1.
|
Purpose
|
- Purchase of Ready built House/Flat/ flat under construction
- Construction of House.
- Undertaking extension/repairs/renovation/upgradation.
|
2
|
Eligibility
|
Areas covered: Any other areas not falling under the Statutory Town definition of Pradhan Mantri Awas Yojana-Urban for the following beneficiaries:
- Individuals belonging to weaker section as defined in the RBI’s priority
sector guidelines* and/ or
- Annual household income not exceeding Rs.3 lacs and/or
- Women – Property in their names, either singly or jointly.
* which includes scheduled caste and scheduled tribes, Minority communities as may be notified by Govt. of India from time to time, persons with disabilities.
|
3
|
Security
|
Mortgage of the property being financed. |
4
|
Rate of interest
|
Prevailing card rate. |
5
|
Repayment
|
Maximum term up to 30 years subject to maximum age of 70 years of applicants. |
6
|
Other conditions
|
- The scheme is applicable to individual housing loans sanctioned on or after 01/04/2017 and falling under Rural category.
- ROI is fixed for an initial period of 7 years. ROI would automatically shall be converted to variable interest rate for the respective risk category.
- 2% plus applicable GST where the loan accounts are on fixed interest rate in case the loans are taken over by other banks/financial institutions. However, no pre closure charges will be collected if the borrowers close the loans out of their own funds.
|
7
|
Margin
|
- Up to Rs. 20 lac - 15%.
- Above Rs. 20 lac up to Rs. 75 lacs - 20%.
- Above Rs.75 lacs-25%.
|
8
|
Rate of interest
|
Prevailing card rate. |