Providing financial support to deserving meritorious students for pursuing higher education in India or abroad.Details
- For acquiring house site and constructing house thereon.
- For construction of house on the land already owned by the party.
- Purchase of ready built house or flat.
- For making extension/additions to the existing house.
- For carrying out repairs/ to damaged house.
- Takeover of housing loan liability with other banks and financial institutions and up gradation- modification thereon if any.
- Individuals who are in gainful employment/profession/business are eligible.
- The age of the applicant should not more than 55 years. In case spouse/son/daughter having earning / repaying capacities joining as co-borrower their age can be taken into account for determining the eligibility.
Quantum of Loan :
- 80% of estimated cost of construction and cost of site.
- Maximum loan is limited to 60 months salary to employees and 5 times average net annual income to other persons except NRE.
- In the case of NRE the amount is limited to 4 times of the average net annual income.
- Equitable mortgage of land and building to be constructed/ to be purchased by bank finance. Value of land including development/ construction should be at least 125 %.
- One Co-obligants having landed property / sufficient income from salary/other sources.
- Repayment in equated monthly /quarterly/ half yearly/ yearly installments based on the income generation of the borrower.
- Maximum repayment period is 30 years subject to the borrower attaining 70 years except in the case of NRE Where the repayment period is limited up to 60 years.
- New schemes like PMAY, UHF and RHF with certain concessions are also introduced.