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ALLBANK AASHIANA (A new Home loan scheme)
   

Eligibility

Salaried persons, Professionals & Self-Employed and Businessmen having regular income to liquidate the loans

Age

Minimum: 21 years
Maximum: Age of retirement for salaried class & 70 years for others.

Purpose:

  • For construction of residential house on land already owned.
  • For purchase of New / Old / Unfinished house/flat and renovation /extension /repair of the same.
  • For purchase of plot and construction of house thereon
  • For renovation / extension / repair of residential house already owned.

Loan amount:

For salaried persons: Up to 60 times of monthly gross salary (Maximum: Rs. 200 Lac)

For others: Up to 4 times of gross annual Income (Maximum: Rs. 200 Lac)

Nature of Loan: Term Loan

Margin:

For loans up to Rs. 20.00 Lacs - 15% of Project cost.

For loans above Rs. 20.00 Lacs - 20% of Project cost.

Project cost consists of :

  • Purchase price of land/house/flat.
  • Cost of construction/renovation/extension (if applicable)
  • Stamp duty and registrations charges as applicable.
  • Accrued interest amount of moratorium period, if proposed to be capitalized
  • Premium of Loan Insurance.

Click here for Rate of interest

Click here for Processing Fees, Prepayment Penalty, Documentation Charges, Mortgage and other charges

Security:

Primary:  Equitable / Registered Mortgage of the property
                                                Or
Pari-Passu / Second charge over the property if the borrower (salaried person) has already availed loan from his/her organization.

Rate of Interest:

Up to Rs. 25 Lac Above Rs. 25 Lac and up to Rs. 75 Lac Above Rs. 75 Lac and up to Rs. 200 Lac

BR

BR+0.25%

BR+0.50%

Repayment Period:

  • Salaried Persons : Length of remaining service, Maximum 25 years
  • Others : Remaining period in attaining the age of 70, Maximum 20 years
  • Repayment period will be exclusive of moratorium period.

Moratorium Period :

  • Maximum 18 months : In case of loan for construction of house where land is already owned or purchased.
  • Maximum 24 months : In case of loan for purchase of Flat under construction.

Special Features :

  • Repayment option for salaried persons – To extended repayment period up to 5 years after retirement
  • Bullet Payment – To deposit some Lump Sum amount from future cash flows and to amend repayment schedule accordingly
  • Progressive Monthly Installments (PMI) Options - Under this, the initial monthly installments for the first 5 years shall be kept lower i.e. @ 80% of normal EMI, for financial comfort which will be increased gradually/.
  • Take over of housing loans from other finance companies / financial institutions / banks.
  • For acquiring 2nd residential unit.
  • Supplementary Finance for carrying out alterations/ additions/repairs to the house/flat or for finishing
  • Supplementary / Additional finance to individuals who have availed housing loans from their employer on the basis of pari-passu charge / Second Charge
  • Insurance cover to the extent of loan liability for entire repayment.
  • 3rd Party Guarantee not required
 

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