Loan For Home Construction / Repair / Change
Interest Rate:
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8.50% per annum (interest calculated on a monthly basis).
Maximum Credit Limit:
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₹20.00 lakh for the purchase/construction of houses in urban areas
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₹12.00 lakh for the purchase/construction in rural areas
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₹2.00 lakh for repairs/renovation/extensions
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Minimum loan amount: ₹0.50 lakh
Margin Contribution:
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25% of the sanctioned loan amount to be contributed by the applicant.
Eligibility:
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Regular employees of the Government of India or Government of Uttar Pradesh.
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Permanent employees of semi-government/autonomous/educational institutions recognized by the government.
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Individuals assessed for income tax for the last 3 years and holding a PAN card.
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Maximum age limit is 50 years (extendable to 55 years in special cases).
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Joint loan allowed where one applicant is employed; co-applicant may be spouse, parent, child, or in-law.
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Scheme applicable only in towns/cities with a population above 50,000.
Loan Tenure:
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Maximum of 20 years or up to 2 years before the applicant's retirement, whichever is earlier.
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For repairs/modifications: maximum of 5 years or 2 years before retirement.
Repayment Capacity:
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Monthly EMI should not exceed 30% of the applicant’s monthly income.
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Total deductions, including EMI, should not exceed 50% of salary.
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For joint loans, repayment capacity is based on the combined income of both applicants.
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Assessment based on average salary of the last 6 months.
Penal Interest:
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An additional 2% per annum interest will be charged on delayed installments.
