Property Loan

Property Loan

Name of Institute: Axis Bank

Name of Scheme: Home Loan


  1. Attractive interest rates

  2. Balance Transfer facility

  3. Doorstep service

  4. Option to choose from floating rate or fixed rate


  1. Purchase of a plot of land and construction of a house thereon

  2. Construction of a house on plot of land already owned

  3. Purchase of a new house or flat

  4. Residual age of the property should not be less than 30 years old (Home Acquisition Plan)

  5. Extension or renovation or repair of a house or flat already owned by self (improvement or extension plan)

  6. Take-over of existing Housing Loan (Balance Transfer)

  7. Pre-allotment booking finance

  8. Loan takeover with additional refinance (Balance Transfer + top up)

  9. Loan to NRI for purchase of ready residential property only

  10. Purchase of residential plots only

A) Salaried Individuals:
Any individual who is in permanent service in Government or reputed companies
The applicant in all the cases should be above 24 years of age at the time of loan commencement and up to the age of superannuation
B) Professionals
Professionals (ie, doctors, engineers, dentists, architects, chartered accountants, cost accountants, company secretary, management consultants only) can apply
The applicant should be above 24 years of age at the time of loan commencement and up to 65 years or less at the time of loan maturity
C) Self Employed Individuals
Any individual filing Income Tax returns can apply
The applicant in all the cases should be above 24 years of age at the time of loan commencement and up to 65 years or less at the time of loan maturity

Minimum – Rs 1 lac
Maximum – Rs 50 lacs

Margin: 15%

Repayment: Repayment period for home loans 20 years, pre-allotment bookings of housing loans 1½ year, improvement or renovation or extension of existing property 10 years

Security: Equitable mortgage of the property to be financed by way of deposit of title deeds

Processing Charges or Admission Fee:
Processing fee equivalent to 1% of the loan amount (applied for) will be collected along with the application form (taxes as applicable)

Documents Required:
For Salaried Persons:

  1. Proof of identity: Voter’s ID card or driving license or PAN card or photo credit card or employees ID card or defense or police or government department ID card

  2. Proof of income: Latest salary slip showing all deductions or Form 16 along with recent salary certificate

  3. Proof of residence: Bank account statement or latest electricity bill or latest mobile or telephone bill or latest credit card statement or latest LIC policy or insurance premium receipt or employers letter certifying the current mailing address or latest NSC or other similar instruments indicating the address or existing house lease agreement

  4. Bank statement or Pass Book where salary or income is credited: Last 6 months

For others:

  1. Proof of identity: Voter’s ID card or driving license or PAN card or photo credit card

  2. Proof of income: IT returns for the last 2 years and computation of income for the last 2 years certified by a CA

  3. Proof of residence: Bank account statement or latest electricity bill or latest mobile or telephone bill or latest credit card statement or latest LIC policy or insurance premium receipt or latest NSC or other similar instruments indicating the address

Bank statement or Pass Book where salary or income credited: Last 6 months

Institute’s Name: HDFC

Scheme: Home Loan – Home loans for individuals to purchase (fresh / resale) or construct houses. Application can be made individually or jointly. HDFC finances up to 85% maximum of the cost of the property (Agreement value + Stamp duty + Registration charges).

Home Improvement Loan – HIL facilitates internal and external repairs and other structural improvements like painting, waterproofing, plumbing and electric works, tiling and flooring, grills and aluminium windows. HDFC finances up to 85% of the cost of renovation (100% for existing customers).

Home Extension Loan – HEL facilitates the extension of an existing dwelling unit. All the terms are the same as applicable to Home Loan.
Land Purchase Loan – Be it land for a dream house, or just an investment for the future

HDFC Land Purchase Loan is a convenient loan facility to purchase land. HDFC finances up to 70% of the cost of the land (Conditions Apply). Repayment of the loan can be done over a maximum period of 10 years.

