1.
Resident Indian :
- Purchase
Griha
Prakash
Loan Amount
: Min. Rs. 25,000 - Max.Rs.1,00,00,000.
Loan to Property Cost : 85% of total Cost of the property
including Stamp Duty and Registration Charges.
Loan Term : Upto 20 Years or Retirement Age or 70 years
of Age, whichever is earliest.
Repayment Mode : Equated Monthly Instalments(EMI) - Monthly
Rest Basis
Security : 1. Equitable Mortgage of House/Flat 2.
One Guarantor.
Risk Cover : Any existing or new policy under any acceptable
plan of insurance (issued by LIC of India) on the lives of the applicants,
having risk cover to the extent of loan amount.
Front End Charges : 1.00% of Loan Sanctioned.
- Construction
Griha
Prakash
Loan Amount
: Min. Rs. 25,000 - Max.Rs.1,00,00,000.
Loan to Property Cost : 85% of total Cost of the property
including Stamp Duty and Registration Charges.
Loan Term : Upto 20 Years or Retirement Age or 70 years
of Age, whichever is earliest.
Repayment Mode : Equated Monthly Instalments(EMI) - Monthly
Rest Basis
Security : 1. Equitable Mortgage of House/Flat 2.
One Guarantor.
Risk Cover : Any existing or new policy under any acceptable
plan of insurance (issued by LIC of India) on the lives of the applicants,
having risk cover to the extent of loan amount.
Front End Charges : 1.00% of Loan Sanctioned.
- Extension
Griha
Prakash
Loan Amount
: Min. Rs. 25,000 - Max.Rs.1,00,00,000.
Loan to Property Cost : 85% of total Cost of the property
including Stamp Duty and Registration Charges.
Loan Term : Upto 20 Years or Retirement Age or 70 years
of Age, whichever is earliest.
Repayment Mode : Equated Monthly Instalments(EMI) - Monthly
Rest Basis
Security : 1. Equitable Mortgage of House/Flat 2.
One Guarantor.
Risk Cover : Any existing or new policy under any acceptable plan of insurance
(issued by LIC of India) on the lives of the applicants, having risk cover
to the extent of loan amount.
Front End Charges : 1.00% of Loan Sanctioned.
- Repair/
Renovation
Griha
Prakash
Loan Amount : Upto Rs.10,00,000.
Loan to Property Cost : Not exceeding 85% of Cost of
Repairs or 25% of Market Value of Property, whichever is lower.
Loan Term : 1 to 15 Years, or Retirement Age, or 70 years
of Age, whichever is earliest.
Repayment Mode : Equated Monthly Instalments (EMI) - Monthly Rest Basis.
Security : 1. Equitable Mortgage of House/Flat
2. One Guarantor.
Risk Cover : Life Insurance Cover is not required but
advisable in the interest of the Applicants.
Front End Charges : 1.00% of Loan Sanctioned.
- Plot Purchase
Loan for Purchase
of Vacant Plots/Sites
Loan Amount : Min Rs.50,000 Max Rs. 20,00,000.
Loan to Property Cost : 85% of the Cost of Plot/Site.
Loan Term : Upto 15 Years or Retirement Age, or 70 years
of Age, whichever is earliest.
Repayment Mode : By Equated Monthly Instalments (EMI)
- Monthly Rest Basis.
Security : 1. Equitable Mortgage of Plot/Site 2.
One Guarantor.
Risk Cover : Life Insurance Cover is not required but
advisable in the interest of the applicants.
Front End Charges : 1.00% of Loan Sanctioned.
2.
Non Resident Indian :
- Purchase
Griha
Prakash
Loan Amount
: Min Rs. 25,000 Max Rs.1,00,00,000.
Loan to Property Cost : 85% of total Cost of the property
including Stamp Duty and Registration Charges.
Loan Term : Since NRIs have Contractual Appointments
Term is restricted to 7 years. For Professionals, term upto 10 years can
be considered.
Repayment Mode : Equated Monthly Instalments (EMI) -
Monthly Rest Basis.
Security : Equitable Mortgage of House/Flat
Risk Cover : Any existing or new policy under any acceptable plan of insurance
(issued by LIC of India; LIC(Intl.)E.C., Bahrain on the lives of the applicants,
having risk cover to the extent of loan amount.
Front End Charges : 1.00% of Loan Sanctioned.
- Construction
Griha
Shoba
Loan Amount
: Min Rs. 25,000 Max Rs.1,00,00,000.
Loan to Property Cost : 85% of total Cost of the property
including Stamp Duty and Registration Charges.
