Housing Loan
Type of loan
|
Long term
loan – Non-agriculture.
|
Method of
Repayment
|
EMI / Non-EMI
|
Purpose
|
Construction/ Repair / Outright purchase of houses
|
Eligibility
criteria
|
Individuals.
|
Scale of
finance
|
Not
applicable.
|
Limit of loan
|
Rs:30 Lakhs
or 80% of estimated cost whichever is less.
|
Margin
|
20%
|
Mode of
sanction
|
1)
3 installments for new house (20%, 50% and 30% of sanctioned amount.)
2) 2 installments for repair (50% each)
3) Single installment for outright purchase.
|
Holiday
period
|
1)
12 months for construction of new house
2) 6 months for repair of existing house
3) No holiday period for outright purchase.
|
Repayment
period
|
300 Months.
|
Rate of
interest
|
As per
interest structure.
|
Penal
Interest
|
2% for
overdue installments. When the loan becomes fully overdue 2% of additional
interest on contract rate is charged.
|
Charges
|
1)
Up to 50000 service charge is collected @0.25% of total Loan amount
sanctioned. Above 50000 it is @0.5%.this is credited under the head HO
miscellaneous income.
2) Risk fund @0.25% of loan amount is collected from the
loanee with a minimum of Rs: 100 and a maximum of Rs:525. Risk fund collected
is kept under Suspense Liability and once in a month transferred to HO.
|
Subsidy/Re-finance
|
Nil
|
Security
|
Mortgage
security.
|
Insurance policy for estimate amount for 15 years should be submitted