TopUp Loan for Home loan borrowers

“MAHABANK TOP UP LOAN SCHEME : FOR REPAIR/RENOVATION/FURNISHING/EXTENSION”

1 Purpose
  • Top-up Loan Scheme for existing housing Loan Borrowers of our Bank
  • For takeover of existing Housing Loan of other banks and additional facility of Top-up Loan for repair/renovation/furnishing of house.
2 Nature of Facility Term Loan
3 Eligibility
  • Existing/Take over Housing loan borrowers (without deviation/ restructuring/rephasement) with minimum 36 months standing including moratorium and in Standard category.
4 Age Limit No Cap on maximum age for TOP-UP loan borrowers, provided that the loan tenure is not beyond the loan maturity date of Housing loan, against which the TOP-UP is given.
5 Quantum of loan For Existing housing loan Borrowers
  1. 100% of estimated cost of repair/renovation/furnishing of house
  2. Or

  3. Overall LTV (Loan to Value) should not be more than 75%

(Whichever is lower)

For Takeover Housing loan with additional facility of Top-up Loan
  1. Takeover of the O/s Housing Loan : as per the prevailing norms complying take over as per lending policy.
  2. Additional Top-up Loan : Maximum up to overall LTV(Loan to Value)
    ≤ 75% based on the latest valuation report not older than 3 months.

Or

100% of estimated cost of repair/renovation/extension/furnishing of house.(whichever is lower)
6 Margin NIL
7
Repayment Maximum Repayment period of 15 Years or residual tenure of the original housing loan sanctioned against which Top up loan is given, whichever is earlier
8 Rate of Interest Click here to view the Interest Rate
9 Deduction Not to exceed 65% of Gross Income including Proposed EMI of the Loan.
10 Processing Charges
  • 0.50% of the loan amount
  • Processing fee is waived till 31.03.2016
11 Documentation Charges 0.10% of the loan amount subject to maximum of Rs.10,000/-
12 Prepayment Charges
  • No foreclosure allowed before completion of 1 year.
  • 0.50% of the outstanding TOP UP loan amount.
13 Security
  • Additional mortgage charge on existing house property mortgaged to the Bank
  • In case of takeover additional mortgage of house property
 

“MAHABANK TOP UP LOAN SCHEME FOR OTHER PURPOSES :

1 Purpose
  • Top-up Loan Scheme for General purpose : For Existing Housing Loan borrower of our bank
  • Takeover of housing loan with additional facility of Top-up Loan for General purpose
  • General purpose include personal expenditure of varied needs like children's education, Marriage of Children, Medical treatment, buying a vehicle or hi-tech gadgets etc.
2 Nature of Facility Term Loan
3 Eligibility Existing/Take over Housing loan borrowers (without deviation/restructuring/rephasement) with minimum 36 months standing including moratorium and in standard category.
4 Age Limit No Cap on maximum age for TOP-UP loan borrowers, provided that the loan tenure is not beyond the loan maturity date of Housing loan, against which the TOP-UP is given.
5 Quantum of loan For Existing housing loan Borrowers
  1. 25% of realized value of the property based on the latest valuation report not older than 3 months
  2. Or

  3. Overall LTV (Loan to Value) should not be more than 75%

(Whichever is lower)

For Takeover Housing loan and additional facility of Top-up Loan
  1. Takeover of the O/s Housing Loan : as per the prevailing norms complying take over as per lending policy
  2. Additional Top-up Loan : Maximum up to overall LTV(Loan to Value)
    ≤ 75% based on the latestvaluation report not older than 3 months
6 Margin NIL
7 Repayment Maximum Repayment period of 15 Years or residual tenure of the original housing loan sanctioned against which Top up loan is given, whichever is earlier.
8 Rate of Interest Click here to view the Interest Rate
9 Deduction Not to exceed 65% of Gross Income including Proposed EMI of the Loan
10 Processing Charges
  • 0.50% of the loan amount
  • Processing fee is waived till 31.03.2016
11 Documentation Charges 0.10% of the loan amount subject to maximum of Rs.10,000/-
12 Prepayment Charges
  • No foreclosure allowed within 1 year
  • 0.50% of the outstanding TOP UP loan amount
13 Security
  • Additional mortgage charge on existing house property mortgaged to the Bank
  • In case of takeover additional mortgage of house property
 
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