OBJECTIVE

To ensure availability of Housing Loan at attractive rates and ensure a house for all.

PURPOSE

• For construction of house/ flat;
• For purchase of built house/flat.
• For purchase of under construction house/flat from Housing Boards/ Development Authorities/ Co-operative Societies/ Approved Private Builders/ Projects.
• For carrying out Additions to the house/flat.
• For carrying out repairs/ renovation / alterations/ cost of furnishing to the house/flat.
• For meeting cost escalation in the cases of under-construction flats to existing Housing Loan borrowers.
• For purchase of land/plot for house building.

ELIGIBILITY

Individuals or Joint owners.

QUANTUM OF FINANCE

• For Construction/Additions/Purchase of House/Flat: Need based loan depending upon the project cost and repaying capacity.
• For purchase of Land/ Plot for House Building: Maximum Rs.100 lakh for State Capitals and Metro and Rs. 50 Lakh for other centers; (Higher amount may be considered on individual merit of case)
• For repairs / renovation / alterations: Maximum Rs.25 Lakh.
• Cost of furnishing may be included in the project cost with maximum upto 10% of eligible Housing loan with a maximum upto Rs.25.00 Lakh.

MARGIN (BORROWER'S CONTRIBUTION)

Housing Loan Upto Rs.75 Lakh	20%
Housing Loan Above Rs.75 Lakh	25%
Purchase of Land/Plot for House Building	25%

• Charges e.g. stamp duty, registration charges and other documentation charges shall be borne by the borrower and shall not be considered towards margin money.
• However such charges may be added to the cost of the house/dwelling unit for the purpose of calculating LTV ratio in cases where the cost of the house/dwelling unit does not exceed Rs.10 lakh.

SECURITY

Equitable/registered mortgage of the property purchased/created out of bank finance.

REPAYMENT

• Loan for carrying out repairs/ renovation / alterations: Max.15 years inclusive of moratorium period, if any.
• Loan for Others: Max. 30 years inclusive of moratorium period, if any.
• The income of the spouse and earning children (whether married or unmarried) and of the joint owners can be added for determining the income for the purpose of borrowers' repaying capacity.
• Parents can also be made as co-borrower in cases where the property is in the single name of Son / Daughter.
• Likely rental income, if the property is to be let out may also be added.

REPAYMENT HOLIDAY / MORATORIUM

• For Construction/ Additions: Till completion of construction or 18 months from 1st disbursement, whichever is earlier.
• For Repairs/ Renovation: Till completion or 6 months from 1st disbursement, whichever is earlier.
• For Purchase of Ready Built House/ Plot: Till date of possession or 3 months from advance, whichever is earlier.

RATE OF INTEREST

Salaried	Non Salaried
7.00% *	8.45% *

*Conditions Apply

OBJECTIVE

To ensure availability of Housing Loan to Individuals from Economically Weaker Section (EWS) & Low Income Group (LIG) category at attractive rates and ensure a house for all.

PURPOSE

For purchase, new construction and addition of rooms, kitchen, toilet etc., to existing dwelling units as incremental housing For construction of house/ flat.

COVERAGE

All Statutory towns as per Census 2011 and towns notified subsequently would be eligible for coverage under the Mission.

ELIGIBILITY

• Individuals from Economically Weaker Section (EWS) & Low Income Group (LIG) category. Joint owners from the same family are also eligible.
• EWS households: Annual income up to Rs.3,00,000.
• LIG households: Annual income above Rs.3,00,000 and up to Rs.6,00,000.

BENEFICIARY FAMILY

A beneficiary family will comprise husband, wife and unmarried children. The beneficiary family should not own a 'pucca' house either in his/her name or in the name of any family member in India. Affidavit required.

QUANTUM OF FINANCE & MARGIN

Quantum Of Finance: Max. Rs.30 Lakh.

Loan Amount	Margin Required
Loan up to Rs. 20 Lakh	10%
Loans above Rs. 20 Lakh to Rs. 30 Lakh	20%

OTHER TERMS

• Disbursement: Max 4 installments based on construction.
• Repayment: Up to age of 70 years or 30 years, whichever is earlier.
• Processing / Documentation Charges: NIL (For loans upto Rs. 6 Lakh).