Housing Loans


New Gruhalakshmi Rural Housing Scheme (New GRHS)



1

Purpose

1.  Construction /purchase of dwelling units for weaker sections in rural areas.

2.  Repairs/renovation/upgradation of dwelling units for weaker sections in rural areas.

2

Eligibility

1.  The dwelling unit should be located in rural area (i.e., with population of 9,999 as per 2011 census)

2.  Maximum limit for housing loan : ₹ 20 lac

3.  Eligibility criteria (anyone of the following)

a.    Women – property in their names, either singly or jointly

b.    Persons (men or women) from minority communities

c.    Scheduled Castes and Scheduled Tribes.

d.    Persons with disabilities.

e.    Rural population with income upto ₹ 3 lac.

 

 

3

Quantum of Loan

Construction of House/ Purchase of house/ Flat /Composite Loan

Upto ₹ 20.00 lac

Extension/renovation of the house

upto ₹ 5.00 lac (Within

the limit of ₹ 20.00 lac)

4

LCR/LTV

Up to 80% of the project cost.

5

Security

Equitable mortgage of the property being financed.

6

Rate of interest

8.25% - Fixed for 3 years irrespective of risk rating

7

Repayment

Maximum up to 30 yrs.

8

Other conditions

1.  The cost of the dwelling unit should not exceed ₹ 25 lac.

2.  In respect of takeover of loans from other institutions, if the loan is already covered/encumbered to NHB under any of their schemes then such loans are not eligible under RHF.  All other norms as applicable to IHL (201).

3.  The scheme is applicable to loans granted on or after 01/04/11.

4.  No personal loan shall be granted.

9

Other Charges

As per the Fair Practice Code updated from time to time.



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