Purpose
For purchase of residential plot and construction of a house thereon. (Composite loan)
Eligibility
Individuals or group of individuals (co-borrowers) who are having an assured source of regular income viz. Salaried employees, Professionals, Self Employed persons, businessman, farmers etc. Staff members are also eligible under public scheme.
Loan Amount
- Need based loan depending upon the project cost and repaying capacity of the borrower.
- Loan amount for purchase of residential plot shall not exceed 60% of the eligible loan amount. (loan amount as per repaying capacity/margin (whichever is lower).
- Minimum 40% loan amount towards construction of a house out of the total eligible home loan amount*.
Margin
| For All purposes (Including composite loan$ i.e. Plot purchase+ construction) except to purchase of Land /Plot | Housing Loan Upto Rs.30 lac | 20% / 15%#* |
| Housing Loan Above Rs.30 lac and Upto Rs.75 lac | 20% | |
| Housing Loan Above Rs.75 lac | 25% | |
| Purchase of Land/Plot for House Building | 25% | |
# Higher Rate of Interest on Card Rate is being charged in such cases. Borrower be made aware about this before sanction of loan.
$ Margin under composite Home loan to be ensured separately on plot purchase amount and cost of construction.
Security
- Equitable/registered mortgage of the property in question.
Repayment
- Max. 30 years inclusive of moratorium period, if any.
Repayment Holiday/ Moratorium
- 18 months from the date of first disbursement for purchase of residential plot and construction of a house thereon, whichever is earlier.