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	As communicated by corporate office from time to time.
Interest Rates	Please refer to the Lending Rates link on home page of our Bank`s Website
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 Both the Home loan and Top up loan should be under standard category. Should have completed at least one year of satisfactory repayment period. At the time of takeover, if requested, Top up loan can also be considered subject to the condition that Home loan should have completed at least one year of satisfactory repayment period with the existing Bank.
Multiple Home loan plus.	Number of Home loan plus against the property at any point of time is restricted to TWO. Second Top up loan can be extended only after a gap of one year from the date of availment of first Top up loan. If IBHL and SHL are existing over different House properties then IBHL Plus can be availed against both the properties separately subject to availability of NTHP .

( Last modified on Jul 24, 2020 at 07:07:16 PM )