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IB HOME ENRICH

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 )