Coverage

The Scheme shall cover Housing Loans for Individual Houses and Flats/Houses under Projects, certified by the following Rating Agencies:

1. LEED-

The LEED certificate (Leadership in Energy and Environmental Design) is the internationally accepted official recognition that establishes whether a building deserves to be considered sustainable.

2. IGBC-

Indian Green Building Council (IGBC)'s  "Green Homes" is a rating program developed in India, exclusively for the residential sector. It is based on accepted energy and environmental principles and strikes a balance between known established practices and emerging concepts. The system is designed to be comprehensive in scope, yet simple in operation

The objective of IGBC Green Homes is to facilitate the effective use of site resources, water conservation, energy efficiency, handling of house-hold waste, optimum material utilization and design for healthy, comfortable & environmentally friendly homes.

3. GRIHA-

Green Rating for Integrated Habitat Assessment (GRIHA) is India's National Rating System for green buildings. It measures the environmental performance of a building based on a set of criteria. On the basis of their score, buildings are awarded between 1 to 5 stars. The Energy and Resources Institute (TERI) has played a crucial role in convergence of various initiatives, essential for effective implementation and mainstreaming of sustainable habitats in India. With over two decades of experience on green and energy efficient buildings, TERI has developed GRIHA which was adopted as the national rating system for green buildings by the Government of India in 2007

Housing Projects rated by other than the above Rating Agencies may also be considered subject to having National/International Reputation/ Accreditation / Acceptance. However, the Bank shall have the exclusive power/Sole Discretion to accept or reject such rating to consider the Home Loan under the proposed new scheme.

Purpose

Housing Loan for Purchase of Plot and Construction of House thereon, For Construction of House on already owned Plot, For Purchase of Flat and Ready to Move House.

Target Group

• Individual Borrowers (Resident/NRI/Staff & Ex Staff of our Bank) having Income from Salary/Business/Self Employment etc.
• In case of applicants belonging to salaried class, the borrower should be in confirmed service.
• In case of Professional/Self Employed/Businessman etc, borrower should be in same line of activity for last two years.

Age of Borrower

• Entry Age: Min. 21 Years & Max. 60 Years ( in case of borrower exceeding 55 Years of age, his/ her spouse or other legal heir should be included as co-obligant)
• Exit Age: Max. 70 Years

Quantum of Loan

No ceiling on maximum loan under the scheme. However, eligible loan amount shall be assessed based on repayment capacity and restricted to  LTV norms.

Income Proof

For Salaried Class:

• Minimum two years' ITR to calculate loan eligibility and THP norms.

Or

• Minimum Six Month's Latest Salary Slips.

For Self Employed/ Businessman/ Professional etc: 

• Income to be taken as Gross Average of Last two years ITRs.

THP Norms

RLCC/RLPC can consider to sanction housing loan under the scheme by relaxing the take home pay norms by another 10 % in each category (except IOB 5) and by another 5% in each category for IOB 5 based on the merits of the case.

Security

Equitable Mortgage to be created for the House Property. Registration of Memorandum of Deposit of Title Deed to be done wherever applicable.

Legal Opinion

Legal Opinion to be obtained from our Bank's Panel Lawyer as per extant guidelines.

Valuation Report

Valuation Report to be obtained from our Bank's Panel Valuer. Cost estimate to be obtained in case of House Construction. 

Repayment

Loan should be repaid within a maximum period of 30 years including the Moratorium period from the date of disbursement of first instalment of loan or Completion of construction/possession of flat/house, whichever is earlier.

Completion of House Construction

In case of Individual House, Construction of the house should be completed within 3 years from the date of purchase of land. This is applicable only for Urban/Metropolitan Areas. For other Centers, the construction of house should be completed within 2 years from the date of purchase of land.

Moratorium Period

• Purchase of Plot & Construction of House thereon:

For Individual Housing Loans, Purchase of Plot and or Construction of House, Maximum Moratorium Period is allowed for 18 Months from the date of disbursement of first instalment of Loan or completion of construction whichever is earlier.

• Purchase of Flat which is under construction for Individuals:

Branch can consider Moratorium up to 36 months and RLCC/RLPC can consider Moratorium up to 48 Months depending upon schedule of construction.

• For purchase of old house/old flat: Moratorium period of 3 months may be allowed.

Interest to be serviced during the Moratorium period.

LTV Norms/Margin

Interest Rates

Retail Credit Interest Rates (Click here)

Processing and other Charges

Processing Charges shall be recovered at 0.25% plus GST subject to maximum of Rs. 15000-/

Documentation Charges: As applicable

Rating/CIC Report/CERSAI

and Charges

• Rating shall be done under ICON Rating Model and Sanctioning Authority shall be guided by ICON Rating Circular Guidelines as updated from time to time.
• CIC Report from CIBIL/CRIF  shall be taken and scrutinized as per extant guidelines.
• Mortgage to be registered with CERSAI.
• CIC/CERSAI charges shall be as applicable.

Insurance

Property should be insured for the full value of its superstructure for applicable risks with bank clause.