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
Margin	30%
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.

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