• Resident Indian citizens and Non–Resident Indians/ Persons of Indian origin(PIOs) holding foreign passport who have attained 21 years as on date of application may apply singly or jointly with other eligible individuals however restricted to a maximum of 3 members(viz., spouse/ children/ parents).
• Minimum Age:Borrower – Above 21 years of age.
  Co – borrower/ Co-applicant – Age above 18 years may be permitted.
  
  Maximum Age:Maximum age limit is fixed at 60 years (for salaried) and 65 years (for non-salaried) i.e., the age by which the loan should be fully repaid subject to availability of sufficient, regular and continuous source of income for servicing the loan repayment.
• Employment Type: Individuals with steady source of income under Salaried and non-salaried segment can apply. Salaried segment - Regular employees of MNCs /Reputed companies/Educational institutions/ Central Govt/State Govt . Public Sector Undertakings with a minimum 2 years of confirmed service (may be relaxed to 1 year if they are employees of PSUs/QUASI-PSUs). Non–salaried segment - A minimum three years of business activity in the related field.

PURPOSE:

• Purchase of ready built / flat / villa / apartment.
• Purchase of old residential house/ flat/ apartment (Age of the building should not be beyond 30 years).
• Purchase of house site for construction (non-agricultural land) and construction of residential unit.
• Completion of under-construction residential unit.
• Repairs/improvements/extension of the existing housing loan property, for which loan quantum from Rs.5.00 lakh and up to Rs.30.00 lakh will be considered based on the location of the property.
• Takeover of housing loan availed/ balance transfer loan (only against residual repayment period).
• Builder Tie-ups (Approved Projects). Our bank shall also fund housing loan to borrowers who intend to purchase villas/ flats from the builders whose projects are approved / funded by our Bank.
• For undertaking any furnishing / interiors works, minimum margin of 50% required for funding.

MARGIN:

• A minimum 20% margin required against the total cost of the purchase (or) construction work to be undertaken.

Prepayment penalty:

• Floating rates: There is no prepayment charges (or) takeover penalty levied if the loan is taken over by other Banks.
• Fixed rate loans: There is no prepayment penalty if loan is repaid from established (own) sources. A takeover penalty of 2.00% over and above the card rate will be charges on the outstanding balance.

Security:

• The loan will be secured by equitable mortgage of the land and building/flat for which the loan is sanctioned.
• Interim Security Pending Mortgage
  Wherever creation of mortgage is likely to be delayed for any valid reason beyond 24 months, Suitable security including third party guarantee, as considered necessary, may be taken for the interim period.

INSURANCE:

• Property should be comprehensively insured for an amount not less than the value of property(less cost of land) by covering all the risks with Bank clause.
• Life of the borrower should be mandatory insured to safe guard their family members from unforeseen liability in case of any event of death of the borrower.

DISBURSEMENT:

The loan will be disbursed only on the following conditions:

• All the security documents prescribed have been executed by the borrower/ co-applicant (if any)
• A valid mortgage (Equitable Mortgage) has been created in favour of the Bank as per applicable laws of State.
• The loan will be disbursed in stage wise manner depending on progress of construction.
• All necessary statutory compliances and proofs are in place.

Housing Loan-Product Feature