Objective
Providing housing finance to Gen-Next salaried class borrowers such as IT Professionals, PSBs/PSUs/Govt. Employees to have a decent home.
Purpose
- For purchase of ready to move in house/flat etc
- For construction of House/flat etc.
- For purchase of under construction flat of approved private builder
Coverage
- All salaried employees with minimum 3 years experience.
- Co-borrower will also be salaried class
Eligibility – Age Of Borrower
- Upto the age of 40 years.
- In case of multiple borrowers whose income has been taken for arriving at the loan eligibility and repaying capacity, one borrower must be at-least upto the age of 40 years and others may be maximum upto the age of 45 years.
- Further, where income of the applicants is not being taken for arriving at the loan eligibility and they are owner/co-owner in the property, they are to be made co-borrower under this scheme without referring his/her age.
Eligibility – Minimum Net Monthly Salary*
- Rs.35000/-.
- *Net Monthly salary = Gross Salary – Statutory Deductions such as Income Tax, PF etc.
Loan Amount
- 1.25 times the loan amount calculated as per the regular housing loan method, subject to maintenance of prescribed LTV ratio. However, borrower may take lower amount.
- Minimum amount- Rs.20 lac;
- Maximum amount- Need Based
- Subject to maintaining Loan to Value ratio (LTV) and repaying capacity
Security
Equitable/registered mortgage of the property.
Repayment Period
Flat 30 years.
Repayment
| Period | Monthly repayment |
|---|---|
| During Moratorium Period | Only interest to be serviced |
| Next 120 months | EMI on sanctioned limit for 360 months |
| Remaining Period | EMI which will fully amortize the remaining outstanding in the housing loan account within the remaining period |
Moratorium
- In case of under construction flat of approved private builder: Upto 36 months plus remaining period of date of possession subject to a maximum moratorium period of 60 months.
- In all other cases: Max. 36 months
- However, interest is to be serviced as and when levied during the moratorium period.However, interest is to be serviced as and when levied during the moratorium period.
Insurance
Term insurance of at-least equal to loan amount be mandatorily obtained. Cost of premium may be financed at the option of the borrower(s). The same shall be over and above the extent of loan, at prescribed margin, for which the customer is otherwise eligible and subject to maintenance of LTV ratio and repaying capacity of the customer.