Cent Home Double Plus Scheme

Purpose

  1. For construction / acquiring of new or existing home/flat
  2. Extension of existing house.

Eligibility
  1. Individual salaried employees, self-employed persons, professional, any other person having a legal, identified and regular source of income.
  2. The applicant/s must be 18 years old (completed) as on the date of application.

Facility Type

Home loan with Overdraft Facility: To enable efficient management of cash flow. It helps in minimizing interest Burden while offering the flexibility to withdrawal at time of need.

Max. Loan Tenor

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.

Rate of Interest

Based on Risk rating Score ranging from 9.35% to 9.80%

Moratorium Period

 

Maximum up to 24 months in case of construction in case of moratorium period is more than 18 months up to 24 months, Pre – EMI interest is payable by the borrower as and when applied.

Security

Equitable mortgage (E.M.) of the residential property

Insurance

House / Flat / Property financed should be adequately insured

Guarantee

 
  • Condition of Guarantee is waived for salaried individuals irrespective of loan amount. In case of self-employed /others for loans up to Rs.20.00 lakh, no guarantee is required.
  • However, wife, husband, father, mother, sister, brother may be taken as co-applicant instead of insisting for guarantor for loans above Rs.20.00 lakh to self-employed/others.

Quantum Of Loan

 

 

Loan Amount

Salaried Borrower

Non-Salaried Borrower

Up to Rs.30.00 Lakh

90%

80%

Above Rs. 30.00 Lakh & up to Rs. 75 Lakh

80%

80%

Above Rs. 75.00 Lakh

75%

75%

For repairs / renovation / alteration of existing house /flat (Maximum Rs 25.00 lakh)

75%

75%

Purchase of Plot plus Construction

For purchase of plot

75%

75%

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.

  • Gross annual income should include only regular income from all sources. Windfall income or income of temporary nature like overtime, etc. should be excluded while arriving at Gross Annual Income, even if such income stream is regular.
  • The income stated by the applicants should be backed by documentary evidence.

Processing

Charges
  • 0.50% of the Loan Amount subject to maximum Rs.20,000/-+ GST
  • API Integration Charges of Rs. 81+GST to be recovered for fresh proposal.
  • Processing Charges on "Cent Home Double Plus Loan Scheme"  are waived up to 31.03.2025

Documentation Charges

Rs. 1350/- + GST