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IB Home Improve

IB Home Improve

Eligibility Existing Home Loan borrowers (both residents & non-residents)including our staff members  / Prospective Home Loan borrowers who are salaried class/ Professional  and Business class.
Purpose  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 cost of Roof Top Solar PV Home Lighting System.
Quantum of Loan
  • 36 times of Gross Monthly Income subject to a maximum of Rs.300 lakhs.
  • Spouse Income can be included for calculating eligible amount can be included for availing this facility
  • Income of spouse /Adult children can be included even if not originally reckoned for Home loan.
Take Home pay As applicable to Home loan.
Margin 15% of cost of the articles to be purchased under the loan.
Processing fee As communicated by Corporate office from time to time.
Interest Rates As communicated by Corporate office from time to time.
Repayment No Holiday period. Maximum 120 months.
Prepayment charges NIL
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.
CERSAI registration (at Applicant’s cost) to be done.
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.
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.

( Last modified on Jul 24, 2020 at 07:07:05 PM )