BGVB Housing Loan

Loan under the scheme may be allowed for any of the following purposes:

• Construction of house.
• Purchase of plot & Construction of house thereon.
• RPurchase of ready built house/flat
• Purchase of under construction flat.
• For carrying out Additions to the house/flat.
• For carrying out repairs/ renovation / alterations/ cost of furnishing to the house/flat.
• Takeover of existing housing loan from other financial institution.

Individuals or group of individuals (co-borrowers) who is/are having an assured source of regular income viz. Salaried employees, Professionals, Self Employed persons, businessman who is/are not a defaulter borrower of a Bank / Financial Institutions.

The income of the spouse/ earning children (whether married or unmarried) and earning daughter in laws may be taken into account for determining the income for the purpose of borrowers’ repaying capacity

Parents can also be made as co-borrower in cases where the property is in the single name of Son / Daughter or in the joint name of Son and Daughter and also clubbing of their income be permitted for the purpose of eligibility/repayment of loan.

Any Amount

Max. Period of 20 years and tenure is fixed on the basis of age of 1st applicant (whose income contributes major part in recovery) and remaining age of old property.

For salaries person, the loan shall be repaid within superannuation and for professional & self employed person, within the age of 65 years.

Flexible Repayment Option: Step-up EMI, Step-down EMI & Lower EMI with lump sum payment at a certain point of time.

No Collateral security required.

8.40% (Linked with Bank’s half yearly MCLR)

• No Processing charge
• No Documentation charge
• PENAL CHARGE: 2% on the amount of default.