IB Home Loan

·         Businessmen

·         Professional & Self-employed

·         Pensioners

·         Construct a new house/flat (Applicant already owns a plot/land)

·         Purchase of house site and construction of house thereon

·         Purchase of flat under construction

·         Purchase of semi-finished flat/house from the builder and completion of interiors

·         Purchase of a house/flat being resold

·         Additional construction in existing house

·         Repair/renovate an existing house/flat

·         Takeover of Home Loans

·         Reimbursement of cost incurred for Purchase/Construction of house/flat

·         Regular employees of Central Government / State Government / Public Sector Undertakings /Government or Government aided Educational Institutions with salary statement from the existing employer for at least previous 3 months.

·         Regular employees of MNCs/Reputed Companies (Externally rated as BBB or above) with salary statement from the existing employer for at least previous 3-months subject to the condition that they have total experience of minimum 2 years.

Non-Salaried:

·         In case of Businessmen, Professional and Self-employed minimum experience of 3 years

Pensioner:

·         Having adequate income to service the loan

·         If Gross Annual Income of the applicants is upto Rs.15 lakhs, take home income should not be less than 40% of the Gross Annual Income

·         If Gross Annual Income of the applicants is above Rs.15 lakhs, NTHP should be minimum Rs.50000 per month

(ii)                Loan above Rs.30 lakhs to Rs.75 lakhs: 20%

(iii)               Loan above Rs.75 lakhs: 25%

Loan for Repairs & Renovation: 30%

Takeover or Balance transfer: Repayment period can be extended beyond the period sanctioned by the original lender subject to a maximum of 30 years including the period already run in the existing institution

Home Loan under Commercial Real Estate for Salaried: Maximum 30 years

Home Loan under Commercial Real Estate for Non-salaried: Maximum 25 years

Repairs & Renovation: 10 years

·         For construction of house on the plot already owned by the applicant – Maximum 18 months

·         Purchase of Plot and construction of house thereof / flat under construction by promoters / developers – Maximum 24 months

·         Flat under construction – in case of bigger projects – Maximum 36 months

·         Takeover accounts – NIL

The above holiday period will be considered subject to servicing / pre-EMI interest and repayment period (inclusive of holiday period) should not exceed 360 months.

·         Equated Monthly Installment (EMI)

·         Progressive Monthly Instalment (PMI)

·         Negotiated Repayment

At the option of the borrower(s), loan may be covered under Group Mortgage Redemption Assurance Scheme (GMRA)