Organisation : Housing & Urban Development Corporation Ltd
Facility : HUDCO NIWAS Individual Housing Loan Scheme
Scheme : https://www.statusin.in/uploads/20457-brochure.pdf
Home Page : https://hudco.org.in/index.aspx
Individual Housing Loan Scheme :
** To provide housing finance to individual, HUDCO launched its Retail Finance window in 1998.
** HUDCO NIWAS offers most competitive interest rates coupled with broad based user friendly option and value added services as a part of its scheme.
Related : HUDCO Register Public Deposit Scheme : www.statusin.in/1342.html
** Loans are provided for constructions or purchase of house/flat, for purchase of plot form public agencies, reputed builders, cooperative societies of government employees, for extension or improvements of existing house, registration of existing house including conversion from lease hold, refinancing of existing loan taken from other institutions.
** Bulk loan also provided to State Government, Para-Statal institution of the State Government and for profit PSUs, for giving House Building Advance to their employees.
HUDCO NIWAS – a cut above the rest :
** Most competitive interest rates
** Interest calculated on monthly reducing balance.
** Free personal accident insurance to cover outstanding loan amount
** Zero processing and low administrative charges @ 0.25% of the loan amount sanctioned.
** No prepayment penalties.
** Facility of resetting of existing loan from fixed to floating & vice versa on nominal charges.
** Loan Tenure upto 25 years.
** Transparency and No hidden cost
** Free counselling on alternate building technologies.
** Free counselling on designing the house.
ELIGIBILITY FOR LOAN :
1. Loan applications will be accepted from all individuals, with verifiable income (upto Rs.8.00 Lakh) and to Salaried Individuals with employment verification (upto Rs.50/40 Lakh – Loan upto Rs.50 Lakh in Mumbai, Delhi, Chennai, Kolkata, Bengaluru & Hyderabad and Rs.40 Lakh in other areas). Further, loan above Rs.50/40 Lakh and upto Rs.1.00 Crore is available to only Govt./PSU employees with repayment through Deduction at Source (DAS). HUDCO Niwas loans are available in clearly identified Municipal Areas only.
2. The loan amount will be up to 80% of the cost of the housing unit excluding incidental costs like stamp duty, registration and other documentation charges.
3. The actual loan amount will be determined on the basis of repayment capacity, which is based on factors such as income, age, spouse’s income, assets, liabilities, stability and continuity of occupation and savings history determined from details of bank accounts.
4. The loan will be available as per the slab-structure given at the respective rates of interest.
LOAN APPLICATION :
An application for loan shall be submitted in any “HUDCO NIWAS” Office in the prescribed form along with supporting documents. This form with a list of required documents is available at all “HUDCO NIWAS” Offices i.e. all HUDCO Regional Offices and can also be downloaded from our website.
LOAN REPAYMENT PERIOD :
It is normally up to 25 years, but the period will not extend beyond the age of 65 years (relaxable by another 5 years on the merits of case i.e. upto 70 years) of the applicant. However, “HUDCO NIWAS” will endeavour to determine the repayment period to suit the convenience of the applicant.
ADMINISTRATIVE CHARGES :
The administrative charges shall be 0.25% of the loan amount sanctioned and is to be paid after sanction of the loan.
SECURITY FOR THE LOAN :
** First mortgage of the housing unit to be financed.
** Guarantee of one individual acceptable to “HUDCO NIWAS”
** Second mortgage of housing unit subject to (a) Central and State Govt. employees- assignment of benefits under Central/State Govt. Group Insurance Scheme or else the repayment of the loan is completed before superannuation, (b) Public Sector Undertaking Employees-loan is repaid by employee through salary deduction/Post Dated Cheques (PDCs)/ECS and repayment of loan is completed before superannuation of the employee
DISBURSEMENT OF THE LOAN :
** Loan will be disbursed after Technical Appraisal, Completion of Legal Documentation and Submission of Fire & Natural Calamity Insurance Policy assigned in favour of “HUDCO Ltd.” by the borrower and after proportionate investment of the applicant’s own contribution.
** The loan will be disbursed in full or in suitable installments taking into account the requirements of funds and progress of construction.
** Repayment normally commences from the month following the month in which the last installment of the loan is disbursed by “HUDCO NIWAS”.
** Until the loan is fully disbursed, pre-EMI interest is payable only on the portion of the loan availed, as on the last day of every month.
OTHER ATTRACTIVE FEATURES/VALUE ADDED BENEFITS :
a) Most competitive interest rate.
b) No processing Fee.
c) No charge on account of Prepayment of loan.
d) Interest subsidy @6.50% is available under Credit Linked Subsidy Scheme (CLSS) to eligible beneficiaries, as per Govt. of India guidelines.
e) Facility of resetting of existing loan from Fixed to Floating & vice-versa on nominal charges.
f) Waiver of last 2 installments (only for fixed rate).
g) Free Personal Accident Insurance cover to borrowers.
h) Transparency & No hidden cost.