Eligibility
Recurring Deposits (RD) are a type of financial instrument offered by banks and financial institutions that allow individuals to deposit a fixed amount regularly into their account over a predetermined period.
Recurring Deposits are a popular choice for individuals who want to cultivate a habit of regular savings. It provides a disciplined approach to saving money and helps individuals achieve their financial goals over time. However, individuals should be aware of the terms and conditions, including the interest rates and penalties for premature withdrawal, before opting for an RD.
2. Repayment Capacity (Total Annual Income –Total Approx Annual Exp. –
Total Annual Loan Liabilities (EMI*12) = Total Approx Annual Savings.
(Approx finance up to 50 to 60 % on Total Approx Annual Savings)
3. Purchase of Residential Property, 80% loan amount of sale deed, satakhat, Construction cost will consider. Additional/ supplementary Finance Rs. 5 lacs to the owner of house/ flat only for repairs ,additions, alterations etc…. irrespective of whether the house/flat is owner occupied or tenement occupied offer obtaining such security as the banks may deem appropriate. BOD /loan committee have reserve right to consider loan amount.
4.Maximum Loan Amount & Margin: Individual housing loans up to a maximum of Rs.60 lacs per beneficiary of Dwelling unit. Subject to prudential exposure limits of RBI from time to time.
Period of Loans:
- Housing loan may be repayable within a maximum period of 20 yrs. Including Moratorium of repayment holiday.
- Processing Fees : – Processing Fees 0.50 % on Sanction Amount + GST on PF
- Moretorium: Home Loan for construction maximum 18 month and as per guideline of RBI from time to time.
- Till completion of consturction, or 18 months from the date of disbursement of first installment of the loan which ever is earlier.
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