For construction / acquiring of new house / flat or acquiring existing house/flat which is not older than 40 years and has remaining life of 10 years more than the loan tenure
For Purchase of 3rd or 4th House only
Eligibility
Individuals, Group of individuals being close relatives having a legal, identified and regular source of income, either singly or jointly with Parents, sons, spouse. Brothers, Daughters & Sisters can be accepted as co- borrowers if they are or intended to be, co-owners of the house property.
Quantum of Loan/ Margin
FOR SALARIED BORROWER
(i) Loans up to Rs.30 lakh:
Minimum 10% for construction / purchase of new or existing flat / extension of existing house or flat
Minimum 25% for repairs / renovation / alteration subject to maximum of Rs 10 lakh
Minimum 25% for purchase of plot
(ii) Loans above Rs.30 lakh and up to Rs.75 lakh:
Minimum 20% for construction / purchase of new or existing flat or house /extension of existing house or flat
Minimum 25% for purchase of plot
(iii) Loans above Rs.75 lakh:
Minimum 25% for construction / purchase of new or existing flat or house /extension of existing house or flat / purchase of plot
FOR NON-SALARIED BORROWER
(i) Loans up to Rs.75 lakh:
Minimum 20% for construction / purchase of new or existing flat or house/ extension of existing house or flat
Minimum 25% for repairs / renovation / alteration of existing house or flat, subject to maximum of Rs 10 lakh
Minimum 25% for purchase of plot
(ii) Loans above Rs.75 lakh:
Minimum 25% for construction / purchase of new or existing flat or house/ extension of existing house or flat / purchase of plot
Rate of Interest
RBLR(Repo Rate+ Spread) + CRP(Credit Risk Premium) ranging from 9.10% to 9.60% on the basis of CIC Score
Repayment
For construction/acquiring of new or existing house/flat not older than 10 years, Maximum period of 30 years & 25 years for Salaried & Non-salaried respectively or on borrower reaching the age of 70 years whichever is earlier. For purchase of house/flats older than 10 years, maximum period of 25 years or on borrower reaching the age of 70 years whichever is earlier.
Moratorium
Maximum Up to 24 months in case of under construction flat/house depending on the schedule of construction
In case of Repairs/ renovation/ alteration of existing house/ flat, the instalments will start after 3 Months from the date of first disbursement.
If Moratorium period is more than 18 Months, Pre – EMI interest is payable by the borrower as and when applied.
Others
All other Terms & Conditions for Cent Home Loan Scheme will be applicable.
