Our Government Sponsored Loan addresses the needs of low-income households by providing loan solutions with low interest rates and a grant element by the government.
Government Sponsored Loan 6.5%* p.a
Purposes
- construction of a house on a land belonging to the client or a land leased by the government
- purchase of a house/apartment
- extension of an existing house
- completion of a house under construction
- renovation and repairs of a house
Eligibility criteria
- Monthly household income up to Rs 20,000
- The client should already own his/her own land
- House area up to 110m2
- The client should be civilly married
- The client needs to have a PEL A/C opened at MHC and have regularly contributed on a monthly basis within a period of 12 months preceding the registration of his/her application
Enjoy the Benefits
- Lower interest rate as from 6.5%* p.a.
- Up to Rs 325,000 as loan amount (including Government Grant)
- Up to 20% of loan amount as Government Grant, subject to a maximum of Rs 33,000
- Up to 25 years of repayment term
* conditions apply
Features
- Interest Rate:
| - 1st 5 years | : | 6.5%* p.a. |
| - 6th to 10th year | : | 8% p.a. |
| - Remaining term | : | 10% p.a. |
- Monthly repayment to income should not exceed 33%
Indicative repayment table
|
Loan Amount |
Govt Grant |
Net Amount |
Term |
Rate of Interest and Monthly Equated Payment* (MEP) |
||
|
(Rs) |
(Rs) |
(Rs) |
(years) |
1st to 5th yr at 6.5% p.a. |
6th to 10th yr at 8% p.a. |
remaining period at 10% p.a. |
|
50,000 |
10,000 |
40,000 |
15 |
349 |
372 |
390 |
|
20 |
299 |
327 |
356 |
|||
|
25 |
271 |
303 |
340 |
|||
|
100,000 |
20,000 |
80,000 |
15 |
697 |
745 |
780 |
|
20 |
597 |
654 |
713 |
|||
|
25 |
541 |
606 |
681 |
|||
|
250,000 |
33,000 |
217,000 |
15 |
1,891 |
2,020 |
2,115 |
|
20 |
1,618 |
1,775 |
1,934 |
|||
|
25 |
1,466 |
1,644 |
1,848 |
|||
|
325,000 |
33,000 |
292,000 |
15** |
2,544 |
2,718 |
- |
|
20 |
2,178 |
2,388 |
2,601 |
|||
|
25 |
1,972 |
2,212 |
2,487 |
|||
*MEPs exclude Insurance Premiums
**MEP figures not available as MEPs exceed repayment to income of 33%
Fees and charges
For more details regarding your request please contact us on 405 5555 or call our nearest branch
Purposes
- construction of a house on a land belonging to the client or a land leased by the government
- purchase of a house/apartment
- extension of an existing house
- completion of a house under construction
- renovation and repairs of a house
Eligibility criteria
- Monthly household income up to Rs 20,000
- The client should already own his/her own land
- House area up to 110m2
- The client should be civilly married
- The client needs to have a PEL A/C opened at MHC and have regularly contributed on a monthly basis within a period of 12 months preceding the registration of his/her application
Enjoy the Benefits
- Lower interest rate as from 6.5%* p.a.
- Up to Rs 325,000 as loan amount (including Government Grant)
- Up to 20% of loan amount as Government Grant, subject to a maximum of Rs 33,000
- Up to 25 years of repayment term
* conditions apply
Features
- Interest Rate:
| - 1st 5 years | : | 6.5%* p.a. |
| - 6th to 10th year | : | 8% p.a. |
| - Remaining term | : | 10% p.a. |
- Monthly repayment to income should not exceed 33%
Indicative repayment table
|
Loan Amount |
Govt Grant |
Net Amount |
Term |
Rate of Interest and Monthly Equated Payment* (MEP) |
||
|
(Rs) |
(Rs) |
(Rs) |
(years) |
1st to 5th yr at 6.5% p.a. |
6th to 10th yr at 8% p.a. |
remaining period at 10% p.a. |
|
50,000 |
10,000 |
40,000 |
15 |
349 |
372 |
390 |
|
20 |
299 |
327 |
356 |
|||
|
25 |
271 |
303 |
340 |
|||
|
100,000 |
20,000 |
80,000 |
15 |
697 |
745 |
780 |
|
20 |
597 |
654 |
713 |
|||
|
25 |
541 |
606 |
681 |
|||
|
250,000 |
33,000 |
217,000 |
15 |
1,891 |
2,020 |
2,115 |
|
20 |
1,618 |
1,775 |
1,934 |
|||
|
25 |
1,466 |
1,644 |
1,848 |
|||
|
325,000 |
33,000 |
292,000 |
15** |
2,544 |
2,718 |
- |
|
20 |
2,178 |
2,388 |
2,601 |
|||
|
25 |
1,972 |
2,212 |
2,487 |
|||
*MEPs exclude Insurance Premiums
**MEP figures not available as MEPs exceed repayment to income of 33%
Fees and charges
For more details regarding your request please contact us on 405 5555 or call our nearest branch
