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IB Home Loan Flexi

IB Home Loan Flexi

Category of Borrowers
  • Prospective Home Loan customers under IB Home Loan Products.
  • Existing customers under IB Home Loan Products.
  • For loans under Ind Awas scheme, conversion is permitted only after receipt of entire eligible interest subsidy amount.

         Average balance of Rs. 25000/- to be maintained in Savings/ Current account

Loan Amount Minimum: Rs. 25.00 Lakhs;

Maximum: No upper limit

Facility Overdraft, with the following facilities:

Ø  Customers will have to pay the Equated Monthly Instalments (EMIs) as in the case of usual Home Loans

Ø  Drawing Power to be reduced on monthly basis to the extent of principal component of repayment in EMI.

Ø  Interest portion of the EMI will serve the interest obligations.

Ø  After full disbursement of Loan limit, customers will be allowed to operate the OD account. For the said purpose, the excess fund deposited by the customer may be utilized by them upto the level of D.P., whenever they require.

Ø  The account will be provided with Internet Banking, Mobile Banking, Cheque Book facility etc as per normal OD accounts.

Rate of Interest 0.40% p.a. over the applicable ROI under respective IBHL schemes, based on current CIBIL / CIC score of borrower(s) as per extant guidelines.
Disbursal & Drawing Power ·  New loans under IB Home Loan Flexi should be opened in specific Product Codes created for this scheme.

·  Loan amount to be disbursed as per the agreed disbursement schedule.

·  After full disbursement of Loan amount, customers will be allowed to operate the OD account and can deposit surplus funds in the account. The funds available upto the DP may be withdrawn by the Borrower as and when required. However, at any point of time, loan outstanding should not exceed the DP.

· Drawing Power (DP) is to be reduced by Principal component of EMI every month. Interest portion of the EMI will serve the interest obligations.

· No over drawings are to be permitted in the a/c in excess of the Drawing Power.

Conversion of Existing Home Loan (Term Loans) to IB HOME LOAN FLEXI Account (OD) This facility will be extended to all Home Loan borrowers except Staff Housing Loan borrowers, fulfilling under noted criteria:

a.    Fully disbursed accounts with limit of Rs.25 Lakhs and above and having outstanding balance of Rs. 10 lakhs & more.

b.    The accounts should not be under moratorium and regular repayment should have started.

c.     IRAC status of the account should be Standard and not in SMA status on the date of conversion.

d.    Security creation/perfection should have been completed

( Last modified on Oct 31, 2023 at 04:10:30 PM )