The Hindu Business Line : SBT loan for house plots

An SBT spokesman said here that individuals below 60 years of age with a steady income are eligible for the loan. Loan amounts up to 24 times the net monthly income or two year's annual income or 80 per cent of the cost of the site, subject to a maximum of Rs 10 lakh, will be made available under the scheme.

Income of spouse can also be considered and in such cases, the spouse will be the guarantor. The borrower has to arrange a margin amount of 20 per cent up front. The loan carries an interest rate of 9 per cent per annum and a fixed rate of interest at 10 per cent and has to be repaid in 60 equated monthly instalments. The plot purchased will be the security for the loan.

The loan will be available only for purchase of residential sites allotted as first sale by authorised development authorities such as the housing board, the urban development authority or the city improvement trusts board, the spokesman added.

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