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National Toll Free No1800 425 00 000

IB Home Loan Plus

IB Home Loan Plus

Eligibility All existing Home Loan customers who have repaid a minimum of 12 EMIs regularly.
Purpose Any bonafide purpose other than speculative purpose
Quantum of Loan Minimum amount – Rs. 1.00 lakh. Maximum amount – Rs. 60.00 lakhs subject to availability of 40% Net Take Home Pay on Gross  Monthly Income

If the Net Take Home Pay after deduction of EMI for the proposed loan, apart from other deductions is more than

  1. Rs.20000/- for loans upto Rs.10 lakhs
  2. Rs.25000/- for loans above Rs.10 lakhs for Salaried Class and Pensioners and
  3. Rs.50000/- for Business Class borrowers

minimum Net Take Home Pay of 40% on Gross Monthly Income will not be insisted

For NRIs, monthly Net Take Home Pay of 40% on Gross Monthly Income is mandatory

Margin LTV Ratio of 90% / 80% / 75% as the case may be to be maintained for home loan outstanding and 30% margin on the residual value of the House Property to be maintained for the top up 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 120 months
Prepayment charges NIL
Security Extension of EM on the house property.
*{Registration of extension of EM wherever it is mandatory}
CERSAI registration (at Applicant’s cost) to be done
Documents to be submitted for processing the application 1. Request letter 2. Up to date EC and tax paid receipt from the competent authority 3. Valuation Report from Panel Engineer 4. Letter of authorization for recovery of EMI.
Other Requirements/Details The House property should be revalued whenever the request for Home Loan Plus is made after 3 years from the date of original Home Loan Sanction . The House Property can be either self occupied or let out. The residual life of the building / flat should be minimum of 10 years more than the repayment period of the loan.

( Last modified on Apr 05, 2019 at 02:04:36 PM )