IB HOME ENRICH
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. |
( Last modified on Dec 31, 2024 at 03:12:19 PM )
