IB Home Loan Plus
Eligibility | All existing Home Loan customers who have repaid a minimum of 12 EMIs regularly and Possession of the House /flat has been taken by the Borrower.
Staff members /officers who have availed IBHL and converted to SHL are also eligible. |
Purpose | Any bonafide purpose other than speculative purpose |
Quantum of Loan | Minimum amount – Rs. 1.00 lakh.
Maximum amount – Rs. 60.00 lakhs. Subject to complying the Age, /recognition of income level/NTHP as applicable with Home loan. |
Margin | Quantum of loan is calculated based on the 70 % of the residual value of the House Property (RSV) after maintaining required margin for the home loan amount outstanding of 90% / 80% / 75% as the case may be. |
Processing fee | Click here |
Interest Rates | Click here |
Repayment | 120 months |
Prepayment charges | NIL |
Security | Extension of EM on the house property. *{Registration of extension of EM wherever it is mandatory} CERSAI registration (at Applicant’s cost) to be done |
Documents to be submitted for processing the application | 1. Request letter
2. Up to date EC and tax paid receipt from the competent authority 3. Valuation Report from Panel Engineer 4. Letter of authorization for recovery of EMI. 5. Insurance for the value of Building and other Documents are complied with. |
Other Requirements/Details | The revaluation of the House property need not be carried out whenever the request for Home loan is made within THREE years from the date of sanction subject to availability of residual value and maintain LTV.
However, the House property should be revalued whenever the request for Home Loan Plus is made after 3 years from the date of original Home Loan Sanction. The House Property can be either self occupied or let out. The residual life of the building / flat should be minimum of 10 years more than the repayment period of the loan. |
Takeover of Accounts | It is permitted to take over the Top up loan also subject to
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Multiple Home loan plus. |
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( Last modified on Mar 22, 2021 at 11:03:04 AM )
