|
The
Scheme aims to provide packaged financial
assistance to individuals to furnish their
house/flats. This will be a separate MTL which can
be considered along with Housing Loans with
interest rate on par with Housing Loans. The
salient features of the scheme are furnished
below. |
|
Purpose |
|
Finance
will be made available under the scheme to
purchase household furniture, refrigerator, fans,
air-conditioners, to put up wardrobes, storage
facilities or any other household items. |
|
Eligibility |
|
Individuals availing Housing Loans from our Bank
who have disposable income and with acceptable
repaying capacity.
-
Along
with our finance to
acquire/construct/repair/renovate house/flat.
-
Where
a loan under Housing Finance Scheme was
earlier obtained from us and the liability is
still subsisting without overdues.
-
When
availing Housing Loans for taking over from
other Banks/Financial Institutions.
No
second hand goods/equipment to be financed. No
reimbursement to be permitted. |
|
Loan
Quantum |
| 15%
of Housing Loan OR Rs.1.50 lacs whichever is less. |
|
Margin |
| Nil |
|
Rate
of Interest |
| Present
rate (Subject to change) |
|
Floating |
Fixed |
| upto
5 years |
9.75 |
10.00 |
| above
5 years upto 10years |
10.25 |
10.50 |
|
| This
will be sanctioned simultaneously with the House
Loan component and as a kind of sub limit. The
interest accrued in the account will not be
eligible for tax concessions. |
|
Disbursements |
| Sanctioned
simultaneously with the Housing Loans. Disbursed
directly to the supplier on production of the
invoice by the borrower as per his requirements. |
|
Processing
Charges |
| As
applicable to Housing Loans. |
|
Repayment |
The
loan should be repaid within a maximum period of
10 years by way of EMIs.
Total repayment obligation including Housing Loan
should be restricted/not to exceed 60 % of NMI. |
|
Insurance |
| Comprehensive
Fire Insurance cover should be obtained. |
|
Security |
- The assets
created out of this loan will be taken as
security by way of hypothecation besides the continuing
security of the concerned house/flat.
- Mortgage/extension
of equitable mortgage for Housing Loans.
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