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Housing loan

Loans to fulfill your dream....
... to own a home...sweet home . !

Planning to own a home is one of life's most rewarding challenges.
Plan building a home / buying a flat.
Leave the financing to us.
We have the right housing finance scheme for you..
  • a. Purchase of a ready built house / flat.
  • b. Construction of house / flat.
  • c. Purchase of a site and construction of a house thereon. However, loan for the purchase of only site shall not be considered. 
  • d. For undertaking repairs, renovation, upgradation, creation of additional amenities with a ceiling of Rs. 15.00 Lacs in case of repairs & renovations.
  • e. For acquiring second house/flat where the borrower is already having a House/flat with or without loan.
  • f. For taking over of the HL liability from :
    . All Public Sector Banks/Private Sector Banks
    . NBFCs rated externally as A & above after ensuring that assessment by the NBFCs is acceptable and confirms to Banks policy guidelines.
  • Salaried individuals confirmed in the service with a minimum service of 3 years.
  • Individuals engaged in business / professionals and self-employed persons. Such applicants should have been in the business/profession for a minimum period of 3 years.
  • A guardian on behalf of a minor, by declaring the date of Birth of the minor.
  • The age of the borrowers should not be more than 55 years at the time of availing the loan.
  • Persons above the age of 55 years are also eligible subject to certain stipulations.

We finance upto:

  • 4 years of gross salary to salaried individuals.
  • 4 years' gross annual income to individuals engaged in business or to self-employed persons.
  • Selectively loan upto 5 years' gross salary/ income also permitted
  • Rs.15.00 lacs for repairs / renovations.
Amount of Housing Loans New House / Flat Old House / Flat
Upto 10 years old > 10 years old
Upto Rs. 30.00 Lacs 10% 20% 25%
Above Rs. 30.00 Lacs & upto Rs.75.00 Lacs 20% 20% 25%
Above Rs. 75.00 Lacs 25% 25% 25%
 
  • However In case of Repairs & Renovations, Expansion of existing unit, Upgradation and creation of additional amenities, a uniform margin of 25% will apply.
  • In case of Second/subsequent House--Margin 25%
  • Mortgage of House / Flat
  • In convenient equated monthly instalments upto 30 years or borrower attaining age of 70 years whichever is earlier (subject to conditions).
  • Nominal processing fee of 0.50% (Min Rs.1500/- and Max. Rs.10,000/-) is charged.
  • At your choice. In case of take over of liability by other banks / HFIs, no prepayment penalties in respect of Housing Loans carrying floating rate of interest.
  • Stipulated Loan Application with 2 passport size photos of applicant / guarantor
  • Sale Deed
  • Agreement for Sale
  • Copy of the approved plan for the proposed construction / extension / addition
  • Detailed cost estimate / valuation report from Bank's Panel Chartered Engineer / Architect
  • Allotment letter of Co-operative Housing Society / Apartment Owners' Association / Housing Board / NOC from the Society / Association / Builders / Housing Board
  • Legal Scrutiny Report, EC for the past 13 years, Property Tax paid receipt, Khata and permission for mortgage, wherever necessary
  • Salary Certificate and Form No.16 (in case of salaried persons)
  • IT Returns filed for the past two years (in case of non-salaried persons)
  • A brief note on the nature of business, year of establishment, type of organization, etc., (in case of self-employed)
  • Balance Sheet and P&L Account for the past three years (in case of self-employed)

For more details, please visit our nearest branch or call to toll free no. 1800 425 0018.

Frequently Asked Questions on Housing Loan Scheme

Click here to see details of approved housing projects

Click here to see Applicable Rates of Interest

Click here to see E M I Calculator

Click here to see Facility of On-Line Application

Options from our existing Floating rate HOUSING LOAN borrower/s to switch over from the existing rate of interest under FLOATING BPLR/BR regime to the current reduced card rates under MCLR regime