Housing Loans

Housing Loans

1.  Ordinary Housing Loan

Rules and Regulations / Features

1.  Loan can be availed by A class Members only.

2.  Loan can be availed against the security of land mortgage / immovable property.

3.  The Maximum limit that can be advanced under this scheme will be Rs.25,00,000/- (Rs. Twenty five lakhs only) for construction and extension and Rs.200000 for House repair.

4.  Loan can be availed only for construction / extension of house in the security offered. Construction of house must be completed within 6 months from sanctioning the loan.

5.  If the borrower requires an additional amount to complete the house construction that can be sanctioned after verifying the valuation of pledged property and cost of the work to be completed.

6.  The borrower will be liable to produce the plan and estimate of the proposed building from an approved engineer along with the application.

7.  Utilization and completion certificate signed by a competent authority must be submitted.

8.  Loan amount should be sanctioned in 2 or more instalments.

9.  Interest will be calculated under diminishing for existing loans under 331 product code and EMI method for all new loans.

10.  EMI scheme will be made compulsory for all new Housing Loans.

11.  3% overdue interest will be charged on the overdue instalment in addition to the normal rate whenever an instalment becomes overduein case of existing loans under product code 331.

12.  The Bank has a right to file suit under KCS / SARFAESI Act when the loan becomes a Non Performing Asset as per RBI guidelines.

Loan Period :
For normal customers   : 12 months TO 180 months


For Govt. Employees / Aided School Teachers
12 months TO 240 months
Rate Of Interest :

Amount Slab

Rate Of Interest

Up to `.2500000/-


Up to `.2500000/- ( If one of the Applicant/s is a Female)


Maximum Amount :25,00,000/- (Rs.Twenty Five lakhs only)

2.  EMI Housing Loan