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Affordable Housing Loan -Urban [AHL- U]

Affordable Housing Loan -Urban [AHL- U] apply-for-product-leads

1. Purpose
  • Purchase of Ready built House/Flat/ flat under construction.
  • Construction of House.
  • Undertaking extension/repairs/renovation/upgradation.
2. Eligibility
  • Areas covered: All areas falling under the Statutory Town definition of Pradhan Mantri Awas Yojana-Urban for individuals and
  • Income: Annual household income not exceeding Rs. 6 lacs.
3. Rate of interest
  • Prevailing card rate.
4. Margin
  • Up to Rs. 30 lacs - 15%.
  • Above Rs. 30 lacs up to Rs. 75 lacs - 20%.
5. Security
  • Mortgage of the property being financed.
  • Collateral: on case-to-case basis.
6. Repayment
  • Maximum term up to 30 years subject to maximum age of 70 years of applicants.
7. Other conditions
  • The scheme is applicable to individual housing loans sanctioned on or after 01/04/2017 and falling under Statutory Town definition of Pradhan Mantri Awas Yojana-Urban.
  • ROI is fixed for an initial period of 7 years. ROI would automatically shall be converted to variable interest rate for the respective risk category with annual resetting clause after the expiry of fixed tenure of 7 years.
  • 2% plus applicable GST where the loan accounts are on fixed interest rate in case the loans are taken over by other banks/financial institutions. However, no pre closure charges will be collected if the borrowers close the loans out of their own funds.
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