The main objective of this loan is to facilitate the financial need of individual borrower for the purpose of construction of residential house, purchase of new/ old (not older than 15 years) residential house/ flat, repairing/ renovation/ extension of existing residential house. In none of the above cases, purchase of land only shall be considered as the purpose of home loan, however, purchase of land being a part of the project for construction of residential house may be considered as the purpose of such loan.

In case of purchase of home stead land and construction of dwelling house, maximum 40% of sanctioned amount of HBL may be released for purchase of land in which the residential house will be constructed. Estimated cost shall have to be prepared by the borrower accordingly including the purchase value of land on which residential house to be constructed.

Quantum: Maximum Rs.30 Lakh

Repayment Period: Maximum 20 Years

Rate of Interest: As fixed by the Bank time to time (Simple Rate)

In case of purchase of home stead land and construction of dwelling house, house shall have to be constructed on that land within one (1) year from the date of registration of said land in the name of the borrower concerned. Otherwise the entire loan shall be converted in Personal Loan and entire loan shall be governed by the existing Personal loan policy of the Bank.

The proposed property must be established within the defined service area of the Branches of the Bank under Darjeeling & Kalimpong District. However, Bank may provide relaxation in this regard for its salary account holders with relevant terms & conditions.

*** For more details contact our nearest branch.

null

Eligibility:

1. The applicant must be a salaried employee of Govt./ Semi-Govt./ Local Self Govt./ Govt. aided institutions/ Private Companies as enlisted by the Bank Authority, professional and bonafide businessman.

2. In case of service holders, the applicant must have already completed at least two years of continuous service. However, in case of High School Teachers one year of completed service may be considered if his/her service has already been confirmed.

3. In case of service holders, the applicant must have a minimum remaining service length of at least five years.

4. In case of professional and businessman, age of applicant should not be more than 50 years and repayment period should not exceed 60 years of age of the borrower.

5. Co-applicant facility is also available.