Objective
Seeks to provide additional facility in the shape of Overdraft/ Term Loan for personal use to our existing/new/takeover Housing Loan borrowers.
Eligibility
All Housing Loan borrowers including existing / new / take over cases. Loan is not permitted for any trade / business or for any other speculative purposes.
Purpose
For Personal needs/use.
Extent of Loan
Term loan – Minimum Rs. 2 Lacs & maximum: 250.00 lacs
Overdraft Limit- Minimum Rs. 2 Lacs & maximum: 50.00 lacs
Nature of Facility
a. Overdraft limit or
b. Term Loan
Margin
Nil :
However LTV of 80% and 75% on (Housing Loan + Over Draft Limit) realizable value of House / flat to be required.
Repayment
a. Overdraft Limit: Account to be renewed annually.
b. Term Loan: repayable in 10 years or remaining period of Housing Loan whichever is lower.
Security
By extension of charge on the Immovable Property mortgaged/ to be mortgaged.