- Any purpose excluding speculative or illegal purpose.
- All Existing Housing Loan whose conduct of the account is satisfactory and the account is classified Standard.
Type of Facility
- Term Loan
Limit
- Minimum Rs.1.00 Lac
- Maximum Rs.100.00 Lac
- OR
- 75 % of Residual Value of House Property after deducting 150% of outstanding loan amount of Existing Home Loan whichever is lower.
Margin
- 25 % of Residual Value of House Property after deducting150% of outstanding loan amount of Existing Home Loan.
Repayment Period
- As per request of the borrower subject to repaying capacity. However the maximum period should not be more than the remaining period of Housing Loan.
Repaying capacity (FOIR - Fixed Obligation to Income Ration)
FOIR-Fixed Obligation to Income Ratio (Repayment capacity) to be calculated in same line with Housing Loan guidelines.
Total deductions including EMI for proposed loan should not exceed as given below:
- For salaried persons
- 50 % for monthly income up to Rs. 20,000/- p.m.
- 60 % for monthly income from Rs. 20,001/- p.m. but less than Rs.50,000/- p.m.
- 65 % for monthly income from Rs. 50,000/- p.m. but less than Rs.2,00,000/- p.m.
- 70 % for monthly income from Rs. 2,00,000/- p.m. but less than Rs.5,00,000/- p.m.
- 75 % for monthly income Rs. 5,00,000/- p.m. and above.
- For Non- salaried persons including farmers
- 60 % for Net Annual income up to Rs. 6,00,000/- p.a.
- 70 % for Net Annual income above Rs. 6,00,000/- p.a. up to Rs. 12,00,000/- p.a.
- 80 % for Net Annual income above Rs. 12,00,000/- p.a.
Security
- Extension of the existing equitable mortgage of the house
Maximum times the loan can be availed
- This facility can be availed maximum -5- times during entire tenure of Home Loan provided previous AAA account has been adjusted.
Insurance of House / Flat
- Property Insurance Cover to be obtained at the cost of borrower as per Bank's norms.
Credit Information Report
- Bank is authorized to make enquiries from any of the Credit Information Bureau and get the Credit Information Reports. Bank is also authorized to disclose from time to time any information relating to the loan to Credit Bureaus approved by Govt of India or Reserve Bank of India without any notice to the borrower.