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Home Loan

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Certainly! Providing clear and concise information about housing loans on your bank’s website is essential for your customers. Let’s create a user-friendly summary that covers the key points:  

What Is a Housing Loan? 

 A housing loan, also known as a home loan, empowers you to turn your  dream of owning a home into reality. Here’s what you need to know:
  1. Purpose:
    • A housing loan is specifically designed for:
      • Constructing your own house.
      • Purchasing an under-construction or ready-built flat.
      • Taking over existing housing loans from other banks or institutions.
  3. Eligibility:
    • Salaried Employees, Businessmen, and Professionals with a regular source of income.
    • Salaried employees should have a minimum of 2 years of confirmed service.
  5. Loan Amount:
    • Maximum ₹50 Lakhs per beneficiary per dwelling unit.
    • Margin: Minimum 20% of the total cost (Agreement Cost + Stamp Duty + Registration).
  7. Repayment Tenure:
    • Flexible tenure, usually up to 20 years for salaried individuals and professionals.
  9. Interest Rates:
    • Competitive rates based on your creditworthiness.
    • Starting from 8.70%* to 10.00% p.a. (as of August 2024).
  11. Processing Fees:
    • 1% of loan amount + GST (as applicable)
    • MODT charges
  13. Security:
    • Equitable/legal mortgage of the house property being purchased.
    • Spouse guarantee (personal guarantee may be considered).

    Additional Features:

         Top-Up Loan:

      • Maximum ₹10 lakh.
      • Repayment period up to 17 years or the residual period of the housing loan (whichever is lower).
      • Fixed interest rate of 8.50% p.a.
      • Can be used for debt repayment or repairs/renovations (up to ₹10 lakh).


         Loan for Construction of House:

      • Land cost should not exceed 65% of the total project cost.
      • Construction must be completed within 24 months.

Documents Required:

  1. Duly filled application form.
  2. Latest photograph, photo identity proof, and residence proof.
  3. For salaried applicants: Salary slips for the last 3 months or ITR/Form 16.

Remember, your dream home awaits—apply now and make it a reality! If you have any specific questions or need personalized assistance, visit our nearest branch or apply online. We’re here to help you every step of the way!