Purpose – For repair, additions/alteration, renovation etc of one’s own house or house in the name of spouse/father/mother or in the name of father/mother in law in case of married female members.
Any other legitimate requirement of funds except for speculative purpose, like; marriage of dependents, to meet expenses on medical treatment and/or education of dependents, etc subject to submission of documentary evidence for the same to the satisfaction of the bank.
Eligibility – Any individual member of the Bank
Type of Facility – Term Loan
Quantum of Loan – Up to maximum of Rs. 20.00 lakhs subject to repaying capacity of the Borrower and also subject to the condition that it does not exceed 30 times of the monthly income of the borrower
Margin-15% of the cost of repair, renovation etc. and suitable margin on the value of mortgaged property in other cases
Rate of Interest –As per Bank’s rules from time to time
Other Charges-As per Bank’s rules from time to time
Repayment-Maximum upto84 equal monthly installments with interest, including the period of moratorium if any, subject to the condition that monthly installment and other deductions of the respective borrower should not normally exceed 60% of the applicant’s monthly salary