To meet the personal needs like expenditure on education, marriage, health care, renovation/furnishing of the house etc., other than speculative purpose, Loans will be sanctioned Existing Housing loan borrowers.
- Min limit - Rs.2,00000/-
- Maximum Loan limit - Rs.30,00,000/-
LTV ratio will be calculated on the basis of current realizable value of the underlying property assessed by empaneled valuer. Upward revision in Market Value of the property will be considered for calculation of the applicable LTV only once in 3 years based on fresh Valuation.
Repayment Period -The maximum permissible tenure of the loan will be the residual tenure of underlying Housing Loan or 15 years, whichever is higher, subject to liquidation of the loan before the borrower(s)/Co-borrower(s) attains the age of 70 years. However, the borrower can opt for a lower tenure. At any point of time not more than two loans will be allowed to exist under the proposed scheme and the sum of the two loans should not exceed maximum limit of Rs.20 Lakh. Second loan may be considered only after a gap of one year from the date of last disbursement of earlier loan.
Extension of mortgage on the residential property already mortgaged with the Bank will be mandatory in all cases.
The extant instructions of obtaining latest income proof, valuation and Search Report for the intervening period of the mortgaged property, extension of the mortgaged on the property, etc. will remain applicable.
