Mode of Finance: Digital approval subject to property due diligence and verification.
Scheme Code: DGPHL
Eligible Customers: Individuals or groups (co-borrowers) with assured regular income sources, including salaried employees, pensioners, professionals, self-employed persons, businessmen, and farmers. Staff members under the public scheme are ineligible. Applicants with SMA1/SMA2 status or NPA/settled/written-off accounts are excluded. Non-existing customers can avail the loan via Video KYC; existing KYC-compliant customers can skip Video KYC.
Purpose:
- Construction of house/flat
- Purchase of built house/flat
- Additions to house/flat
- Repairs/renovation/alterations
- Purchase of under-construction house/flat from housing boards, development authorities, co-operative societies, or private builders (to be activated in the second phase of customization)
- Takeover of home loan accounts from other financial institutions/banks (to be activated in the second phase of customization)
Loan Amount: Need-based loan depending on project cost and repayment capacity of the borrower. Maximum ₹50 lakh for repairs/renovation/alterations. Loan amount based on the lower of realizable value or sale consideration value.
Maximum Permissible Deductions:
- Income up to ₹5 lakh: 50%
- Income above ₹5 lakh to ₹10 lakh: 60%
- Income above ₹10 lakh: 70%
Margin:
- Home loan up to ₹30 lakh: 20% / 15% (higher interest applicable for 15%)
- Home loan above ₹30 lakh and up to ₹75 lakh: 20%
- Home loan above ₹75 lakh: 25%
For home loans under Commercial Real Estate (CRE), the applicable interest rate will be 0.50% higher than the normal rate across all slabs.
Repayment Period:
- Construction/additions of house/flat/purchase of ready-built house/flat: To be repaid in equated monthly installments within 30 years, inclusive of moratorium.
- Repairs/renovation/alterations: To be repaid within 15 years, inclusive of moratorium.
Minimum age of the customer: 18 years. Repayment must not extend beyond the age of 70. In joint ownership cases, at least one owner must be able to repay the loan by age 70.
Repayment Holiday (Moratorium Period):
- Construction/additions: Until completion or 18 months from the first installment disbursement, whichever is earlier.
- Repairs/renovation/alterations: Until completion or 6 months from the first installment disbursement, whichever is earlier.
- Purchase of ready-built house/flat or land/plot: Repayment starts after possession or 3 months from the advance date, whichever is earlier.
- For under-construction properties by approved builders: Until possession or a maximum of 48 months as declared in RERA from the first installment disbursement, whichever is earlier, subject to monthly interest collection during the moratorium.