To become a household name for Housing Finance in
middle income groups.

Our Mission

Help more and more people to own their home.
We strive for quick and prompt service.

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. Loan tenure permitted upto 20 yrs. with additional 0.25% increase on card rates for pure housing loans (for loans other than RHF & UHF loans). Term 20 years to RHF loans permitted with group insurance cover. 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 May 2016) 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.20 lakhs classified under Rural Housing Fund (RHF):

Upto Rs 20 Lacs 8.61 Fixed for first 10 year
Loan would be changed to variable thereafter.

 

2. Loans up to Rs.20 lakhs classified under Urban Housing Fund (UHF):

Upto Rs 20 Lacs 8.61 Fixed for first 10 years
Loan would be changed to variable thereafter.

 

3. Special Urban Housing For Low Income Household (UH-LIH):

Upto Rs 8 Lacs 13% Fixed for first 15 years
Loan would be changed to variable thereafter.

A. Category : Housing loans with LTV upto 75% - Max Tenure 20 yrs
Construction / Purcharse / Extension / Renovation

Loan slab Variable/Monthly
%
Upto Rs. 10 lacs 11.25
Rs 10.01 lacs to Rs. 25 lacs 11.50
Rs. 25.01 lacs & above 11.75

B. Category : Housing loans with LTV exceeding 75% - Max. Tenure : 20 yrs.

Loan slab Variable/Monthly
%
Upto Rs. 10 lacs 11.50
Rs 10.01 lacs to Rs. 30 lacs 11.75
Rs. 30.01 lacs & above 12.00

C. Composite loans - Max. Tenure : 15 yrs

Loan Variable/Monthly
%
For plot purchase & construction 12.50

D. Take over plus top up loans - Max. Tenure : 20 yrs

(i) Takeover + topup
Takeover of Hsg. Loans and top for extension / improvement 11.75%
(ii) Takeover if Hsg loan + topup (mortgage)
Takeover loans 11.75%
Topup (mortgage) loans 12.50%

E. No Income Product Programme - [NIP programme]

i) Construction / purchase / improvement / Extension] upto 20 yrs 13%
ii) Plot loans upto 15 yrs. 14%

Note : For any mixed usage of property, the ROI has toa be not less than 14% [V/M]


Effective from 22 April 2017

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.