Purpose
|
Purchase of plot of land for
construction of a house.
|
|
Eligibility |
Individual(s) over 21
years of age with a steady
source of income, including
persons engaged in agriculture
and allied activities.
|
|
Loan amount
|
Maximum:
`.
10 crore subject to maximum
permissible EMI / NMI ratio
|
Net Annual Income (`.) |
Maximum Permissible
EMI / NMI ratio |
|
Up to
`.
2 Lac |
30% |
|
Above
`. 2 Lac up to
`. 5 Lacs |
40% |
|
Above
`.
5 Lac up to
`. 10 Lacs |
45% |
|
Above
`.
10 Lacs |
50% |
·
Income of spouse / sons / daughters
and regular income from all
sources can be clubbed to arrive
at the eligible loan amount. |
Margin
|
|
Loan Amount |
Margin |
|
< =
`.
75 lac |
20% |
|
>
`. 75 lac and upto `. 1
Cr |
25% (say y %) |
|
>
`. 1 Cr. |
Y% for the loan amount
up to
`. 1 Cr. plus 50% for
loan amount in excess of
`. 1 Cr. |
of the cost of land
(i.e. price in the sale deed),
including cost of registration,
stamp duty etc. |
|
Security |
·
Equitable mortgage of the plot of
land proposed to be purchased.
·
Personal guarantee of the spouse/
son/daughter if their income is
also clubbed with the income of
the borrower for computing the
eligibility and they are not
co-borrowers.
·
Interim guarantee of an individual
good for the loan amount (to
cover the period from the date
of sanction and date of creation
of equitable mortgage). |
|
Repayment |
In maximum 180 months. |
Rate of
Interest
(Per Annum) |
For interest rates
please see interest rate table
on this website
|
|
Processing fees |
|
Loan Amount |
Processing Fees |
|
Up to
`.
25 lacs |
0.25% of the loan amount |
|
Above
`.
25 lacs and up to
`.
75 lacs |
`.
10000/- |
|
Above
`.
75 lacs |
`.
20000/- |
|
|
Maximum time period
stipulated for construction
of house |
2 years from the date of
availment of the Loan.
|
