Loans to lower Income group without guarantee

Loans to lower Income group without guarantee

Loans to lower Income group without guarantee

Purpose :

Housing Loans up to Rs. 5.00 lacs to new / existing borrowers in EWS/LIG Categories.

Housing loans means loans to eligible borrowers in EWS/LIG categories for house improvement, construction, acquisition and purchase of new or second hand dwelling units.

Eligibility :

Individuals following under Economic Weaker Section (EWS) or Lower Income Group as defined below :

Economic Weaker Section (EWS) means households with monthly household income upto Rs. 5000/- per month or as revised by the Ministry of Housing and Urban Poverty Alleviation, Government of India from time to time.

Lower Income Group (LIG) means households with monthly household income between Rs. 5001/- to Rs. Rs. 10000/- per month or as fixed by the Ministry of Housing and Urban Poverty Alleviation, Government of India from time to time.

Quantum of Loan :

Maximum Loan Rs.5 lacs for a housing unit of size upto 430 sq ft (40 sqm) carpet area.

Loan Cost Ratio :

Loan will be restricted to 75% of the estimate of construction/improvement acquisition and purchase of new or second hand dwelling units.

Installment to Income Ratio :

45% at Branch level

Above 45 to 50% at RO/CO Level

Security :

Exclusive charge on the property

Age of the property not more than 25 years and the residual life of the property should not be less than tenure of loan sanctioned

To know the list of documents required for loan approvals 

Source:Cent Bank