IB Home Improve
|Eligibility||Existing Home Loan borrowers (both residents & non-residents) / Prospective Home Loan borrowers|
|Purpose||For purchase of household furniture, kitchen racks, cupboards, TV sets, Fridge, Computers, Wall paper provisions, lighting, interior decorations, Air-Conditioners, Kitchen Chimney, modern gadgets for kitchen / modular kitchen & piped gas supply/cost of digging of bore well with suitable water lifting devices like jet pump set, compressor, solar system and immersible pump set.|
|Quantum of Loan||• 36 times of Gross Monthly Income subject to a maximum of Rs.300 lakhs.
• Spouse Income can be included for calculating eligible amount if he / she is in Government / Public Sector organization / reputed private sector.
• Take home Income should be atleast 40% of Gross Monthly income and with a minimum of Rs.20000/- net monthly income, after recovery of proposed EMI.
|Margin||15% of cost of the articles to be purchased under the loan.|
|Processing fee||1.18% on loan amount|
|Interest Rates||Please refer to the Lending Rates link on home page of our Bank`s Website|
|Repayment||No Holiday period. Maximum repayment period allowed: For TV, Computer & other electronic items with less life span: 48 months For others : 60 months|
|Security||* Extension of Equitable Mortgage of Property mortgaged for Home Loan/EM of property for which the facility is availed. * Equitable Mortgage to be registered (at Applicant’s cost) if there is a provision for the same in the State where property is located.
CERSAI registration (at Applicant’s cost) to be done
(i) For Loans up to Rs 5 Lakhs – Rs 50 + ST
(II) For Loans above Rs 5 Lakhs – Rs 100 + ST
|Documents to be submitted for processing the application||As detailed in our Home Loan/NRI Home Loan product. In addition to this Quotation for articles to be purchased is also to be submitted.|
|Insurance||• Household articles offered as security to be insured at borrower’s cost with Bank clause against fire, flood, earthquake, riot and other risks, which are normally covered by insurance companies.
• Property (offered as security) to be insured at borrower’s cost with Bank clause against fire, flood, earthquake, riot and other risks, which are normally covered by insurance companies.
( Last modified on Apr 05, 2019 at 02:04:40 PM )