Salaried Individuals confirmed in service. Non-salaried class engaged in business, Professional and self-employed persons who are IT assesses and having minimum of 2 years satisfactory dealings with the bank.
The applicant should be eligible to apply to the local Development Authority as per their rules for site/plot. The applicant should undertake to construct the house in the allotted site/ plot with in a maximum period of five years.
Purpose
To finance the purchase of land allotted by the local development authority / housing board as residential site/plot.
Loan Amount
Maximum loan is 75% of the total amount payable plus registration charges or Rs.25 lakh whichever is lower.
Margin
25% of the total cost of site/plot.
Security
An undertaking from the borrower to deposit the allotment letter issued by Development Authority with the Bank. EMG of site/plot allotted/ purchased from the Development Authority.
Rate of Interest
Rate of interest is linked to the MCLR & subject to annual reset.
