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- Term Loan
- Residential houses/flats to be constructed/ purchased by the individuals.
- Residential houses/flats to be constructed by public agencies like HUDCO, Housing Boards, Local Bodies, Co-operative Societies, Builders or Employers etc. for individuals.
Note: In case of unfinished flats or houses, cost of completion/finishing of house/flats shall be considered as part of total project cost.
- Residential house /flat to be constructed/purchased by a person who is already owning a house in the town/village where he resides acquired by availing housing loan from any bank / FI or otherwise and intends to buy/construct a second house in the same or other town/village for the purpose of self- occupation.
- Residential house /flat to be constructed/purchased by a person who intends to purchase/construct a house and proposes to let it out on rental basis on account of his posting outside the headquarters or because he has been provided accommodation by his employer.
- Residential house / flat to be purchased by a person who is presently residing as a tenant in that house / flat.
- For purchase of a plot only, provided a declaration is obtained from the borrower that he will construct a house on the said plot, with the help of bank finance or otherwise, within a period of 2 years. Advance is not permitted against plots purchased on power of attorney basis
- Supplementary finance in the shape of additional loan may be granted within the overall ceiling for carrying out alterations/ additions/repairs to the houses/flats already financed.
- Finance for repairs & renovation of houses/flats already constructed with own resources or with housing loan whether liquidated or outstanding
- Housing loan can be sanctioned for purchase/construction of 2nd house.
- Loan can be sanctioned for acquiring third and subsequent house too but such loans shall not be sanctioned under this scheme and are to be dealt as Exposure to Commercial Real Estate (CRE).
- Individuals having perpetual source of income, who belong to any of the following categories:
- Permanent Employees of State / Central Government, Government / Semi-Government Undertakings & Autonomous Bodies.
- Employees of Reputed Companies with a minimum of 3 years of service
- Professionals, Self Employed Individuals / Businessmen with a minimum 3 years standing in the current profession.
- Persons engaged in agricultural and allied activities.
- Retired Employees of State / Central Government, Public Sector Undertaking.
Non-Resident Indians are also eligible for financing under the scheme. Sanctioning authorities to satisfy themselves about the income earned by the Non-Resident and take necessary safeguards for extending finance and regular repayment of such loans.
In Case of repairs/renovation/alteration/additions to an ancestral property in the name of either father or mother, who is dependent on son / daughter, loan can be granted to the parent(s) by making the son / daughter as co borrower and his /her income can be taken for computation of quantum of loan.
However, in all such cases mortgage of house shall be mandatory and all the legal heirs of the father/mother should stand as guarantors to the amount of housing loan.
- Minimum : 18 years as on the date of sanction
- Maximum age of Applicant at loan maturity : 70 years.
In case quantum of loan is computed by adding the income of spouse / child(ren), the age of the youngest borrower / co-borrower can be considered for fixing the tenor of loan subject to the condition that his / her contribution towards the EMI is more than 50%.
- For Construction / purchase:
|Loan up to 30 Lakh||10%|
|Loan above Rs. 30 Lakh to Rs. 75 Lakh||20%|
|Loan above Rs. 75 Lakh||25%|
For Purchase of Land / Plot : Borrowers’ contribution (margin) shall not be less than 40% of the cost of land / plot.
- For Supplementary/repairs/renovation/additions/alterations:
|Up to Rs. 5.00 Lakh||NIL|
|Above Rs. 5.00 Lakh to Rs. 10.00 Lakh||10%|
|Above 10.00 lakh||15%|
- Maximum 9 months from the date of first disbursement in case of loans sanctioned for construction of house/flat (12 Months for Union Territories of J&K and Ladakh).
- Maximum 3 months in case of loans sanctioned for repairs/renovations/additions etc.
- Maximum 3 months in case of loans sanctioned for outright purchase of fully built up house / flat/apartment/land for housing purpose.
- Till the date of possession as mentioned in the agreement or maximum 3 years, in case of under construction builder/society flat.
- For salaried / professionals: 1 to 30 years (including moratorium period)
- For other customers: 1 TO 20 Years
Subject to number of remaining years of service in case of employees or till the borrower attains the age of 70 years.
