| SN | PARAMETERS | PARTICULARS |
|---|---|---|
| 1. | Purpose/ Objective | a. For purchase of ready built house/ flat by Public Limited Company/ Pvt. Ltd. Company/ Partnership Firms/ LLP/ Proprietorship firm for their employees/directors/ promoters/partners/proprietor. The house/ flat can also be used as guest house to be used for their own employee or executive. b. Takeover of existing loan from other banks/FIs. The Loan with existing lender should be for purchase/construction of the residential property by Public Limited Company/ Pvt. Ltd. Company/ Partnership Firms/ LLPs/ Proprietorship firms for their employees/ directors/ promoters/partners/ proprietor. Under construction properties are not permitted for takeover under the scheme. c. Purchase of apartments/ units/ houses from Associates/ Sister/ Group concerns is not permitted. d. Under the scheme loan shall not be given for purchase of plot and/ or construction thereon. The purpose of loan shall be only for purchase of ready build house/ flat. |
| 2. | Eligibility | a. Type of applicants i. Proprietorship Firms ii. Public Limited Company iii. Pvt. Ltd. Company iv. Partnership Firms v. LLPs b. The company/firm should be incorporated for at least 3 years. c. The Company/firm should be actively engaged in business activities for at least 3 years. d. The Company/firm should be earning the net profits for last 3 years. Adjusted Tangible Net Worth of the Company/firm should be positive. e. The CIBIL of the Company/firm should be satisfactory. f. The name of the Company/firm/directors/partners/proprietor/ parent company should not be adversely reported in RBI defaulter’s list, ECGC Caution list/ Suit filed/ Non Suit filed CIBIL list, CRILC, etc. g. Company /Firm should be registered in India. h. At the time of loan application, borrower will provide the purpose of the loan, i.e., to be used for executive use, guest house, etc. Further, under the scheme multiple flat/ property cannot be financed for the usage of single executive to avoid the instances of speculation |
| 3. | Type of facility | Term Loan |
| 4. | Loan Amount | Minimum Loan amount- Rs. 25.00 Lac Maximum loan amount- No limit |
| 5. | Interiors/ furnishing of residence as part of the project cost | 10% of the cost of house/ flat will be permitted towards interiors/ furnishing viz. Wardrobe, modular kitchen, flooring, fixtures, fitting, etc. subject to maximum restriction of LTV ratio @75% for entire amount |
| 6. | Margin/LTV Ratio | Maximum LTV Ratio should be 75%. |
| 7. | Security | Residential property for which loan is requested |
| 8. | Rate of Interest | Concessional rate linked with Internal Risk Rating. |
| 9. | Processing Fee | 0.25% of Limit sanctioned subject to the maximum of Rs. 1.00 Lac |
| 10. | Repayment period | Maximum repayment period (including moratorium period) will be 10 Years |