HOUSING FINANCE For repair/Addition/Alteration/under Priority

House Repair / Addition Term Loan

This scheme provides Term Loans to individual members of the Bank for repair, addition and alteration of their existing residential houses.

Eligibility

Any individual member of the Bank.

Type of Facility

Term Loans

Loan Limit

Up to a maximum of ₹15.00 Lakh, subject to repayment capacity and limited to 48 times the applicant’s monthly income.

Purpose

Repair / Addition / Alteration of existing house.

Rate of Interest

9.50% p.a. (subject to change from time to time).

Other Charges

As per Bank’s rules from time to time.

Repayment

Repayable within a maximum period of 120 months.

Sureties

Two sureties of good means as per Bank’s discretion.

Security

Equitable mortgage of freehold respective immovable property.

Documentation

All usual loan documents as per Bank’s rules.

Other Conditions

  • Estimated cost of repairs / additions (including material, labour, and other costs) must be provided.
  • Borrower must submit proof of income (ITR, Salary Certificate / Pay Slip, or Affidavit of income).
  • The house should be in the name of the borrower, their spouse, parents, or parents-in-law (for female borrowers).
    Total dwelling unit cost must not exceed ₹63.00 Lakh.
  • Loan is only for properties intended for residential use.