Purpose
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✔ TL for acquisition/construction of new/old flat up to two houses.
✔ Age of the old flat/house should not exceed 25 years.
✔ Scheme also permits loan for construction of additional rooms/first floor/second floor on the already owned houses Loan shall be considered for purchase of plot subject to the cost of plot
✔ Rural Area-Cost of the plot does not go beyond 30% of the eligible loan amount in semi urban and rural area.
✔ Metro & Urban Area-60% of FMV of the land or 60% of purchase price or 60% of eligible loan amount, whichever is less
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Eligibility
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✔ Individual severally and as group of individuals having independent disposable income from salary/profession/agriculture/trade/business.
✔ Salaried Class- Confirmed Service & Min 2 Years ITR for Loan & take home pay Norms or
✔ Min 6 Months latest Salary Slip,
✔ Self Employed/Businessman/Professional
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Age Criteria
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✔ Maximum age at the time of availing the loan should not exceed 60 years
✔ If the applicant has crossed 55 years, his/her spouse or legal heirs should be included as obligant
✔ Loan to be liquidated before 1st applicant attains 70 Yrs
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Arrival of
quantum of
loan for new
flat/house based on
LTV ratio
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The value of the property to be purchased shall be arrived based on the lower of the following values:
(i) Cost of the house/flat, excluding stamp duty, Registration charges and other documentation charges, mentioned in agreement to sale
AND
(ii) Current Fair Market value as per the latest valuation report.
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Quantum for
Old
house/flat
based on
LTV ratio
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The value of the property to be purchased shall be arrived on the lower of the following:
(i) Cost of the house/flat mentioned in the agreement to sale.
AND
(ii) Fair market value as per the latest valuation report.
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Repayment
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Maximum 30 years including maximum holiday period
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Holiday
Period
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✔ New House Flat -18 months from the date of disbursement of first instalment of loan or Completion of construction whichever is earlier. Old houses/flat -up to 3 months.
✔ Purchase of Flat Under Construction for Individuals
Depending on no. Of Floor |
Maximum Moratorium |
Upto 7 Floors |
24 Months |
>7 &<= 14 |
30 Months |
>14 &<= 21 |
36 Months |
>21 |
48 Months |
Max 36 Months- Branch Discretion |
Max 48 Months-RLCC (Esp. High Rise Building) |
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