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A Housing Loan, also known as a home loan or mortgage, is a type of loan specifically designed to finance the purchase or construction of a house or apartment. It allows you to buy your dream home now and pay for it over time through fixed monthly installments.
- Application and Documentation: You apply to a bank or financial institution and provide necessary documents like income proof, address proof, property documents, and credit history.
- Loan Approval: The lender assesses your creditworthiness, income, and the property's value.
- Loan Disbursement: Once approved, the loan amount is disbursed directly to the property seller or in installments to the builder.
- Repayment: You repay the loan in fixed monthly installments over a specified tenure, typically 15-30 years.
Key Features of Housing Loans
- Long Repayment Tenure: The long tenure makes monthly installments affordable.
- Tax Benefits: In many countries, interest payments on home loans are tax-deductible.
- Flexible Repayment Options: You can choose from various repayment options like fixed or floating interest rates.
- Government Subsidies: Some governments offer subsidies and other incentives to promote homeownership.
Types of Housing Loans
- Home Purchase Loans: For buying an existing property.
- Home Construction Loans: For constructing a new home.
- Home Improvement Loans: For renovating or extending an existing home.
- Housing Top Up
* INTEREST RATES *
| THE HASTI CO-OP.BANK LTD. | ||||||
| Sr. No. | Type of Loan | Base Rate | Offset In Rate | Applicable Rate | Rebate | Net Rate |
| 1 | Housing Top Up Loan :- | According to CIBIL + 1% Excess As per Existing Housing Interest Rate | ||||
| 2 | Housing Loan :- | 9.75% | As per eligibility parameters Annexure-I Enclosed | |||
| i) For Female Category start from 8.50% To 10.00% | ||||||
| ii) For Male Category start from 8.60% To 10.15% | 9.75% | As per eligibility parameters Annexure-I Enclosed | ||||
| Rate of Interest will be decided at considering CIBIL Score, Previous Banking relations with our Bank, Financial parameters etc. | ||||||
| Loan Rate Revision | Annexure – I | ||||
| B) Housing Loan :- Cibil Rating | |||||
| 1) Existing Customer - | Rate of Int. | ||||
| Associated with our Bank Having Satisfactory banking relationship | Female | Male | |||
| 1) CIBIL Score 750 & above | 8.50% | 8.60% | |||
| 2) CIBIL Score 700 to 749 | 8.75% | 8.85% | |||
| 3) CIBIL Score 600 to 699 | 9.40% | 9.50% | |||
| 4) CIBIL Score below 600 | 10.00% | 10.15% | |||
| 5) CIBIL Rating Rate + 0.75 extra for mixed Construction Purpose (Maximum Commercial area 35% of total Contraction Area) | |||||
- Documents Required for Housing Loan ☞ Click Here
DICGC Assurance
The Hasti Co-Op Bank Ltd. is registered with DICGC.
Secured Assets possessed Under the SARFAESI Act 2002
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