Resident Indians as well as NRIs, in the age group of 18 to 50 years with independent and regular source of income and desiring to go in for own dwelling unit are eligible to apply for housing loans under the Scheme. In case the age of the applicant exceeds 50 years, certain restrictions/ conditions like shortening of maximum repayment period, co-obligation of spouse/ children, etc. will be applicable.
In the case of construction/ purchase of house [not more than 10 years old], the margin is 15% of total cost [including registration charges/ stamp duty in case of purchase]; in case of house/ flat that are more than 10 years old, higher margins will be applicable;For Repairs/ Renovation/ Extension, margin is 20% of estimated cost
Our Interest rates are floating rates and interest is calculated on daily reducing balance method. Options of Fixed Interest Rates is also available for loan period upto 10 years. For the latest Rate of Interest and EMIs please click here
The lowest EMI as per the current interest rates is Rs.802/- only for a Loan of Rs. 1 lac for 25 years repayment period. a) The eligible loan amount is arrived at after deducting the stipulated margin from the total cost of the project, subject to repayment capacity.
b] The repayment capacity is considered at 40% of the net income [including income from other sources] in case of salaried persons with net annual income of upto Rs. 2 lakhs and at 50% of net income in cases with net annual income exceeding Rs.2lakhs and in respect of persons with income other than salary.
c] The eligible loan amount based on repayment capacity for a 25 years loan for outright purchase of a house/flat with 300 monthly instalments for a person with Rs.10000/- net monthly salary/income would be Rs. 3.66 laccs as illustrated below:Net Monthly salary [10000]x 0.40/1008=Rs.3.97 lakhs. |
