Home Loan (Power Home)
Overview
Target Audience
Home loans are offered to following individuals basically to own a residential property in India.
- Salaried
- Professionals
- Self-employed
Purpose
- Purchase of a plot of land and Construction of a house thereon
- Construction of a house on plot of land already owned
- Purchase of a new house / flat
- Purchase of old house / flat. The residual age of the property as confirmed by our certified valuers should not be less than 30 years (Home Acquisition Plan)
- Extend /Renovate/Repair of a house or flat already owned by self (Improvement/Extension Plan)
- Take-over of existing Housing Loan
- Loan takeover with additional refinance
Eligibility
| |
Salaried Individual |
| Age (years) |
Minimum-24, Maximum-Age of Superannuation |
| Work Experience |
Minimum 2 years |
| Clubbing of Income |
Income of spouse permitted |
| |
Self-employed Individual/Professional |
| Age (years) |
Minimum-24, Maximum-65 |
| Work Experience |
Minimum 3 years |
| Clubbing of Income |
Income of spouse permitted |
Features
Note : The loan amount not to exceed 80% of the cost of property or the eligibility as per the income norms which ever is lower.
Documentation
These are the documents required for sanctioning a loan.
Interest/Charges
Interest Rates
Linked to Mortgage Reference Rate (MRR) which is currently at 12.50%
Home loan normal product/Extension or renovation plan*/Take over loan
| Sr. No. |
Type |
Loan amount (Rs.) |
Effective ROI (% p.a.) |
| 1 |
Floating
|
Up to 30 Lacs
Above 30 Lacs |
9.00
9.50 |
| 2 |
Fixed |
Irrespective of the loan amount |
14.00 |
*Fixed rate not applicable
Refinance/top up component priced at 0.5% below MRR
*Property Insurance : Mandatory
Charges
- Processing Fee – 1.00% of Loan amount plus Service Tax as applicable
- Prepayment penalty - Nil
