VIKAS GRIHA - HOUSING LOAN TO GENERAL PUBLIC

VIKAS GRIHA – HOUSING LOAN TO GENERAL PUBLIC

Eligibility Salaried persons who have completed 3 years of minimum confirmed service and the remaining period of served left for superannuation is not less than 5 years. Self Employed / Business having gainful employment in profession or Business for a minimum period of 5 years. Agriculturists having valid income proof in the form of IT return. Pensioners including individuals retired from services of various institutions under VRS drawing assured monthly pension provided that they are not more than 60 years of age

Applicants whose income is taken into account for arriving at the loan limit should have completed 3 years of service in one organization / institution or gainfully employed for the past 5 years

Margin For construction of house on the land-already owned, Outright purchase of ready built house/flat of less than five years old & For purchase of flat to be constructed by the society/builders 20%
For purchase of house of more than 5 years old provided not more than 25 years old & for making extension / additions vertical / horizontal to the existing house / repairs of the house (on estimated cost) 30%
For purchase of a old house which is more than 25 years old (under Non Priority Sector ONLY) subject to ascertaining the minimum residual life of the building 35%
Quantum Maximum of 72 times of monthly gross salary in case of salaried subject to cutback norms. In case of non-salaried 6 times the average annual income of three years. Subject to cut back norms and margin stipulation
Income proof Latest Salary slip (Salaried Persons) IT return for the past 3 years in respect of salaried & non-salaried including agriculturists who are willing construct a residential house on NA housing site.

Under PMAY scheme, Self certificate/Affidavit for borrowers declaring their annual income upto 2.50 lakhs should be obtained. For remaining borrowers obtaining of IT returns/ Form-16 along with affidavit are compulsory

Repayment period In case of salaried person maximum 30 years or up to the age of retirement whichever is less
In case of non-salaried other than agriculturist maximum of 30 years or up to 70 years of age.
Moratorium Period In case of construction of house / flat or flat under construction – maximum of 18 months. In case of purchase of plot and construction of house on it – maximum of 24 months. In case of purchase of ready house/ flat / old house: – NO moratorium period. Wherever repayment holiday is granted, interest accrued during the repayment holiday period shall be collected in monthly installments
Rate of Interest As per guidelines issued from time to time. Present Rate of interest on Housing Loan is:
less than Rs.10.00 lakh -9% pa & Rs.10.00 lakh and above 8.75%. pa
Co-obligant/Surety 1 or 2 Third Party Guarantee / Surety acceptable to Bank