Loan Term : Since NRIs have Contractual Appointments
Term is restricted to 7 years. For Professionals, term upto 10 years can
be considered.
Repayment Mode : Equated Monthly Instalments (EMI) - Monthly Rest Basis.
Security : Equitable Mortgage of House/Flat.
Risk Cover : Any existing or new policy under any acceptable plan of insurance
(issued by LIC of India; LIC(Intl.)E.C., Bahrain, having risk cover to
the extent of loan amount.
Front End Charges : 1.00% of Loan Sanctioned.
- Extension
Griha
Shoba
Loan Amount
: Min Rs. 25,000 Max Rs.1,00,00,000.
Loan to Property Cost : 85% of total Cost of the property
including Stamp Duty and Registration Charges.
Loan Term : Since NRIs have Contractual Appointments
Term is restricted to 7 years. For Professionals, term upto 10 years can
be considered.
Repayment Mode : Equated Monthly Instalments (EMI) -
Monthly Rest Basis.
Security : Equitable Mortgage of House/Flat.
Risk Cover : Any existing or new policy under any acceptable
plan of insurance (issued by LIC of India; LIC(Intl.)E.C., Bahrain, having
risk cover to the extent of loan amount.
Front End Charges : 1.00% of Loan Sanctioned.
- Repair/Renovation
Griha
Sudhar
Loan Amount : Upto Rs.10,00,000.
Loan to Property Cost : Not exceeding 85% of Cost of
Repairs or 25% of Market Value of Property, whichever is lower.
Loan Term : Since NRIs have contractual appoinments Term
is restricted to 7 years. For Professional term upto 10 Years can be considered.
Repayment Mode : Equated Monthly Instalments (EMI) -
Monthly Rest Basis.
Security : Equitable Mortgage of House/Flat
Risk Cover : Life Insurance Cover is not required but
advisable in the interest of the Applicants.
Front End Charges : 1.00% of Loan Sanctioned.
- Plot Purchase
Loan for Purchase
of Vacant Plots/Sites
Loan Amount : Min Rs.50,000 Max Rs. 20,00,000.
Loan to Property Cost : 85% of the Cost of Plot/Site.
Loan Term : Since NRIs have Contractual Appointments
Term is restricted to 7 Years. For Professionals, term upto 10 years can
be considered.
Repayment Mode : By Equated Monthly Instalments (EMI)
- Monthly Rest Basis.
Security : Equitable Mortgage of Plot/Site.
Risk Cover : Life Insurance Cover is not required but
advisable in the interest of the applicants.
Front End Charges : 1.00% of Loan Sanctioned.
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Green Channel
This facility is meant for Professionals like Practising Doctors,
Chartered Accountants, Cost Accountants, Executives holding IIM diplomas
and Computer Engineers.
Loans can be applied under any of the usual Schemes. A one-time processing
and Administrative fee(non-refundable) @ 1.0% of loan applied for, is
payable. Inspection of Property and title clearances are undertaken simultaneously,
as soon as the loan is sanctioned. This facilitates quicker disbursment
of loan. Collateral security of LIC Policy upto the extent of 50% of the
loan amount is sufficient.
Step- up EMI Facility
This facility is extended, keeping in view the prospective increase
in income of the Borrowers, and is available to people who have good prospect
of future increase in income, viz., young Professionals/Executives who
are less than 35 years of age.
This facility envisages flexible mode of repayment through Stepping up
of EMI during the tenure of loan. Under this Facility, the EMI will initialy
be fixed at a lower amount; this would be changed twice (i.e., on the
6th and the 11th year) during the Loan Tenture (15 years); the rate at
which the EMI will be stepped-up in the 6th and 11th years would be at
10/15/20 % of the initial EMI as preferred by the Applicant.
Loans to Professionals
Apna Office
Loan Amount :
Loans to Professional like Doctors, Engineers, Architects, Chartered Accountants,
Management Consultants, Company Secretaries etc for construction / purchase
/ renovation of clinic or office premises.
Min Rs. 2,00,000 Max Rs.1 Crore.
Loan to Property Cost : 85% of the cost of the project.
Loan Term : 5 to 10 Years.
Repayment Mode : Equated Monthly Instalments (EMI) -
Monthly Rest.
Security : 1. Equitable Mortgage of Project Land &
Structures thereon.
2. One Guarantor.
Risk Cover : Life Insurance Cover is not required but
advisable in the interest of the Applicants.
Front End Charges : Upto Rs.25,00,000 : 1.00% of Loan
Sanctioned (Max. Rs.20,000).
Above Rs.25,00,000 : Rs.25,000.
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