Composite Loan
This facility is to provide finance for purchase of plot and construction of residential house thereon within specific time.
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Loan amount: Upto Rs. 50 Lacs
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Maximum Loan to Value:
|
Loan Amount |
Maximum Loan to Value |
|
Upto Rs. 30,00,000 |
90% of property value |
|
From Rs. 30,00,001 to Rs. 50,00,000 |
80% of property value |
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Tenure: Up to 25 Years (However, the period shall not exceed beyond 60 years and 70 years of age of the borrower/co-borrower, respectively for Salaried and Self Employed borrowers / co borrowers)
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Repayment: Equated Monthly Instalments (EMI) through Automated Clearing House (ACH).
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Tax benefits: Tax deduction subject to a maximum limit of Rs 2 Lacs for interest payments and up to Rs 1.5 Lacs for principal repayment. Tax benefit can be shared between co-borrowers subject to certain conditions.
