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Home Improve
Purpose / ObjectiveFor 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.
EligibilityExisting 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.
Margin15% of cost of the articles to be purchased under the loan.
Processing fee1.15% of loan amount
Interest RatesPlease refer Interest Rate link on home page in our Bank`s Website
RepaymentNo Holiday period. Maximum repayment period allowed: For TV, Computer & other electronic items with less life span: 48 months For others : 60 months
Prepayment chargesNIL
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 applicationAs 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.



 
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