WBGB Housing loan

• a) Outright purchase of newly built ready house/flat where mortgage in favour of the Bank can be created immediately;
• b) Construction of house on own land;
• c) For purchase of an under construction flat, the flat must be RERA approved wherever RERA is applicable.
• d) For carrying out additions to the house/flat.
• e) For carrying out repairs/ renovation / alterations/furnishing of house/flat.
• f) Individual who is already owning a house in the town/village where he resides will also be eligible for Bank finance for buying / constructing a 2nd house / flat in the same town/village or in some other town/village for the purpose of self-occupation;
• g) Individual who cannot afford to acquire a new dwelling unit the cost of which is beyond his reach proposes to buy an old house where he is presently residing as a tenant, such house/flat should not be old over 35 years from the date of completion of the construction.
• h) Housing loan may be allowed for taking over existing housing loan in the name of the applicant/s from other Banks or Institutions provided there has been no default in the loan account. Loan will, however, not be available for repayment of Housing Loans taken from any of other sources.
• i) Purchase of land for construction of house on compliance of formalities of such purchase as per law. A declaration is to be obtained from the borrower that he intends to construct a house on the said plot within a period of 18 months by availing of finance from the Bank.

Individuals or group of individuals (co-borrowers) with a regular and assured source of income, such as:

1. Salaried Employees
2. Professionals
3. Self-employed Persons
4. Businessmen
5. Applicants must not be defaulter borrowers of any Bank/Financial Institution.

The loan amount will be determined by the Bank based on the following parameters:

1. Cost of house/flat
2. Applicant’s age, income, assets, and liabilities
3. Repayment capacity

For construction / purchase / additions of house or flat:

For all purposes other than purchase of land for construction:

1. For construction / addition of house / flat / purchase of ready built house / flat:

The loan along with interest is to be repaid in equated monthly instalments (EMIs) within a maximum period of 30 years, inclusive of any moratorium period (if any), subject to the following age criteria:

• For salaried borrowers: Up to a maximum age of 60 years. However, for salaried individuals of Central/State Government with pension eligibility, repayment is permitted up to 70 years of age.
• For professionals / self-employed / businessmen: Repayment is permissible up to a maximum age of 70 years.

2. Period of repayment for repairs / renovation / alterations of house / flat:

The loan along with interest is to be repaid in equated monthly instalments within a maximum period of 15 years, inclusive of any moratorium period (if any), subject to the following:

• For salaried borrowers: Up to a maximum age of 60 years.
• For Central/State Govt. salaried individuals with pension eligibility: Repayment up to 70 years of age is allowed.
• For professionals / self-employed / businessmen: Repayment is permitted up to a maximum age of 70 years.

"Time to time Bank changes Rate of Interest ( ROI) for ROI please check the latest rate as given in the Website in loan ROI section"

• Processing Charges: 0.59% of Loan Amount
  Min. Rs. 1,180.00
  Max. Rs. 11,800.00
  (Processing charge waived till 31-03-2026)
• Documentation Charge: NIL