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Housing Loan

Housing Loan

Turn your dream of owning a home into reality with APCOB Bank’s Housing Loan. We offer flexible terms, competitive interest rates, and a hassle-free application process. Discover how we can help you achieve homeownership – inquire about our housing loan options today.

Eligibility

Home loans are eligible for both salaried and self-employed borrowers.

The age of the applicant should be between 21 and 65 years as on the date of application.

Minimum CIBIL score of the borrower should be 650

Good income and employment profile.

Features & Benefits

Consortium lending with other branches of APCOB/DCCBs

Tax benefit under Section 24 and Section 80 C

Can avail loan for House construction/purchase, repairs/modifications/improvements etc. of house/ flat.

Fixed rate – 10.50% p.a& Floating rate – 9.00% p.a. (Borrower margin of 20%)

Maximum loan amount ₹75.00 lakh

Long term repayment upto 360 months/ up to the age of 75 years whichever is earlier.

The income of the spouse as co-applicant will also be considered for arriving the loan eligibility.

Low processing charges. Lowest EMI

No other charges except processing charges

Repayment will start 3 months after release of final instalment in case of House/Flat construction or 12 months from release 1st instalment whichever is earlier.

Documents Required
List Of Valid KYC Documents For Account Opening
KYC Documents of the customer
  • Aadhar, PAN Driving License Gas Bill Electricity Bill
  • 3 Passport size photographs
  • Residential address proof

Rate Of Interest

Floating Rate Of Interest
Type
Upto 30.00 lakh
Above 30.00 lakh
High
10.50%
10.70
Moderate
9.50%
9.75%
Medium
9.40%
9.50%
Low
9.00%
9.20%
Fixed Rate Of Interest
Upto 30 Lakhs
Above 30 Lakhs
11%
11.20%
Security

Registered Mortgage by depositing Original Title Deeds and all Link documents of the property against which Housing loan is sanctioned fully securing the Bank’s interest

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    FAQs

    What is a housing loan or mortgage?

    A housing loan, often referred to as a mortgage, is a type of loan used to finance the purchase of a home. It is secured by the property being purchased.

    What is the difference between a mortgage and a home loan?

    The terms "mortgage" and "home loan" are often used interchangeably. Both refer to the financial arrangement used to buy a home. A mortgage typically specifically refers to the loan agreement, while a home loan can refer to the broader process of borrowing money to purchase a home.

    What are the different types of housing loans?

    There are various types of housing loans, including fixed-rate mortgages, adjustable-rate mortgages (ARMs), FHA loans, VA loans, and more. Each has its own terms and conditions, which may suit different borrowers' needs.

    What is the down payment for a housing loan?

    The down payment is the initial payment made by the homebuyer when purchasing a property. It is typically a percentage of the property's purchase price. The amount required can vary, but it's commonly around 20% of the home's price.

    What is the interest rate on a housing loan?

    Interest rates on housing loans can vary depending on the type of loan, the lender, and market conditions. Fixed-rate mortgages have a stable interest rate, while ARMs may have variable rates that change over time.