IB HOME ENRICH
|Eligibility||Resident individuals & NRIs Individuals owning a residential dwelling unit in their name and supported by copy of the latest Tax Paid certificate/Sale deed/Gift deed/Mutation Certificate/Partition deed.
Salaried Class, Businessman, Professional and Self- employed people, Pensioners
· having steady source of income
· Who have put in a minimum period of confirmed service / experience of 3 years (including previous employment / experience and confirmed in the present employment).
Staff of our Bank as well as Spouse of the staff can also avail this Loan. In such case the guarantee of Spouse / Staff is compulsory.
Existing Home loan customers can also avail this loan.
|Age||Min Entry Age – 18 years
Max Entry Age – 65 years
Max Exit Age – 70 years
|Purpose||Repairs/Renovation of the Residential Dwelling Unit|
|Quantum of loan||Minimum – Rs.1.00 lakh
Maximum – Rs.10.00 lakhs
|Net Take Home Pay||In case Annual income of the Applicants (Individually or jointly) is up to Rs.15.00 lakhs, NTHP (after proposed loan EMI) should not be less than 40% of the Gross Annual Income.
In case Annual income of the Applicants (Individually or jointly) is more than Rs.15.00 lakhs, NTHP (after proposed loan EMI) should not be less than 30 % of the Gross Annual Income subject to the minimum Annual Take Home pay of Rs.6.00 lakhs.
|Repayment Period||Maximum 10 years|
|Holiday Period||Holiday period is allowed till completion of Repairs/Renovation or 3 months from the date of disbursement of the loan, whichever is earlier. However Holiday period interest has to be serviced every month compulsorily.|
|Interest Rate||Click here|
|Processing Fee||Click here|
|Security||· Lien on our Bank Term Deposits (except IB TAX Saver) including interest accrued net of TDS;
o Deposits can be in the name of individual/Joint names.
o Third party deposits can also be accepted. However, guarantee from such third party should be obtained
· Pledge of NSCs (incl. int. acrd.), which have run for a minimum period of 3 years
· LIC policies – Assignment of Life Insurance Policies (to the extent of surrender value of the policy) etc. LIC policies should have run for a minimum period of 3 years.
( Last modified on Nov 24, 2022 at 04:11:59 PM )