Housing Loan for Low Income

Minimal or Nil documented income
Lower Rate of Interest
Reducing Balance Interest Rate
No Prepayment penalty
Avail home loan for Repairs/ Renovation of house/flat
Housing loans upto Rs. 20.00 lakhs sanctioned and disbursed are eligible for Credit Guarantee Cover for the purchase or construction of first House.
Housing Loan Scheme to EWS/LIG/MIG category individuals with minimal or nil documented income or income proof but have digital footprints of banking

Purchase of a ready built house / flat
Construction of house / flat
Purchase of a site and construction of a house as per the eligibility
To extend an existing House, Repair/Renovate an existing House/Flat located in metro/urban areas.

Loan Quantum

For Home Loan

Maximum loan amount :

Metro Cities - Rs. 35.00 lakhs, subject to Max Project Cost of Rs. 45.00 lakhs
Other Cities: Rs 25.00 Lakhs, subject to Max Project Cost of Rs. 30.00 Lakhs

For Repair and Renovation:

Metro Centres: Rs. 10.00 Lakhs
Other Centres: Rs. 6.00 Lakhs

Equated Monthly Instalment /Net Monthly Income (EMI/NMI) Ratio

Net Annual income	Maximum EMI/NMI
Up to Rs. 3.00 Lakhs	30%
Above Rs. 3.00 Lakhs & up to Rs. 6.00 Lakhs	55%
Above Rs. 6.00 Lakhs & up to Rs. 9.00 Lakhs	60%

Maximum Number of Co-borrowers

Applicant with spouse and earning children (Maximum-4).

Annual income

Total annual income of applicant(s) (maximum 4) should not exceed Rs. 9.00 lakhs.

Processing Charges

Processing charges are waived for the loans sanctioned under the scheme

Repayment Tenure

Maximum: 25 years (300 Months) *

* Subject to full repayment before the youngest earning borrower attains the age of 70 years.

Margin

Loan Amount	New House/ Flat	Old House/Flat
		Upto 10 years old	>10 years old
Upto Rs. 25.00 Lakhs	10%	10%	25%
Above Rs. 25.00 Lakhs and upto Rs. 35.00 Lakhs	20%	20%

Property Insurance

Compulsory insurance of House/ Flat against risk of fire, lightning, riots, earthquake, floods etc

Guarantee Coverage

Housing loans upto Rs. 20 lakh sanctioned and disbursed to eligible beneficiaries/ borrowers under this scheme for construction or purchase of first house with a carpet area upto 60 Sqm are eligible to cover under Credit Risk Guarantee Fund Trust for Low Income Housing Scheme (CRGFTLIH Scheme)
Home Loans granted to borrowers under EWS (annual household income up to Rs. 3 lakh) and LIG category (annual household income up to Rs. 6 lakh) are eligible for Guarantee Coverage.

Individuals with a source of income either having minimal or no documented income or income proof but have digital footprints of banking and other economic activities.
A satisfactorily maintained Running Bank Account / UPI transaction history for a minimum period of 24 months.
Eligible customers in metro/urban areas includes:
- Salaried/Non-Salaried Class
- Small traders, shopkeepers, Skilled and Semi-Skilled workers/ artisans in unorganized sector;
- Members of SHGs, beneficiaries of PM SVANidhi, PM Vishwakarma, Mudra, Stand Up India;
- All beneficiary groups under PMAY-U 2.0.
Entry age of the borrower shall be 21 years for availing the loan and maximum age is 60 years
CIC Score of 650 & above

Stipulated Loan Application with 2 passport size photos of applicant / Co-applicants or guarantor.
KYC documents of applicant/ Co-applicants or guarantor.
Proof of Identity
PAN CARD/Driver’s License/Voter ID /Passport/ Aadhar Card etc.
Proof of Residence
- Driver’s License/Voter Id/Passport / Aadhar Card / Electricity Bill/Telephone Bill etc., /Business Proof related GST and others.
- Age proof of the applicant/ Co-applicants.
- PAN card (photo copy).

Documents required based on the loan purpose:

For Construction of House	For purchase of Ready-Built House	For purchase of Flats
Title deeds of the property and link documents for the last 13 years.	Title deeds of the property and link documents for the last 13 years.	Title Deeds of Builder for last 13 years.
Encumbrance Certificate for past 13 years.	Encumbrance Certificate for past 13 years.	Encumbrance Certificate for past 13 years.
Khata Certificate/ Khata Extract	Khata Certificate/ Khata Extract.	Khata Certificate/ Khata Extract.
Upto date tax paid receipts of the property.	Upto date tax paid receipts of the property.	Upto date tax paid receipts of the property.
Copy of the approved plan for the proposed construction / extension / addition.	Copy of the approved plan	Sketch of Flat
An affidavit-cum-undertaking that applicant shall not violate the sanctioned plan, construction shall be strictly as per the sanctioned plan.	An affidavit-cum-undertaking from the applicant declaring that the built up property has been constructed as per the sanctioned plan and/or building bye-laws	Sanctioned Plan & License from competent authority.
Completion Certificate (within 3 months of completion of construction).	Completion Certificate.	Copy of Occupancy Certificate by Local Authority.
Allotment letter of Co-operative Society/Housing Board (wherever applicable)	Agreement of sale of property.	Agreement of Sale with Applicant.
In case of allotment of a plot by the Society, documents to be submitted are as follows Extract of the Resolution Bye laws of the Society Payment receipts(original) Share Certificate(original) Title Certificate Property Register card extract Building Commencement Certificate.		Original Registration Receipts Original Stamp Duty Receipts (if any) Original receipts issued by the Builder to the Purchaser of the flat Certified copy of the Building commencement certificate Builder’s Demand Notice Property Register card extract
NOC from Society/Association/Builder/Housing Board (Wherever applicable).		NOC from Banker of Builder (wherever Project finance has been availed by the builder)
Copy of Lease Deed (wherever applicable)	Copy of Lease Deed (wherever applicable)	Original Sale Deed executed by builder in favour of purchaser
	KYC documents of seller of property.