Cent Home loan

Purpose

Purchase a plot of land for purpose of construction of house thereon
Purchase /construct a new house/flat
Purchase an existing (old) house / flat (which is not older than 40 years and has remaining life of 10 years more than the loan tenure applied for)
Repair or renovate an existing house /flat (Maximum loan up to Rs.10 Lakh)
Takeover of Home Loans (complete / under construction) from other Banks/HFCs/FIs
Furnishing/interiors as part of the project cost. Maximum 20% of the cost of furnishing & interiors may be added to the cost of house/flat subject to maximum Rs.50 lakh, however, the maximum loan amount will be restricted to the stipulated LTV Ratio.
Re-imbursement of investment made from own resources during the preceding Six months for purchase of house/flat/construction of house/repair and extension of house.

Eligibility

Individual(s) over 18 years of age with steady source of income, including persons engaged in agriculture & allied activities.

In case the property holder is not having independent source of income, the income earning close relative may join as co-borrower for the loan and his or her income can be taken for arriving at loan eligibility.

Quantum of Loan/ Margin

(LTV)

Loan Amount	Home loan as percentage of Cost of Home/flat	Minimum Margin
Up to Rs.30.00 Lakh	90%	10%
Above Rs. 30.00 Lakh & up to Rs. 75 Lakh	80%	20%
Above Rs. 75.00 Lakh	75%	25%
For repairs / renovation / alteration of existing house /flat (Maximum Rs 25.00 lakh)	75%	25%
Purchase of Plot plus Construction
For purchase of plot	75%	25%
For Construction on plot	As per quantum of loan as above

EMI/NMI Ratio

Net Annual Income	EMI/ NMI Ratio (Maximum)
<=Rs.1.20Lakh	20%
>Rs.1.20L & <=Rs.3.0 Lakh	30%
>Rs.3 L & <=Rs.5.0 Lakh	55%
>Ea.5 L &<= Rs.8.0 Lakh	60%
>Rs.8 L & <= 10 Lakh	65%
>Rs. 10.0 Lakh	66.67%

NMI (Net Monthly Income) = Gross Monthly Income (GMI) – All statutory deductions & taxes (Excluding all existing and proposed EMI).

EMI for the purpose of computing the EMI/NMI ratio will include all EMI towards existing loans and the proposed loan, therefore, existing EMIs should not be deducted from Gross Monthly Income (GMI) for the purpose of computation of NMI.

Note: Permissible loan amount will be assessed on the basis of the lower value arrived at from undernoted eligible criteria: Maximum permissible LTV Ratio and Permissible EMI/NMI Ratio

The salary income appearing in the latest salary slip/salary certificate.
Other income which are appearing in the salary slip/Form 16 and or IT return such as variable pay, performance/production incentives, bonus, overtime allowance, reimbursement of expenditure, bonus etc may be included in salary income, only in case employer gives in writing that said incentive is the part of salary and regular nature and undertaking of verified by Branch and RAC/RPC during the visit of employer.
The income stated by the applicants should be backed by documentary evidence. Salary sheet and/or Form 16 and/or ITR and Form 26AS as the case may be for salaried and non-salaried.

Max. Loan Tenor

For construction/acquiring of new or existing house/flat not older than 10 Years, loan tenure of maximum 30 years or on borrower reaching the age of 75 years, whichever is earlier subject to repayment capacity, may be allowed.

In case of extension of existing house / flat, repairs/ renovation / alteration of existing house / flat repayment should be made within a maximum period of 10 years.

Rate of Interest

RBLR (Repo Rate+ Spread)+ CRP(Credit Risk Premium) ranging from 8.50% to 9.50% on the basis of CIC Score

Moratorium Period

Up to Max. of 48 months depending on the schedule of construction

Interest to be served during moratorium period (if above 18 months)

Purchase of plot cum construction: 24 Months with 1 year extension available for completion of house.

Processing

Charges

Waived up to 31.12.2024

Documentation Charges

Rs. 1350/- + GST

Min. CIC Score