|Quantum of Finance||Credit / CIBIL Score||LTV||Interest rate|
|*JKB Preferred||Other Salaried|
|Upto Rs 30.00 Lacs||Above 800||<80%||HLRLLR||HLRLLR||HLRLLR+10 BPS|
|>80% and <90%||HLRLLR+20 BPS||HLRLLR+20 BPS||HLRLLR+30 BPS|
|751-800||<80%||HLRLLR+20 BPS||HLRLLR+20 BPS||HLRLLR+30 BPS|
|>80% and <90%||HLRLLR+35 BPS||HLRLLR+40 BPS||HLRLLR+50 BPS|
|701-750||<80%||HLRLLR+35 BPS||HLRLLR+40 BPS||HLRLLR+50 BPS|
|>80% and <90%||HLRLLR+35 BPS||HLRLLR+60 BPS||HLRLLR+70 BPS|
|700 or below||<80%||HLRLLR+35 BPS||HLRLLR+60 BPS||HLRLLR+90 BPS|
|>80% and <90%||HLRLLR+55 BPS||HLRLLR+80 BPS||HLRLLR+110 BPS|
|Above Rs 30.00 lacs and upto Rs 75.00 lacs||Above 800||<70%||HLRLLR||HLRLLR||HLRLLR+10 BPS|
|>70% and <80%||HLRLLR+20 BPS||HLRLLR+20 BPS||HLRLLR+30 BPS|
|751-800||<70%||HLRLLR+20 BPS||HLRLLR+20 BPS||HLRLLR+30 BPS|
|>70% and <80%||HLRLLR+35 BPS||HLRLLR+40 BPS||HLRLLR+50 BPS|
|701-750||<70%||HLRLLR+35 BPS||HLRLLR+40 BPS||HLRLLR+50 BPS|
|>70% and <80%||HLRLLR+35 BPS||HLRLLR+60 BPS||HLRLLR+70 BPS|
|700 or below||<70%||HLRLLR+35 BPS||HLRLLR+60 BPS||HLRLLR+90 BPS|
|>70% and <80%||HLRLLR+55 BPS||HLRLLR+80 BPS||HLRLLR+110 BPS|
|Above Rs 75.00 lacs||Above 800||<65%||HLRLLR||HLRLLR||HLRLLR+10 BPS|
|>65% and< 75%||HLRLLR+20 BPS||HLRLLR+20 BPS||HLRLLR+30 BPS|
|751-800||<65%||HLRLLR+20 BPS||HLRLLR+20 BPS||HLRLLR+30 BPS|
|>65% and< 75%||HLRLLR+35 BPS||HLRLLR+40 BPS||HLRLLR+50 BP|
|701-750||<65%||HLRLLR+35 BPS||HLRLLR+40 BPS||HLRLLR+50 BPS|
|>65% and< 75%||HLRLLR+35 BPS||HLRLLR+60 BPS||HLRLLR+70 BPS|
|700 or below||<65%||HLRLLR+35 BPS||HLRLLR+60 BPS||HLRLLR+90 BPS|
|>65% and< 75%||HLRLLR+55 BPS||HLRLLR+80 BPS||HLRLLR+110 BPS|
- NIL on housing loans granted on floating interest rate basis.
- Equitable/ Registered Mortgage of house property/flat to be constructed/ purchased. (House property to include land underneath & appurtenant thereto in case independent house only).
- The title of the property must be clear, marketable and free from encumbrance.
- Where mortgage of house /flat cannot be created immediately and / or possession of house / flat is not given in situations like house/flat or under construction house / flat or to be constructed house/ flat is being purchased/ from the Housing Board/ Co-operative Society / Development Authority/ Construction Company/ Builder and title/conveyance deed is executed in favour of purchaser only after completion of full or partial construction after purchaser making full payment of the cost of house/flat, a tripartite agreement shall be executed amongst the
1) Housing Board/ Development authority / Co-operative Society/ Construction Company/ Builder,
2) The Borrower and
3) The Bank wherein the Housing Board/ Development Authority / Co-operative Society/ Construction Company/ Builder undertakes that the title to house/ flat shall be transferred to the Borrower immediately on receipt of entire sale consideration and the Bank’s lien shall also be marked in their/ his records, thereafter to be followed by execution of mortgage deed in favour of the Bank once the project has been completed and Sale Deed (Deed of apartment/Conveyance Deed in case of Flats) has been executed. Charge to be registered in favour of the Bank with the concerned authorities. Besides tripartite agreement an affidavit cum undertaking from the Housing Board/ Development Authority / Co-operative Society/ Construction Company/ Builder to the effect that the construction shall be as per the sanctioned plan & building bye laws, to be obtained.
Repairs/Additions/Alterations/Extension of existing houses:
- Equitable/ Registered Mortgage of house property/flat to be repaired / renovated. (House property to include land underneath & appurtenant thereto in case independent house only).
- No collateral security /3rd party guarantee is required in all cases except in case of following:
- Pensioners- guarantee of spouse / Legal Heir(s), who is / are entitled for family pension.
- NRIs- 3rd party guarantee of two resident Indians of sufficient means to cover the liability apart from the other securities shall be obtained.
- Loans upto Rs.5.00 lacs (Rs.10.00 lacs in case of employees Goverenment of UT of J & K and UT of Ladakh) to be granted for the purpose of repairs/ additions/alterations /extension of existing houses, where the mortgage of the house property is not taken as security.