IB HOME ENRICH

Target Group	Resident individuals having steady source of income – Salaried Class, Businessman, Professional & Self-employed people, and Pensioners Who have put in a minimum period of service /experience of 3 years( including previous employment/experience and confirmed in the present employment) Our Bank staff as well as Spouse of the Staff can also avail home loan. In such cases the Guarantee of Spouse/Staff is compulsory Our existing Home loan Borrowers can also be considered under this scheme
Purpose	Repairs /Renovation of the residential dwelling unit.
Eligibility	Individual 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
NTHP and Income criteria	As applicable to Home loan to individuals
Age	Min.Entry Age -18 years Max.Entry Age -65 Years Max .Exit Age -70 years
Quantum of Loan	Minimum – Rs. 1 lakh Maximum – Rs.10.00 lakhs Maximum loan limited to 70 % of the Security or 70 % on estimated cost of repairs and renovation whichever is lower
Margin	30 %
Processing fee	As communicated by Corporate office from time to time
Interest Rates	As communicated by Corporate office from time to time
Repayment	Ten years subject to maximum exit Age of 70 years
Prepayment charges	NIL
Holiday period	Holiday period is allowed till completion of Repairs and Renovation or Three Months from the date of disbursement of the loan whichever is earlier. However holiday period interest has to be serviced every month compulsory
Security	Lien on our Bank Deposits ( except IB Tax saver ) including interest accrued net of TDS Deposits can be in the name of individuals /joint names 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 three months LIC Polices –Assignment of Life insurance policies (to the extent of surrender value of the policy) etc. LIC polices should have run for a minimum period of three years
Documents to be submitted for processing the application	Security Discharge letter Latest copy of the latest Tax paid certificate /sale deed/Gift deed /mutation certificate/Partition deed for which repair renovation to be carried out Estimate of the repairs/renovation /alteration duly approved by our panel Engineers Income proof as applicable to Home loan scheme
Other Terms	For End use –A declaration shall be obtained from the Borrower indicating the purpose for which the loan is being sought, backed by undertaking to utilize the same. CIBIL report to be obtained Entry level scoring –BBB to be ensured Under Sec.24 of IT Act , income Tax benefit up to Rs.30000/- on the interest on loan taken for Repairs and Renovation in respect of properties constructed before 31/03/1999 and Rs.200000/- is in respect of properties constructed after 01/04/1999

( Last modified on Jul 24, 2020 at 07:07:25 PM )