Home Contact Us Sitemap
Tuesday, December 12, 2017
What’s New
  • Priority Sector Advances
    Special Rural Housing Scheme Golden Jubilee Rural Housing Financing Scheme. You may select it according to your best suited mode of meeting all kinds... more
  • Priority Sector Advances
    Special Rural Housing Scheme Golden Jubilee Rural Housing Financing Scheme. You may select it... more
  • Priority Sector Advances
    Special Rural Housing Scheme Golden Jubilee Rural Housing Financing Scheme. You may select it... more
Quick Links
 
You are here: Home > Products & Services > Loans > BGVB Housing Loan

BGVB Housing Loan

Purpose:

  1. For purchase/construction / extension/ repairs /renovations/furnishing of residential house / flat including the purchase of land and construction thereon.
  2. Supplementary finance to complete the project financed by the employer.
  3. Takeover of the Housing Loan from other Banks/Housing Finance Companies, Housing Boards.
  4. Purchase/take-on of long term lease (min. 10 yrs) of house/flat from Govt. Bodies/PSUs (unexpired lease period should exceed at least 5 years than repayment period of loan).
  5. For purchase/construction of 2nd house/flat.
  6. Purchase of old house/flat not old over 35 years from the date of completion of construction.

Eligibility:

Individuals above 21 years, having regular income i.e salary /engaged in business / professionals and self-employed persons.Salaried person should be in regular & permanent service.

Quantum:

Quantum of loan depends on the cost of house/flat, application’s age, income, repayment capacity etc. Loans of higher amount may be considered on the basis of merit of the case. The maximum quantum of loan shall be as follows:

Sl No. Categories of Applicants Metropolitan Urban Semi urban & Rural
1 In case of individual singly Rs 30.00 lakh Rs 20.00 lakh Rs 20.00 lakh
2 In case wife is a co borrower Rs 50.00 lakh Rs 30.00 lakh Rs 30.00 lakh

Margin:

Sl No. Categories of Applicants For purchase or construction of new house/flat and renovation/extension/repair/furnishing of existing house/flat For purchase of land or purchase of old house/flat minimum margin shall be 30% in all cases
1 In case of individual singly Minimum 15% of total project cost Minimum 30% of total project cost
2 In case wife is a co-borrower Minimum 10% of total project cost  

Any 2nd hand purchase of house/flat shall be considered as old house/flat. Project cost includes purchase price/ construction or extension or repair cost plus stamp duty and registration cost.

Repayment:

Max. Period of 20 years and tenure is fixed on the basis of age of 1st applicant (whose income contributes major part in recovery) and remaining age of old property.

For salaries person, the loan shall be repaid within superannuation and for professional & self employed person, within the age of 65 years.

Flexible Repayment Option: Step-up EMI, Step-down EMI & Lower EMI with lump sum payment at a certain point of time.

Security:

  1. Primary
    1. Mortgage of the property to be acquired and hypothecation of movable assets financed by the Bank for furnishing the house/flat.
  2. Additional
    1. In case of salaried persons, no additional security is required if repayment is ensured through deduction of monthly installments from the applicant’s salary.
    2. In case the salaried person is unable to provide the requisite undertakings from the employer, and in case of professional or self-employed or person engaged in industry, trade or business, additional security in the form of Bank’s own Term Deposit, LIC Policy (by surrender value), NSC, KVP, Relief Bond etc acceptable to the Bank after proper verification to the extent of 10% to 20% of the loan or Personal Guarantee of one or two persons having worth of 125% of the loan amount and acceptable to the bank shall be required.

Interest Rate:

Sl No. Repayment Period Upto Rs 25.00 lakh Above Rs 25.00 lakh upto Rs 35.00 lakh Above Rs 25.00 lakh upto Rs 35.00 lakh
1 Upto 5 years 10.75% p.a 11.00% p.a 11.25% p.a
2 Over 5 years upto 15 years 11.00% p.a 11.25% p.a 11.50% p.a
3 Over 15 years upto 20 years 11.25% p.a 11.50% p.a 11.75% p.a

Concession:

  1. A reduction of 0.25% p.a in the interest shall be allowed if 50% of the loan is additionally secured by way of Bank's own Term Deposit or
  2. A reduction of 0.25% p.a in the interest shall be allowed if the loan is covered under Housing Loan Protector Scheme with Bajaj Allianz Life Insurance Company.
  3. No concession is available for loans upto 5 years except in case of loans given to the staff members.
  4. In case of loan to the members of the staff of the Bank an additional concession of 0.25% in the interest rate is allowed across the board both in case of fixed and floating options.

Processing Charges:

  1. 0.50% of the loan amount minimum. Minimum: Rs.1000/- and Maximum: Rs.10, 000/-.
  2. Mortgage Charges: Nil.
  3. Documentation Charges:
  4. Prepayment Charges:
  5. In case of takeover of loans by Banks /HFCs, 2% pre-payment charges is levied on outstanding balance.
  6. Interest Subvention: 1% of interest amount subject to fulfillment of terms and conditions in this regard.

Please contact your nearest BGVB branch for further information.
Terms & conditions apply.

 
 
Deposits
 
Customer Corner