Loan Available for:

  1. Purchase (fresh / resale) and construction of houses

  2. Renovation and repair

  3. Extention of house

  4. Purchase of plot of land

Rate of Interest:

There are options of fixed rate or floating rate as well as of partly fixed or partly floating

Repayment: By EMI, also there is option of Automated Repayment of Home loan EMI directly from borrower’s HDFC Bank Savings Account

Institute’s Name: State Bank of India

Features of Home Loan:

  • Provision for on the spot “In principle” approval

  • Loan sanctioned within 6 days of submission of  required documents

  • Option to avail Home Loan as a Term Loan or as an Overdraft facility to save on interest and maximise gains (see SBI MaxGain in the following sections)

  • Option to club income of your spouse and children to compute eligible loan amount

  • Provision to club depreciation, expected rent accruals from property proposed to compute eligible loan amount

  • Provision to finance cost of furnishing and consumer durables as part of project cost

  • Repayment permitted upto 70 years of age

  • Free personal accident insurance cover upto Rs.40 Lac

  • Optional Group Insurance from SBI Life at concessional premium (Upfront premium financed as part of project cost)

  • Interest calculated on daily reducing balance basis, and starts from the date of disbursement
    (‘Plus’ schemes which offer attractive packages with concessional interest rates to Govt. Employees, Teachers, Employees in Public Sector Oil Companies)

  • Special scheme to grant loans to finance Earnest Money Deposits to be paid to Urban Development Authority/ Housing Board, etc. in respect of allotment of sites/ house/ flat

  • Option to avail loan at the place of employment or at the place of construction

Exclusive Benefits Available:

  • Complimentary international ATM-Debit card

  • Complimentary SBI Classic/ International Credit Card

  • Option for internet-banking

  • Concessional package under ‘Credit Khazana’ for prospective Auto Loan, Student Loan, Personal Loan borrowers whose accounts are conducted satisfactorily

  • 50% concession in charges in respect of all personal remittances/ collection of outstation cheques

  • Personal loan at attractive rates under SBI Home Plus scheme tailored exclusively for SBI Home Loan customers

Loan Available for:

  • Purchase/ Construction of House/ Flat

  • Purchase of a plot of land for construction of House

  • Extension/ repair/ renovation/ alteration of an existing House/ Flat

  • Purchase of Furnishings and Consumer Durables as a part of the project cost

  • Transfer of existing loan


Minimum age 18 years as on the date of sanction
Maximum age limit for a Home Loan borrower is fixed at 70 years, i.e. the age by which the loan should be fully repaid.
Availability of sufficient, regular and continuous source of income for servicing the loan repayment
Loan Amount:
40 to 60 times of NMI, depending on repayment capacity as % of NMI as under:
Net Annual Income        EMI/NMI Ratio
Upto Rs.2 lacs                           40%
Above Rs.2 lac to Rs. 5 lacs     50%
Above Rs. 5 lacs                       55%

Option Available to enhance loan eligibility:

1. Income of your spouse/ your son/ daughter living with you, provided they have a steady income and his/ her salary account is maintained with SBI
2. Expected rent accruals (less taxes, cess, etc.) if the house/ flat being purchased is proposed to be rented out
3. Depreciation, subject to some conditions
4. Regular income from all sources

Margin (Special Festival Season Offer)

  • Purchase/ Construction of a new House/ Flat/ Plot of land: 15% for loans up to Rs. 1 cr., 20% for loans above Rs. 1 cr

  • Repairs/ Renovation of an existing House/ Flat: 15%

Processing Fee (Special Festival Season Offer):

0.25% of Loan amount with a cap of Rs.5,000/-(including Service Tax)

Pre-closure Penalty:
No penalty if the loan is preclosed from own savings/windfall gains for which documentary evidence is produced by the customer.

In case, such proof is not produced by the borrower, penalty @2% on the amount prepaid in excess of normal EMI dues shall be levied if the loan is preclosed within 3 years from the date of commencement of repayment.


  1. Equitable mortgage of the property

  2. Other tangible security of adequate value like NSCs, Life Insurance policies etc., if the property cannot be mortgaged

Maximum Repayment Period:

  1. For applicants upto 45 years of age: 20 years

  2. For applicants over 45 years of age: 15 years


Upto 18 months from the date of disbursement of first installment or 2 months after final disbursement in respect of loans for construction of new house/ flat (moratorium period will be included in the maximum repayment period)

  • In lump sum direct in favour of the builder/ seller in respect of outright purchase

  • In stages depending upon the actual progress of work in respect of construction of house/ flat etc.

