| Housing
Loan Scheme |
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Quantum of loan |
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- For Construction /Purchase 60 months net
salary or 75.00 Lacs whichever is lower.
- For repairs/renovation 20 months net salary,
subject to a maximum of Rs.10.00 Lacs.
- For purchase of land: 20 months net salary/income
subject to maximum of Rs.5 Lacs within J&K and Rs10.00 Lacs outside
J&K.
- Also as an incentive for small borrowers,
the loans upto Rs. 1.5 Lacs granted for repairs/renovations of
existing houses would now be secured by third party guarantee
of two persons or such other security as is deemed appropriate
by the Bank.
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Eligibility |
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- Employees of Govt. , Semi-Govt. Dept., Civic
Bodies, PSU's with minimum 5 years service.
- Reputed Businessmen with minimum 5 years
standing.
- Professionals & Self employed like Doctors
,Engineers , CA's , Advocates with minimum 5 years standing
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Security |
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- Primary: Mortgage of the house Property
to be purchased / constructed.
- Collateral : Third party Guarantee
of one person, or assignment of LIC Policies , pledge of Govt.
securities etc.
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Rate of Interest
(Subject to Change) |
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Floating |
Fixed |
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Upto
Rs.15 lacs |
Above
Rs.15 lacs |
Upto
Rs.15 lacs |
Above
Rs.15 lacs |
| Repayable upto 5 years |
10.00% |
11.75% |
10.75% |
12.75% |
| Above 5 years upto 10
years |
10.50% |
12.75% |
11.75% |
13.50% |
| Above 10 years upto 15
years |
11.50% |
12.75% |
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| Above 15 years upto 20
years |
11.75% |
13.25% |
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Security |
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- Mortgage of the house/property to be purchased/
constructed.
- Third party guarantee of one person or Assignment
of LIC policies, pledge of govt. securities etc.
- Negative lien on the property to be repaired/renovated
without mortgaging the same to the Bank.
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Repayment |
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- For construction of new house 20 years including
9 months moratorium in equal monthly installments.(Applicable
to new loans and disbursements only)
- For addition / Renovation 7 years Including
2 months moratorium in equal monthly Installments.
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Margin |
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- 15% for construction/purchase of built house
flat.
- 20% for renovation/purchase of land.
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Processing charges |
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| Top |
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(Conditions Apply) |
