Home Loan

Eligibility Criteria for Home Loan:

• Individuals who are resident of India.
• NRIs holding an Indian passport.
• Minimum age Limit: 18 years
• Income:
  
  Resident Indian:
  • Salaried Persons: Minimum net monthly income ₹10,000/-
  • Agriculturist: Minimum Annual net income ₹1,20,000/-
  • Business Men/Professionals/Self Employed: Minimum Annual net income ₹1,20,000/-
  NRIs:
  • Salaried Person: Minimum gross monthly salary ₹40,000/-
  • Business Men/Professionals/Self Employed: Minimum Annual gross income of ₹4,80,000/- (NRI applications processed manually)

Purpose of Home Loan:

• Construction / purchase of house / flat.
• Renovation / remodelling / repair to existing house / flat.

Amount of Home Finance:

• Salaried Person: 60 times of latest net monthly income.
• Businessmen/Professionals/Self Employed: 5 times of net monthly income/Profit plus depreciation provided, if any, of the last 2 years as per P&L a/c in case of traders/Self-employed/Professional.
• Agriculturist: 5 times of annual net income.

Maximum Amount for Home Loan:

• Purchase/Construction: up to ₹500 lakh.
• Renovation/Remodelling/Extension/Repair: Up to ₹30 lakh.

Period of Home Loan:

• Construction: Maximum up to 30 years.
• Renovation/Repair: 7 years.

Security for Apna Ghar Loan:

• Mortgage of house property to be constructed / purchased / repaired / remodeled/renovated.
• Guarantee of the spouse wherever feasible in the absence of which third party solvent guarantor.

Repayment:

• General: In equal / equated monthly installments (EMIs).
• Agriculturist: Yearly basis including yearly interest.

Margin for Apna Ghar Loan:

• New construction: 10-25 %
• Houses/ Flat above 10 years: 30 %

Rate of Interest for Home Loan:

• View Latest Rate of Interest
• View Service Charges.
• Upfront charges will be collected (wherever applicable) towards legal, valuation, BIR etc.

The above information is subject to terms and conditions.For more details, please contact the nearest Branch