The Bank has also been financing under Housing Loan Scheme w.e.f. 28.03.2013 for providing Housing Loans to the Salaried employees of State/Central Government for the purpose of construction of residential house/purchase of Flat. Recently, the Bank has also adopted policy for financing housing loans to eligible non-salaried individuals as well.
The maximum quantum of Housing Loan limit is fixed at Rs.30.00 lac subject to the condition that the total deduction inclusive of EMI against proposed loan should not exceed 50% of gross salary in case of salaried applicants and 50% of average monthly income for last 3 years as per IT return in case of non-salaried individuals respectively.
Repayment period is allowed for maximum 20 years subject to leftover service of 1 year to superannuation. Present rate of interest applicable on housing loan has been fixed @Rs.9.30% simple interest P.A for male and 9.10% for female borrower.