviced during the moratorium period.
|Geographic Location of the property to be acquired / constructed
|Home Loans under Scheme will be made available for acquiring residential property located within the Municipal Area of Metro and Urban/Semi Urban centres only.
|1. Equitable mortgage of the property to be acquired / constructed with the help of Bank finance and registration of mortgage, charge with Registrar of Companies and CERSAI within the stipulated time frame.
2. Personal Guarantee of Promoters / Directors / Partners.
3. The Company will not be permitted to extend charge on Housing Property, mortgaged to the Bank for Home Loan, for securing any other loans / advances from other Banks/FIs during currency of Home Loan. An undertaking in this regard will be obtained from the Company. However, the company may be permitted to extend second charge for securing any other loan / advance availed from our Bank. Extension of second charge will only be permitted if the Home Loan account is not under moratorium, security perfection has been done and Home Loan account is regular.
4. If the property is already mortgaged with our bank against financial / non – financial facilities and property is under approved plan for residential use, subject to compliance of margin and LTV norms, loan can be sanctioned
( Last modified on Oct 31, 2023 at 04:10:07 PM )