Affordable Housing Loan | Home Loan Low-Interest Rates

1.	Purpose	Purchase of Ready built House/Flat/ flat under construction. Construction of House. Undertaking extension/repairs/renovation/upgradation.
2.	Eligibility	Areas covered: All areas falling under the Statutory Town definition of Pradhan Mantri Awas Yojana-Urban for individuals and Income: Annual household income not exceeding Rs. 6 lacs.
3.	Rate of interest	Prevailing card rate.
4.	Margin	Up to Rs. 30 lacs - 15%. Above Rs. 30 lacs up to Rs. 75 lacs - 20%.
5.	Security	Mortgage of the property being financed. Collateral: on case-to-case basis.
6.	Repayment	Maximum term up to 30 years subject to maximum age of 70 years of applicants.
7.	Other conditions	The scheme is applicable to individual housing loans sanctioned on or after 01/04/2017 and falling under Statutory Town definition of Pradhan Mantri Awas Yojana-Urban. 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 with annual resetting clause after the expiry of fixed tenure of 7 years. 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.

Affordable Housing Loan -Urban [AHL- U]