|– All existing Home Loan borrowers (Residents & NRIs) including HL-CRE / IB Home Advantage / HL for Repairs and Renovation which are under ‘Standard’ Category.
– The borrower has paid minimum 12 EMIs regularly
– Home Loan account should not have appeared in SMA 2 during last 1 years. However, Home Loan accounts should never have appeared in NPA.
– Possession of the house / flat has been taken by the borrower and valid mortgage has been created in favour of the Bank.
– The CIBIL score of the borrower should be minimum 700. (Equivalent score of other CICs may also be considered)
|Any bonafide purpose other than speculative purpose
|Age of Borrower
|Age of the borrower, co-borrower / recognition of income level and all other terms as per Home Loan Scheme only
|Quantum of Loan
|Minimum amount – Rs.1.00 Lakhs
Maximum amount – Rs.10.00 Crore
Quantum of loan calculation:
· Loan amount for 1st IBHL Plus Loan = 75% of RSV – Home Loan O/s
· Loan amount for subsequent IBHL Plus Loans = 75% of RSV – [Home Loan O/s + Previous IBHL Plus O/s]
· Home Loan / IBHL Plus O/s: Closure Balance as per CBS as on date of assessment.
· RSV: Realisable Sale Value.
|Net Take Home Pay criteria
|1. If Gross Annual Income of the Applicants (Individually or Jointly) is up to Rs.15.00 lakhs, take home income should not be less than 40 % of the Gross Annual Income.
2. If Gross Annual Income of the Applicants (Individually or Jointly) is above Rs.15.00 lakhs, NTHP should be minimum Rs.50000 per month.
|Revaluation of House Property
|· The House property should be revalued if the request for Home plus loan is after three years from the date of latest EVR from an empanelled valuer of the Bank.
· The residual life of the building / flat should be at least 10 years more than the repayment period of the loan.
|Margin of 25% on Realisable Sale Value (RSV) to be maintained to arrive at Quantum of Loan.
|Rate of Interest
|Type of Facility /Repayment Period
|· Term Loan: Maximum tenor of 15 years.
· Overdraft (Step down) – OD facility will be liquidated in maximum 15 years with equal deduction every month.
· In case, loan is for lesser duration, equal deduction over the tenure of the loan be made for liquidation of loan at the end of the term.
|Takeover of Accounts
|In case of take-over of Home Loan accounts from other Banks/FIs, it is permitted to take-over the top-up portion also under this head subject to following terms:
• Both the loan accounts viz., Home Loan and the Top-up loan should be under Standard Category and there should not be any overdue with the existing Bank / FI.
• The Home Loan should have completed at least one year of satisfactory repayment.
• At the time of taking over of Home Loans, request if any, for Top-up loans additionally can be considered subject to the proposed Home Loan has completed at least one year of satisfactory repayment at the erstwhile Bank.
(Takeover of Overdraft facility is not permitted)
|Extension of EM on the house property. Registration of Extension of EM to be done wherever it is mandatory. Applicable stamp duty to be paid by the customer.
|Documents to be submitted
|1. Request letter
2. Up to date EC and tax paid receipt from the competent authority
3. Valuation Report from Panel Engineer (To be arranged by Bank at Borrower’s cost)
4. Insurance for the value of building and other documents as per documentation chart.
5. Composite (Term Loan and Overdraft) Agreement (for OD facility only)
6. Letter of authorization for recovery of EMI.
7. For recovery of EMIs, S.I. of a running account already with us or NACH mandate of running account with other Bank.
|– Number of Home Loan Plus accounts against the Home loan property at any point of time shall be restricted to two. Second top-up loan can be extended only after a gap of one year from the date of availment of the first top-up loan subject to LTV, repayment capacity and other terms and conditions as per the scheme.
– If the original Home Loan account (s) is closed and no other HL Plus liabilities exist against that property, then fresh HL Plus cannot be considered.
– Only one Overdraft facility is permitted.
– Not to release the title deeds of the house property till the Top up loan is also completely adjusted.
– As the loan is given for consumption purpose, borrower can not seek Tax relief for this loan.
– Home loan property can be extended as security for other structured / non structured loans / advances by way of extension of EM based on the residual value after maintaining requisite margin for the Home loan throughout the tenor of the loan.
( Last modified on Jan 05, 2024 at 12:01:02 PM )