Documents Required:

  1. Completed application form

  2. Passport size photograph

  3. Proof of Identity – PAN Card/ Voters ID/ Passport/ Driving     License

  4. Proof of Residence – Recent Telephone Bill/ Electricity Bill/ Property tax receipt/ Passport/ Voters ID

  5. Proof of business address in respect of businessmen/ industrialists

  6. Sale Deed, Agreement of Sale, Letter of Allotment, Non encumbrance certificate, Land/ Building Tax paid receipt etc. (as applicable and subject to satisfaction report from our empanelled lawyer)

  7. Copy of approved plan and approval from the Local Body

  8. Statement of Bank Account/ Pass Book for last 6 months

Other schemes:
SBI-Flexi’ Home Loan:

Loan Available for: This scheme provides loan for enabling borrowers to hedge their Home Loan against unfavourable movement in interest rates. It provides a one time irrevocable option to choose one of the three customized combinations of fixed and floating interest rates and also to choose the order in which the fixed and floating rate will be availed.

Minimum Loan Amount: Rs.5 lacs

(Note: Other terms and conditions – as applicable to regular Home Loans)

SBI-Maxgain’ Home Loans:

This scheme enables borrowers to earn optimal yield on their savings and minimize interest burden on Home Loans without any extra cost.

The loan is granted as an Overdraft facility with the added flexibility to operate Home Loan Account like SB or Current Account.

The scheme also minimizes interest cost by enabling borrowers to park their surplus funds in ‘SBI-Maxgain’ (with the benefit to withdraw the surplus funds whenever required), specially in the wake of low yields from other deposit/ investment avenues.

Minimum Loan Amount: Rs.5 lacs

(Note: Other terms and conditions – as applicable to regular Home Loans)

‘SBI-Realty’ Home Loans:

This scheme provides a loan to purchase a plot of land for house construction. The loan is available for a maximum amount of Rs.20 lacs* with a comfortable repayment period of upto 15 years. Also, borrowers can avail of another Housing Loan for construction of house on the plot financed with the benefit of running both the loans alongside.

However, the housing loan for construction of house requires commencement of  house within 2 years from the date of availment of ‘SBI-Realty’ Housing Loan.

(Note: Other terms and conditions – as applicable to regular Home Loans)

(* relaxation considered on case to case basis)

‘SBI-Freedom’ Home Loans:
The scheme is for borrowers who are in quest of a source of finance for a property they want to invest in without mortgaging the same. The borrowers are, however, required to pledge any financial security that they have to avail of a Home Loan. The scheme frees borrowers from paying stamp duty for mortgage of the property or from the hassles of going through mortgage process.

Still, there is an option to take the loan by way of mortgage of the property and pledge financial securities in lieu of margin money.

Repayment is highly customized, giving borrowers the option to repay through regular EMIs or through maturity proceeds of the securities pledged.

(Note: Other terms and conditions – as applicable to regular Home Loans)

‘SBI-Optima’ Additional Home Loan:

‘SBI-Homeline’ Special Personal Loans:

The scheme is extended to existing Home Loan borrowers with satisfactory repayment record of 3 years and with loan being Standard Asset. In the event of take-over of Home Loans from other Banks/HFCs, the borrower should have fulfilled the above conditions with present Bank/HFC.

Loan Available for:

  1. ‘SBI-Optima’ Additional Home Loans to meet expenditure towards major repair, renovation, addition to their house/flat, purchase of furniture, fixtures and consumer durables

  2. ‘SBI-Homeline’ Special Personal Loans to meet expenditure to meet foreseen/unforeseen contingencies


  1. ‘SBI-Optima’ Additional Home Loans

18 times NMI (for salaried borrowers)/
1 ½ times NAI ( for others) or

(i) 25% of the original project cost of house/flat
(ii) 85% of the cost of repairs etc. or
(iii) Gap between 85% of the current market price of flat/house and actual outstanding loan dues, whichever is lower (EMI/NMI ratio of all loans should not exceed 60%)

