Income of spouse and / or child(ren) living with applicant, provided:.
To enhance loan eligibility following options may be added:
Actual loan amount will be determined taking into consideration such factors as applicant’s income and repaying capacity, age, assets and liabilities, cost of the proposed house/flat etc.
However, in all such cases mortgage of house shall be mandatory and all the legal heirs of the father/mother should stand as guarantors to the amount of housing loan. In Case of repairs/renovation/alteration/additions to an ancestral property in the name of either father or mother, who is dependent on son / daughter, loan can be granted to the parent(s) by making the son / daughter as co borrower and his /her income can be taken for computation of quantum of loan. Sanctioning authorities to satisfy themselves about the income earned by the Non-Resident and take necessary safeguards for extending finance and regular repayment of such loans. Non-Resident Indians are also eligible for financing under the scheme.
Retired Employees of State / Central Government, Public Sector Undertaking.
Persons engaged in agricultural and allied activities.
Professionals, Self Employed Individuals / Businessmen with a minimum 3 years standing in the current profession.
Employees of Reputed Companies with a minimum of 3 years of service.
Permanent Employees of State / Central Government, Government / Semi-Government Undertakings & Autonomous Bodies.
Individuals having perpetual source of income, who belong to any of the following categories:
Loan can be sanctioned for acquiring third and subsequent house too but such loans shall not be sanctioned under this scheme and are to be dealt as Exposure to Commercial Real Estate (CRE).
Housing loan can be sanctioned for purchase/construction of 2nd house.
Finance for repairs & renovation of houses/flats already constructed with own resources or with housing loan whether liquidated or outstanding.
Supplementary finance in the shape of additional loan may be granted within the overall ceiling for carrying out alterations/ additions/repairs to the houses/flats already financed.
Advance is not permitted against plots purchased on power of attorney basis
For purchase of a plot only, provided a declaration is obtained from the borrower that he will construct a house on the said plot, with the help of bank finance or otherwise, within a period of 2 years.
Residential house / flat to be purchased by a person who is presently residing as a tenant in that house / flat.
Residential house /flat to be constructed/purchased by a person who intends to purchase/construct a house and proposes to let it out on rental basis on account of his posting outside the headquarters or because he has been provided accommodation by his employer.
Residential house /flat to be constructed/purchased by a person who is already owning a house in the town/village where he resides acquired by availing housing loan from any bank / FI or otherwise and intends to buy/construct a second house in the same or other town/village for the purpose of self- occupation.
Note: In case of unfinished flats or houses, cost of completion/finishing of house/flats shall be considered as part of total project cost.
Residential houses/flats to be constructed by public agencies like HUDCO, Housing Boards, Local Bodies, Co-operative Societies, Builders or Employers etc.
Residential houses/flats to be constructed/ purchased by the individuals.
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