Salaried employees, Professionals, Self-employed persons. Requests are also considered from NRIs, PIOs, HUF, and Prop. Firm, Partnership firms and corporate
For construction/purchase of a house/flat-Rs.300 Lacs (Rs.500 Lacs in major metros viz. Mumbai, Kolkata, New Delhi and Chennai)
| RATE OF INTEREST All linked to Banks MCLR BOI MCLR 8.70 % w.e.f. 10.12.2018 |
PROCESSING CHARGES (All charges are Exclusive of GST) |
|---|---|
|
Star Home Loan/Star Smart Home Loan/ Star Pravasi Home Loan /Star Diamond Home Loan Floating Category Up to 30 years (CARD RATE) For Women : 1 Year MCLR + 0.15 % For Others : 1 Year MCLR + 0.20 % |
Star Home Loan/Star Smart Home Loan/Star Pravasi Home Loan : For Individuals – For all loans amounts:- 0.25 % of loan amount Min. Rs. 1,000/- Max. Rs. 20,000/- For Partnership firms and Corporates: Processing charges to be double that of applicable to individuals. For Rural areas:- Processing charges 75% of that applicable to individuals in respect of loan availed by borrowers from rural branches. Star Diamond Home Loan One time processing charge of Rs.50, 000 or maximum as per Star Home Loan Scheme, whichever is higher. |
|
Margin |
For Loan upto Rs.20 Lacs |
For Loan up to Rs.75 Lacs: |
For Loan above Rs.75 Lacs: |
|
For 1st House |
15% |
20% |
25% |
|
For 2nd or Subsequent Home Loan/House/Flat |
20% |
20% |
25% |
Where cost of house exceeds Rs.10 lacs – Margin is calculated on pure cost of the house/flat excluding stamp duty, Registration and other documentation charge.
For houses with cost not exceeding Rs.10 Lacs –expenses towards stamp duty, registration and other documentation charge can be included in the project cost
Highly flexible - maximum 30 yrs. including moratorium period upto 36 months (max.) in monthly installments, including Bank’s approved projects. Loan to be normally repaid before date of retirement in case of salaried persons and before attaining 70 years of age in case of others. Repayment upto 70 years also allowed to salaried employees having assured post retirement income
Calculation of quantum of loan is related to Income/repayment capacity of proponent/borrower
|
Salaried Employees : |
72 times of gross monthly salary or 6 times of gross annual income based on I-T Returns. |
|
Self-employed/ Professionals etc. |
6 times of Gross annual income based on I-T Returns |
|
HUF/Proprietorship /Partnership Firm/ Company |
6 times of cash accruals (PAT+ Depreciation) as per Balance Sheet/P&L Account |
In case of Individuals
Net Take Home pay(NTH)/income (net of all deductions including EMI of Proposed loan) is stipulated as under :-
Gross Monthly Income up to Rs.1 Lacs NTH Minimum – 40% Gross Monthly Income over Rs.1 Lac up to Rs. 5 Lacs NTH Minimum – 30% Gross Monthly Income over Rs.5 Lacs NTH Minimum – 25%
In case of HUF/Proprietorship/ Partnership firm/Company: DSCR should be minimum 1.5.
| Particulars | Rate of interest |
|---|---|
| Star Home Loan/Star Smart Home Loan/Star Pravasi Home Loan /Star Diamond Home Loan | 0.10% above 1 year MCLR or REPO+ Mark-up+0.10 |
Mortgage/Equitable Mortgage (1st charge) on land/flat/house. Third Party guarantee (if mortgage could not be created before or at the time of disbursement).
RATING EXERCISE: The proponent will be eligible for loan subject to obtention of minimum marks or minimum entry level norm fixed by the bank
