Housing Loans
Housing loans are provided to individuals, corporates, firms, associations, societies at very competitive rates of interest. The purpose of loan could be varying from construction/purchase of a house/flat, renovation, repairs, upgradation / extension to purchase of a plot for construction at a later stage. Tenure of the loan ranges from 2 years to 15 years. It also considers loans against mortgage of residential/commercial properties at selected centres.
The company provides finance for builders, developers etc. at reasonable rate of interest and also selectively entertains proposals for construction / purchase of commercial complexes
The salient features of the company's schemes are:
| • |
competitive rates of interest |
| • |
easy terms |
| • |
hassle free formalities |
| • |
simple procedures |
| • |
quick sanctions and disbursements |
| • |
friendly and warm customer service |
| • |
long lasting relationship |
Norms for sanctioning housing loans:
. Installment income ratio (IIR) 40 - 50%
. Loan to cost ratio (LCR) 75%
. Generally 2 guarantors
. Collateral securities of immovable properties, Fixed Deposits, LIC Policies, NSCs etc wherever possible
Preferred Profile of the borrowers (in the order of preference):
| • |
Salaried class |
| • |
Professional & self employed |
| • |
Established businessmen |
Housing Loan:
At present (as on 1st September 2011) the Prime Lending Rate of the company is 15.75%. The current rate of interest for various periods of loan are as follows, which are indicative:
1. Loans up to Rs.15 lakhs classified under Rural Housing Fund (RHF):
| Loan Tenure
In years |
Salaried Class@ |
Non-salaried Class |
| Variable ROI |
Variable ROI |
| Annual Rest |
Monthly
Rest |
Annual Rest |
Monthly
Rest |
| Housing Loans |
| 2 to 5 |
11.25 |
11.50 |
11.50 |
11.75 |
| 6 to 15 |
11.75 |
12.00 |
12.00 |
12.25 |
| Upgradation & repairs Loans up to 5 Lacs |
| 2 to 5 |
12.00 |
12.25 |
12.25 |
12.50 |
| 6 to 15 |
12.50 |
12.75 |
12.75 |
13.00 |
2. Loans Up to Rs.15 lakhs:
| Loan Tenure
In years |
Salaried Class@ |
Non-salaried Class |
| Variable ROI |
Fixed ROI |
Variable ROI |
Fixed ROI |
| Annual Rest |
Monthly
Rest |
Annual Rest |
Monthly
Rest |
Annual Rest |
Monthly
Rest |
Annual Rest |
Monthly
Rest |
| Housing Loans |
| 2 to 5 |
12.25 |
12.50 |
15.50 |
15.75 |
12.75 |
12.00 |
15.75 |
16.00 |
| 6 to 15 |
12.50 |
12.75 |
15.75 |
16.00 |
13.00 |
13.00 |
16.00 |
16.25 |
| Upgradation & repairs Loans |
| 2 to 5 |
12.50 |
12.75 |
15.75 |
16.00 |
13.00 |
12.75 |
16.00 |
16.25 |
| 6 to 15 |
13.00 |
13.25 |
16.00 |
16.25 |
13.50 |
13.50 |
16.00 |
16.25 |
| Composite loans |
| 2 to 5 |
13.25 |
13.50 |
15.75 |
16.00 |
13.50 |
13.75 |
15.75 |
16.00 |
| 6 to 10 |
13.75 |
14.00 |
15.75 |
16.00 |
14.50 |
14.75 |
16.00 |
16.25 |
(@ add 0.25% for working other than in Government Organisations & MNCs)
3. Loans between Rs.15 lakhs & Rs.50 lakhs:
| Loan Tenure
In years |
Salaried Class@ |
Non-salaried Class |
| Variable ROI |
Fixed ROI |
Variable ROI |
Fixed ROI |
| Annual Rest |
Monthly
Rest |
Annual Rest |
Monthly
Rest |
Annual Rest |
Monthly
Rest |
Annual Rest |
Monthly
Rest |
| Housing Loans |
| 2 to 5 |
12.75 |
13.00 |
15.50 |
15.75 |
13.50 |
13.75 |
15.75 |
16.00 |
| 6 to 15 |
13.00 |
13.25 |
15.75 |
16.00 |
13.75 |
14.00 |
16.00 |
16.25 |
| Upgradation & repairs Loans |
| 2 to 5 |
13.00 |
13.25 |
15.75 |
16.00 |
13.50 |
13.75 |
16.00 |
16.25 |
| 6 to 15 |
13.25 |
13.50 |
16.00 |
16.25 |
13.75 |
14.00 |
16.00 |
16.25 |
| Composite loans |
| 2 to 5 |
14.25 |
14.50 |
15.75 |
16.00 |
14.75 |
15.00 |
15.75 |
16.00 |
| 6 to 10 |
14.50 |
14.75 |
15.75 |
16.00 |
15.00 |
15.25 |
16.00 |
16.25 |
(@ add 0.25% for working other than in Government Organisations & MNCs)
Effective from 01/09/2011
Borrowers have an option to switchover from Variable Interest Rate Scheme to Fixed Rate Scheme and vice versa on payment of charges as decided by the company from time to time.
Tax Benefits
The housing loans availed from us are eligible for income tax benefits, Interest under section 24 and Principal under section 80C of IT Act.
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