In line with Government's relief package, the Bank has introduced Special Package Housing loan scheme “ Corp Home Plus”
Salient features of the Scheme are as under: :
a) The Scheme is under operation from 17.12.2008 to 30.06.2009.
b) The Scheme is applicable only for fresh loans sanctioned/disbursed on or after 17.12.2008.
c) Only loans, where first disbursement is made between the period from 17.12.2008 to 30.06.2009 are eligible.
d) Scheme is not applicable in case of housing loans taken over from other Banks/ other Financial Institutions, etc.,/ in the case of conversion of existing loans.
e) Maximum loan under the Scheme shall be Rs.20 lakhs.
f) Maximum repayment period under the Scheme shall be 20 years.
Margin: :
For loans upto & inclusive of Rs.5 lakhs . : 10%
For loans above Rs.5 lakhs & upto & inclusive of Rs.20 lakhs : 15%
Processing Charges :
Processing Charges are not to be levied.
Pre Payment Penalty :
Pre Payment Penalty is not to be charged.
Rate of Interest :
Loan upto & inclusive of Rs.5 lakhs, upto 20 years. 8.5%
Loan above Rs.5 lakhs & upto & inclusive of 9.25%
Rs.20 lakhs, upto 20 years
a) The rate of interest is fixed for first five years. However, during the period covered under the Scheme, if the Bank reduces rate of interest for Home Loans below the above rates, the benefit of the same will be passed on to the loans under this Scheme.
b) The rate of interest is subject to reset after 5 years ,at the discretion of the Bank.
c) The borrower will have an option to choose between Fixed OR Floating rate, after
five years, as may be offered by the Bank at that time.
d) No conversion charges shall be levied for conversion of account after 5 years.
1. Loan for Repair/Renovation/Extension shall not be considered under the scheme.
2. Loan under the scheme shall be only for acquiring the First House
Insurance Cover( Life) :
a) Loans under the Scheme shall , compulsorily be covered under our existing Corp
Jeevan Griha Raksha Insurance Scheme. Insurance premium shall be borne
by the Bank.
Please note that comprehensive insurance of the mortgaged House/Flat shall continue to be as per the extant guidelines at the borrowers’ cost.
Except for the salient features mentioned herein above, all other terms and conditions of our existing Housing Loan Scheme (Corp Home) shall be applicable for the loans sanctioned under this special package Scheme.
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