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) 18 months for
construction of new house
2) 12 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
@0.35%.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