• Individuals singly or jointly
• HUFs are not eligible

• Rate of Interest

Type of Facility

• Term Loan

Maximum Limit for Purchase / Construction of House

Income Criteria For Purchase / Construction of House

Maximum Limit & Income Criteria for Repairs / Renovation / Improvement of existing house

Repayment Capacity

Total deductions including EMI for proposed loan should not exceed as given below:

• For salaried persons
• 50 % for monthly income up to Rs. 20,000/- p.m.
• 60 % for monthly income from Rs. 20,001/- p.m. but less than Rs.50,000/- p.m.
• 65 % for monthly income from Rs. 50,000/- p.m. but less than Rs.2,00,000/- p.m.
• 70 % for monthly income from Rs. 2,00,000/- p.m. but less than Rs.5,00,000/- p.m.
• 75 % for monthly income Rs. 5,00,000/- p.m. and above.
• For Non- salaried persons including farmers
• 60 % for Net Annual income up to Rs. 6,00,000/- p.a.
• 70 % for Net Annual income above Rs. 6,00,000/- p.a. up to Rs. 12,00,000/- p.a.
• 80 % for Net Annual income above Rs. 12,00,000/- p.a.

Repayment Period

Purchase/Construction of House
Maximum – 30– years

• Moratorium period maximum –36- months as under:
• -18- months OR one month after completion of possession of flat / house which ever is earlier, for under construction houses and building up to 7 th floor.
• Thereafter -6- months additional moratorium per floor, subject to maximum -36- months. i.e
• -24- months for under construction houses and building at 8th floor.
• -30- months for under construction houses and building at 9th floor.
• -36- months for under construction houses and building at 10th floor and above.
• Repayment period for repair /renovation / extension of existing house and purchase of furniture's, fittings, finishing and other gadgets
• Maximum 10 years (including Moratorium Period) Moratorium Period Maximum 06 Months.
• 70 % for Net Annual income above Rs. 6,00,000/- p.a. up to Rs. 12,00,000/- p.a.
• 80 % for Net Annual income above Rs. 12,00,000/- p.a.

Margin

• 10 % for limit up to Rs.30.00 lac, for all purposes. (LTV 90 %).
• 20 % for limit above Rs.30.00 lac to Rs. 75.00 lac, for all purposes.(LTV 80 %).
• 25 % for limit above Rs.75.00 lac, for all purposes. (LTV 75 %).

Loan to Value Ratio

• Mortgage of the property constructed / purchased
• If mortgage is not available, Bank can accept, at its discretion, security of adequate value in the form of collaterals as may be deemed adequate including third party guarantee from individuals.

Premium amount for Life Insurance Cover can be financed as part of Loan

• The one time premium amount for Life Insurance Cover to Home Loan Borrowers under Group Credit Life Insurance Scheme of India First Life Insurance Co., can be financed as part of Loan at the request of the borrower, at the time of sanction.

Premium amount for Credit Information Report

• Bank is authorized to make enquiries from any of the Credit Information Bureau and get the Credit Information Reports. Bank is also authorized to disclose from time to time any information relating to the loan to Credit Bureaus approved by Govt of India or Reserve Bank of India without any notice to the borrower.

Penalty clause for Full Prepayment / Premature closure

• No penalty is payable on part pre-payment / Premature closure.