For repairs/renovation /extension/improvement/furnishing of house/flat.
For take-over of housing loans from other Banks/Institution, originally sanctioned for repairs/renovation /extension /improvement/ furnishing of house/flat.
Port Town [other than Metro] & Urban centres
Semi Urban centres
Loan amount is based on location of the property
25 % on project cost and value of the property.
Mortgage of house / flat.
Age of the building to be mortgaged shall not exceed 30 years. However, residual /balance life of the property shall be at least 5 years more than the repayment tenor.
Insurance of the mortgaged property is mandatory and the insurance premium shall be borne by the borrower.
For loan up to Rs.1 lakh, EMG of house/flat is not mandatory. In such cases, the loan should be fully secured by financial assets such as LIC Policies/deposits/NSCs/KVP, subject to maintaining prescribed margin against such securities
Rate of Interest
Rate of interest is linked to the MCLR & subject to annual reset.