Purpose

• Purchase / Construction of Property for self-occupancy.
• Extension / Renovation on self occupied residential Property.

Product Categories

• Purchase of pre-constructed Residential Property.
• Construction of residential property on self owned plot of land.
• Extension / Renovation on self owned & occupied property.
• Balance Transfer Facility (BTF) for any of the above finance.

Eligible Borrowers*

• Salaried Persons
• Self Employed Professionals
• Business Persons

Financing Amount

• Purchase: Rs.Up to 10 Million
• Construction: Rs.Up to 10 Million
• Extension / Renovation: Rs.Up to 03 Million
• Balance Transfer Facility: Rs.Up to 10 Million

Tenure

• Purchase: Up to 20 Years
• Construction: Up to 20 Years
• Extension / Renovation: Up to 07 Years
• Balance Transfer Facility: Up to 20 Years
  (Calculated from the date of original finance)

Mark-up Rates**

• 1 Year KIBOR + 4% p.a., to be revised on each anniversary of finance.

Processing Fee

• Rs. 2500/- or 0.50% of the finance amount whichever is higher (refundable where case is not approved).

Service Length

• Minimum 5 years of confirmed service with present employer in case of salaried persons.

Age

At the time of maturity of the Finance applicant's age must not be more than;

• 60 years in case of Salaried persons
• 65 years in case of self Employed / Business persons

Debt Burden

• Monthly repayment installments not to exceed 40% of the net take home salary or 40% of declared monthly income (taking into account other financing facilities availed from other banks/DFIs).

Moratorium

• A moratorium of 12 months is allowed in case of finance for Construction.

Pre-Payment/ Parital Prepayments

• In case of Partial Payment / Balloon Payment / Full adjustment, no penalty will be charged.

Late Payment Charges

• Rs. 500/- per Installment per month.

Insurance

• Mortgage Protection Insurance cover through Bank’s designated Insurance Company.
• Insurance premium on the insurance cover payable upfront each year.

Charges

• Documentation Charges at actual
• Valuation Charges
• Legal Opinion Charges
• Income Estimation Charges (if applicable)

 

*     Subject to fulfillment of our eligibility criteria.
**    Subject to change and revised rates to be communicated from time to time.

For further details please call:
Consumer Finance Division # 111-567-890 ext 2435.