  1. ‘SBI-Homeline’ Special Personal Loans

18 times NMI (for salaried borrowers)/ 1 ½ times NAI (for others)

Interest Rates/processing fee:
1. ‘SBI-Optima’ Additional Home Loans
As applicable to Home Loans

  1. ‘SBI-Homeline’ Special Personal Loans

Interest rates 50 bps above rates applicable to the repayment tenure (floating rates         only)

Processing fee: 0.50% of the loan amount (including service tax)

Other Features:

1. Inbuilt provision for availment of the loans on the expiry of each bloc of 5 years, the first bloc commencing on the expiry of 5 years from the date of sanction of original Home Loan
2. Original Home Loan and all ‘SBI-Optima’ Home Loans/’SBI-HomeLine’ Personal Loans can run concurrently

  1. Comfortable repayment obligations – Tenure of the loans equal to the residual maturity of the original Home Loans

‘Prashasan Plus’, ‘Teacher Plus’ and ‘Oil Plus’:

The above ‘ plus’ schemes offer concessional interest rate of 0.25% below the applicable interest rates on Home Loans to niche client groups like Government Employees, Teachers, employees of public sector oil companies and so on

Institute’s Name: IDBI

Features of IDBI Home Loans:

  • Maximum Funding

  • Flexibility of choosing between Floating or Fixed interest rate

  • Attractive rate of interest

  • EMI on daily reducing balance

  • Personalised doorstep service

  • Simple documentation

  • Legal and technical assistance

  • Balance transfer facility

  • Reassessment and adjustment of applicant’s loan eligibility in case of change of income and residence status

Special insurance cover:
A special insurance cover on home loan for a small premium

Loan Available for:

  1. Construction of a home

  2. Purchase of a ready built house/flat

  3. Purchase of residential plot

Re-financing existing loans availed from other banks or housing finance companies

Institution’s Name: Syndicate Bank

Scheme: SyndNivas

Loan Available for:

  • For construction/acquisition of a house/flat or for acquiring a site and building a house thereon

  • For acquiring a new house or existing house not more than 25 years old

  • For making extensions/additions to existing house. For NRIs, loan available for acquisition of house for self-occupation on return to India

  • For acquisition of furniture/fixtures including air conditioners, geysers, fridge, cots, tables, sofas etc which form part of improvements to the home purchased or constructed out of the Housing Loan


  • Self-employed/business class having gainful employment in a profession or business for a minimum period of 5 years

  • Individuals not owning a house/flat at the place of work / business / profession having sufficient and regular income

  • NRIs holding Indian passport with adequate repayment capacity

  • Applicant should be a major and not more than 55 years of age

(Note: For salaried class, applicant should have completed 5 years of service and the remaining period of service left shall not be less than 5 years)


  • For Salaried persons: Maximum of 72 months gross salary (including salary of spouse)

  • For Others: Maximum of 6 times average annual income based on Income Tax Assessment Order/IT returns for the past 3 years


  • First mortgage of the site/house/flat to be constructed/acquired or as advised by the Legal Adviser/Law Officer of the Bank

  • Hypothecation of furniture and fixtures


  • 25% of total project cost for construction/purchase of new flat or house upto 5 years old

  • 30% for acquiring house which is above 5 years old

  • 30% of the estimated cost of addition/extension/repairs/renovation

Processing Charges: Rs.500/- per lac with a minimum of Rs.1000/- at present (Processing charges are subject to change from time to time)

  1. Equated monthly instalments with maximum repayment period of 25 years including repayment holiday of 18 months where eligible

  2. In case of salaried persons, repayment period shall not extend beyond superannuation and for others beyond 65 years of age

  3. For repairs/renovation – Maximum repayment period is 5 to 7 years

Rates of Interest:

For Repayment Period upto 5 years: Fixed Rate 11% upto Rs 20 lacs and 11.50 % above this amount; floating Rate BPLR – 3.50% (9.50%) upto Rs 20 lacs and BPLR – 2.75% (10.25%) for above this amount

