Purpose
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Loans under the Bank’s Home Loan Scheme may be granted to individuals to enable them to:
- Purchase a plot of land and construction of house thereat
- Only purchase of land
- Purchase /construct a new house
- Purchase an existing (old) house /or extend an existing house
- Repair or renovate or furnish an existing house
- Re-imbursement of investment made from own resources during the preceding twelve months for purchase of property /construction /repairs /extension of house
- Takeover of Home Loans availed by an individual borrower from other Banks /financial institutions subject to the conditions of takeover norms
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Eligibility
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- In case the property holder i.e. (wife / husband) is not having independent source of income, the income earning near relative may join as co-borrower/guarantor for the loan and his or her income can be taken for arriving at loan eligibility.
- No. of Co-Borrower: Restricted to maximum 3 (three) including spouse / children/parents/siblings.
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Margin
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- For house under construction upto 75 lacs: 20%
- For house/flat ready for possession upto 75 lacs: 15%
- For house under construction above 75 lacs: 25%
- For house/flat ready for possession upto 75 lacs: 15%
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Interest Rate
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Interest Rate on SUPER HOME LOAN has been kept at 8.35 % per annum.
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