Purpose - To buy, build or renovate flat/house.
Eligibility - Groups of individuals, Members of Co-operative Societies and Individuals not more than 55 years of age. In case of salaried individual, a permanent job with a minimum of 2 or 3 years service is a must. For self-employed professionals, a minimum period of three years of activity in the related field is a must.
Quantum of loan - maximum of 80% of the cost of the house/flat subject to limit of Rs. 50 lakh.
Interest rate - Fixed rate - For loans upto Rs. 30 lakhs: 9% for the first five years and 9.5% for 5th - 10th year. For loans more than 30 lakhs: 11.50% and 12% as above. Interest rates differ from above for floating rate interest.
Repayment - Repayable in EMI for a maximum period of 20 years. This is reduced to 10 years for fixed interest rate option.
Prepayment - Prepayment penalty of 1.00% on the outstanding or on amount remitted in excess of drawing power, will be levied.