Private sector lender Dhanalakshmi Bank on Wednesday announced the launch of Privilege Home Loan, a special home loan product, aimed at select employees of top-rated corporations, PSUs, registered trusts and societies.

The lender stated in a release that, persons in the age-group of 21-55-years with a minimum monthly gross salary of Rs 40,000 (including income of spouse) are eligible for the loan.

The new product facilitates purchase, construction of houses and flats including take-over from other banks and organizations.

Under the loan, the bank would charge interest rates at the rate of 9% for up to five-year, 10% for 5-10-years and 10.50% for above 10-years.

It should be noted that the interest rates are fixed for the first three years with an annual reset clause thereafter. The maximum tenure for loan repayment will be 20-years. The minimum loan amount is Rs 15-lakh and the maximum will be Rs 2 crore.

Earlier this week, Dhanalakshmi Bank has revealed its plans to float a venture fund with a corpus of Rs 2,000 crore. The lender intends to set up a subsidiary called `Dhanalakshmi Bank Venture' for the purpose.