For Repayment Period over 5 years and upto 10 years: Fixed Rate 11.25% upto Rs 20 lacs and 11.75 % above this amount; floating rate BPLR – 3.00% upto Rs 20 lacs and BPLR – 2.25% (10.75%) above this amount

For Repayment Period over 10 years and upto 20 years: Floating rate BPLR – 2.75%
(10.25%) upto Rs 20 lacs and BPLR – 2.00% (11.00%) above this amount

For Repayment Period over 20 years and upto 25 years: Floating rate BPLR – 2.50% (10.50%) upto 20 lac Rs and BPLR – 1.75% (11.25%) above this amount

Other terms and conditions:

  1. The above rates are effective for loan sanctions/disbursals made on or after 18.02.2008

  2. BPLR with effect from 11.04.2007 is 13%

  3. Interest rates are to be compounded monthly

  4. Fresh Fixed Rate Housing Loans should be repaid within a period of 10 years

Reset Clause: There is an option to reset the interest rates on Fresh Fixed Rate Housing Loans sanctioned after anytime after completion of 3 years from the date of availment.

Surety: A good third party security is acceptable to the Bank. The following important documents are to be submitted along with the application:

  1. Proof of income

  2. Original title deeds of the property with Encumbrance Certificate and agreement for sale

  3. Permission for construction with approved plan issued by Competent Authority

  4. Estimation of construction cost, valuation report in case of purchase of ready built house/flat

  5. Any other documents depending upon the individual case

For more details contact our nearest branch

Institute’s Name: ICICI Bank

Scheme: Home Loan


  • Home loan amount can be chosen to suit specific needs

  • One can avail of a loan up to 85% of Cost Of Property

  • Conveniently pay off the loan over a period of upto 25 years

  • It can be availed at the Floating rate of Interest or at the Fixed rate of Interest or at the combination of both Fixed & Floating rates

  • Faster repayment as principal repayment in on monthly rest


  • First Purchase in ready construction

  • Under construction property

  • Purchase in re-sale

  • Self construction – extension of existing living space


  • You must be at least 21 years of age when the loan is sanctioned.

  • The loan must terminate before or when you turn 65 years of age or before retirement, whichever is earlier.

  • You must be employed or self-employed with a regular source of income

Limit: Depending upon repayment capability a limit of maximum upto 85% of the cost of the property or the cost of construction
(Note: Repayment capacity takes into consideration factors such as income, age, qualifications, number of dependants, spouse’s income, assets, liabilities, stability, continuity of occupation and savings history)
Rate of Interest: FRR 12.75% and PLR 14.75%
Security: Typically the security for the loan is a first and exclusive charge of the property to be financed, by way of deposit of title deeds and/or such other collateral security as may be necessary. The title to the property should be clear, marketable and free from any encumbrances

Repayment: You have the option of selecting a term you are comfortable with, ranging upto 25 years, provided the term does not extend beyond your reaching 65 years of age or retirement age, whichever is earlier
Documents Required: Following documents are required alongwith application form:

  1. Photograph

  2. Fee Cheque

  3. Photo Identity Proof

  4. Age Proof

  5. Signature Verification Proof

  6. Residence Address Proof

Document specific for Salaried:

  1. Last 3 months Salary Slip

  2. Form 16

  3. Bank Statement for last 6 months from Salary Account

  4. Repayment Track record of existing loans / Loan closure letter

Document specific for Self Employed:

  1. Income Tax Return / Computation of Total Income / Auditors Report / Balance Sheet / Profit & Loss Account certified by Chartered Accountant for last 2 years (3 years for Home Equity) (both for business and personal of partners/directors)

  2. Bank Statement for last 6 month from operating account

  3. Repayment Track record of existing loans / Loan closure letter

  4. Board Resolution in case of a company

  5. Proof of existence

  6. Office Address Proof

Photo Identity Proof, Residence Address Proof, Signature Verification is required to be provided for all the main partners / directors.

