Cent Home Loan Scheme for purchasing 3rd or 4th house/flat

Purpose

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
Purchase of 3^rd or 4^th 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.30.00 lakh :

1. 1. Minimum 10% for construction / purchase of new or existing flat / extension of existing house or flat.
   2. Minimum 25% for repairs / renovation / alteration subject to maximum of Rs 10 lakh
   3. Minimum 25% for purchase of plot.

(ii) Loans above Rs.30.00 lakh and up to Rs.75.00 lakh:

1. Minimum 20% for construction / purchase of new or existing flat or house /extension of existing house or flat.
2. Minimum 25% for purchase of plot.

(iii) Loans above Rs.75.00 lakh:

1. Minimum 25% for construction / purchase of new or existing flat or house /extension of existing house or flat / purchase of plot.

(iv) The borrower should bring in his proportionate margin whenever disbursement is made. Wherever borrower informs about his margin already paid to the builder, proper due diligence to be exercised to confirm whether real transfer of consideration took place between the seller and the purchaser. The same may be verified from the bank account statement.

FOR NON-SALARIED BORROWER

(i) Loans up to Rs.75.00 lakh :

1. 1. Minimum 20% for construction / purchase of new or existing flat or house/ extension of existing house or flat.
   2. Minimum 25% for repairs / renovation / alteration of existing house or flat, subject to maximum of Rs 10 lakh
   3. Minimum 25% for purchase of plot.

(ii) Loans above Rs.75.00 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 9.35% to 9.85% 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 & 25 years for Salaried & Non-salaried years 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 Moratorium period more than 18 months and up to 24 months, the interest amount is payable by the borrower as and when applied starting from the first month itself

In case of Repairs/ renovation/ alteration of existing house/ flat, the instalments will start after 3 Months from the date of first disbursement.

Others

All other Terms & Conditions for Cent Home Loan Scheme will be applicable.