|Eligibility||Existing Home Loan borrowers (both residents & non-residents) / Prospective Home Loan borrowers|
|Amount of Loan||* 30 times of Net Monthly Income subject to a maximum of Rs.5 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 more than 40% of gross income, with a minimum of Rs.6000/- as net monthly income, after recovery of proposed EMI. |
|Margin||15% of cost of the articles to be purchased under the loan.|
|Processing fee||1.15% of loan amount.|
|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.
|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.
|Salient Features||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. |
|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|