A home loan (or mortgage) is a contract between a borrower and a lender that allows someone to borrow money to buy a house, apartment, condo, or other liveable property. A home loan is typically paid back over a term of 10, 15 or 30 years.
Finance for Housing Loan Scheme
- 1.Bank will sanction housing loan to the individuals borrower up to 30 Lakh (Maximum) of which finance up to the Rs. 25.00 Lakh will be treated as a priority sector leading. Providing credit facility to this sector, bank will achieve social objective particularly top the weaker Section of Society, being house is the basic need to the individuals.
- 2.Eligible Category of Borrowers
A)Bank will grant loans to individuals and Co-operative housing Societies.
B)Owners of houses/ flat for extension and up-gradation, including major repairs.
C)Period of loan:Housing loan will be repayable within maximum period of 2 years, including moratorium. Moratorium will be granted till completion of constructions or 18 months from the date of disbursement of first instalment of the loan, whichever is earlier.
Rate of Interest:13%