Institute’s Name: Citybank

Home Loan Features:

  1. Interest calculated on daily reducing balance

  2. No penalty for partial prepayments

  3. Co-borrowers / guarantors not required

  4. Facility to include spouse’s income to get a higher loan

  5. Loans to sole proprietors, partnerships and companies

  6. Option of Level Term Insurance cover to protect your loved one

  7. Convenient repayment through Standing Instruction or Electronic Clearing System

  8. CitiPhone platform to answer all your queries

  9. Online access to your loan account

Special features of Citibank Home Loans:

  1. Attractive Interest Rates

  2. Loan up to Rs. 5 Crore

  3. Flexible repayment tenure up to 25 years

  4. Loans up to 89% of the property value

  5. Flexibility to pay interest only during construction period

Home Loans available for:

  1. Purchase of under construction properties from bank’s host of approved developers

  2. Purchase of Ready Property

  3. Self Construction

  4. Purchase of Plot and Self construction thereon

  5. Transfer of your existing Loan availed from other institutions, transfer is available with enhancement, i.e. getting more money

Special features of the Citibank Home Loan Transfer with Enhancement:

  1. Loan up to Rs. 2 Crore

  2. Flexible repayment tenure up to 20 years*

Utilize the enhanced portion to renovate your home or close your other high cost debts

Institution’s Name: Bank of Baroda

Scheme: Baroda Housing Loan


  • Free Property and Personal Accident Insurance (available for stipulated tenure of loan)

  • Free Credit Card – “Paras” card (Complimentary for first year) to all new home loan borrowers with loan limit of Rs 2/- Lakhs and above

  • Advance up to 90% of the principal amount of home loan repaid for any requirement (‘AAA’)

  • As per current IT provisions – Interest on loan till Rs. 1.5 Lakhs per annum is exempt from income tax (Under section 23/24(I) of the Income Tax Act).

Limit: In any case, maximum amount of loan should not exceed

  1. 48 times of monthly gross salary in case of salaried class

  2. 5 times the Net average (last three years) annual income in case of customers other then salaried class people


  1. 15% for Ready House / Flat or for construction (Including cost of land, registration charges, cost of stamp etc.)

  2. 20% of loan amount (including registration charges, cost of stamp etc.) for purchase of plot

  3. As security against the loan amount, the bank will take an equitable mortgage of the housing property and/or other suitable securities

  4. No Fees will be charged on part prepayment / full prepayment of the loan amount from own sources

  5. The loan can be repaid in a maximum period of 15 / 25 years taken under fixed / floating rate option subject to the period up to age of retirement in case of salaried persons and 65 years in case of others

  6. In case of full prepayment or foreclosure (other than from own sources) fees will be charged at 0.5% for each year of the residual period subject to maximum of 2%

RATE OF INTEREST: Flexi rate option available, which facilitates to hedge interest rate risk
0.25 bps concession in rate of interest is available to employees of preferred organizations and group borrowers (list of preferred organizations is available at branch level).

Name of Scheme: Loan Against Future Rent Recievables

  1. Owners who have let out or propose to let out their premises to Reputed Companies/institutions, Public Sector Undertakings/Established Commercial Organizations/Multinationals/Banks

  2. Landlords of Bank of Baroda Branch/Office premises

  3. Landlords of residential flats/houses leased out to Bank of Baroda for Officers/ Executives quarters

(Note: The facility is available only to resident customers)

Limit: 85% of rent due and receivables for the unexpired certain period of lease /tenancy less TDS, less advance rent /security deposit subject to:

  1. Minimum : Rs. 1.00 lac

  2. Maximum : Rs. 500.00 lacs

Repayment: Loan to be repaid in monthly instalments within a maximum period of 10 years or unexpired period of lease, whichever is less.
For loans upto Rs.5.00 lacs: Assignment of future rent receivables and third party guarantee
For Loan above Rs.5.00 lacs:
In addition to assignment of future rent receivables, mortgage of the leased properties or any other immovable properties and/or pledge of NSC, KVP, IVP etc. the aggregate value of which should be at least 1.5 times the loan amount
Rate of Interest: Rates of interest charged will be as per Bank’s policy on the date of disbursement of loan

Processing Fee: One time processing fee @ 0.50% of the loan amount with Minimum of Rs.1000/- and maximum of Rs. 1 lac

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