Housing Loans

223 Loans under urban Housing(LUH)

Loans under urban Housing(LUH)

Brief Terms & Conditions at a glance


Purpose of Loan

  1. Construction of house.
  2. Purchase of ready built house / flat.
  3. Purchase of flat under construction.
  4. Repairs / Renovation / up-gradation of house.
  5. Extension of house.
  6. Balance transfer / Takeover of housing loans. 


Who is eligible

All individuals who are salaried / professionals / businessmen / self-employed / NRI / Pensioners who have adequate repayment capacity.


Other  conditions

  1. The area where the proposed building is financed should be in an urban area (census 2011) as per NHB norms with following special conditions.

i) Loan amount should not exceed Rs 10,00,000 / -

  1. ii) Dwelling size should not exceed 60 sqmts.or the cost of the dwelling should not exceed Rs 16 lakhs. This criteria is not applicable for repairs / renovation
  2. iii) The applicant / co-applicant's household income should not exceed Rs. 4 lakhs per annum.
  3. iv) Loans disbursed after 01 / 04 / 13


Quantum of loan

Up to Rs. 10 Lakhs or upto 75% of the project cost subject to a maximum of Rs. 10 lakhs and subject to repayment capacity and sufficient net take home.


Repayment period

For salaried individuals - 5 years to 30 years.
For professionals - 5 years to 25 years.
For NRI - 5 years to 15 years.
For business class - 5 years to 20 years.


Interest rate applicable

FloatingRate of interest applicable as given below:
8.85% fixed for 5 years



In the case of purchase of house / flat, on the date of registration, and in the case of construction / repairs / renovation / up-gradation / extension, 
as per the progress of work. 


Security for the loan

Equitable mortgage of the residential property being financed.


Collateral security

Depends up on case to case basis.


Stamp duty

As laid down in The State Stamp Act of the respective state government.

Note: For details regarding Processing charges, other charges and other Compliances, please contact your nearest branch.

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