Eligibility
Loans shall be sanctioned to the A Class members of the bank and the applicant should own the land or plot on which the construction is proposed.
Limit of Assistance
The loan amount for the construct/outright purchase/remodeling and expansion of houses shall be fixed as a maximum amount of Rs.50 lakhs.
Repayment/ Tenure of loan
Loan shall be repaid in equated monthly installments spread over a maximum period of 18 years. Borrowers are free to remit more than one installment or lumpsum at any time. Repayment holiday will be granted till the completion of construction or 12 months from the date of disbursement of first installment, whichever is earlier.
Collateral Security
Advance is made against the mortgage of landed property as equitable mortgage or registration. Building shall be insured at the cost of the borrower and the insurance policy shall be assigned in favour of the bank.