Purpose :
- For construction / acquiring of new or existing house/flat not older than 30 years.
- For extension in the existing house/flat.
- For repairs / renovation / alteration of existing house / flat.
- Finance may be granted for purchase of plot obtaining declaration from the borrower that
he/she/they undertake to construct the house on the plot within the period of two years.
Eligibility :
All Permanent Employees of Central/State Governments, PSUs of Central Government
Quantum of loan
- 90% (for loans up to Rs.20 lakh) 80% (for loans above Rs.20.00 lakh and upto Rs. 75 lakh) and 75% (for loans above Rs.75 lakh) of the cost of construction / purchase of new / existing home/flat or cost of extension of existing home/flat,(including cost of land)
- 75% of the cost of repairs/renovations/alterations of existing house/flat subject to a maximum of Rs.10.00 lakh
- 75% of the cost (registered value) of Plot after complying with Net Take Home Pay/Income norm.
* Subject to Net Take Home Pay/Income norm.
Margin :
- Loans upto Rs.20.00 lakh :
- Minimum 10% for construction / purchase of new/existing flat / house extension.
- Minimum 25% for repairs / renovation / alteration of existing house/ purchase of plot.
- Loans above Rs.20.00 lakh and upto Rs.75.00 lakh :
- Minimum 20% for construction / purchase of new / existing flat / house /extension of house.
- Minimum 25% for repairs / renovation / alteration of existing house/ purchase of plot.
- Loans above Rs.75.00 lakh :
Minimum 25% for construction / purchase of new / existing flat / house /extension of house
and for repairs / renovation / alteration of existing house/ purchase of plot
Security :
- Equitable / Registered mortgage of the property being financed.
- Where mortgage of the property being financed is not possible, for instance, in case of
purchase of house/flat on first power of attorney, other tangible securities such as
mortgage of some other property, pledge of bank's FDR/ LIC policy/Govt. Securities, NSCs,
KVPs, IVPs, Bonds, etc. equal to 125% of the loan amount may be taken as security.
Guarantee :
No Guarantee