What is a Housing loan ?
A housing loan (HL) is exactly what the name implies — a loan given or disbursed against the Purchasing or construction of residential property. The loan is given as a certain percentage of the Registry value , usually around 85 per cent to 140 per cent.
Loan for plot / flat / Building House loans give an opportunity for individual customer to purchase a residential plot of land to do self- construction. Thus, customer can invest now in a plot of land & build in future. These loans can be financed only within municipal limits of HUB locations or in case of direct allotment outside municipal limits by DA.
These Loans can be availed by Resident Indian whether Salaried or Self-Employed and also by Non- Resident Indian.
What purposes can I take a housing Loan for?
Housing Loan can be taken for following purposes:
What are the eligibility criteria to get a housing loan?
This criteria will vary from one bank to another. However, from all the host of factors, the common factors that all banks look at are:
What are the normal interest rates and tenure for repayment offered for a housing loan?
Interest rates on loan against property range from 10.25 per cent to 12 per cent, and the loan tenure can be up to 20 years.