TINY HOME LOAN

Purpose

  • Purchase or construction of a new house / without mortgage of land
  • Purchase of an existing (old) house / which is not more than 10 years old (In a certificate on the condition of the house to be given by a structural engineer or Govt. approved architect should be taken)
  • Repair /Renovation/extension of an existing house or flat

Eligibility

Individual(s) who are aged over 18 years of age (but not more than 60 years) who are permanent employees of Central or State Governments / Public Sector undertakings (PSU) / reputed Private Sector undertakings and have put in a minimum of 5 years’ service, subject to availability of check-off facility or Professionals, self-employed, businessmen and agriculturists etc. with minimum experience of 5 years in their respective sphere of activity and who:

  • Maintain satisfactorily conducted deposit accounts with us.
  • Maintains loan accounts which are satisfactorily conducted for a minimum period of 2 years (without any instance of overdue and bouncing of cheque etc.) and classified as Standard Assets.

Loan Amount

  • For salary employees: 36 times Net Monthly Income (NMI).
  • For Agriculturists: 2 times average Net Annual Income (NAI) for the last 3 years on the basis of their activity (i.e. farming, dairy, poultry and orchards), land holding, cropping pattern, yield etc. and the level of income derived there from.

In all cases, the maximum loan amount should not exceed Rs. 6 lakh.

Margin

  • For construction/purchase of new/existing house: 20%.
  • For repairs/ renovation/addition : 25%

Interest Rate 

Interest Rate on TINY HOME LOAN has been kept at 9.00% per annum.

Useful Links

RBI NABARD IBA BCSBI NPCI Rupay