TopUp Loan for Home loan borrowers

Purpose

• Any personal purpose such as meeting expenditure on Children's Education, Marriage of Children, Medical treatment etc. other than speculative purpose.
• Purpose of loan will have to be specified & will not be used for any speculative purpose whatever including speculation in real estate and equity shares.

Nature of Facility

Eligibility

• All Existing Home Loan Borrowers including NRIs /PIOs and Staff Members who have availed Home Loan under Public scheme as well as under Staff Housing Loans schemes whose conduct of the account is satisfactory and the account is classified as Standard Asset category.
• Satisfactory repayment track record of last 12 months in existing Housing Loan (either with our Bank or Other Bank /FI in case of takeover).
• Old Housing Loan borrowers (Regular and Standard only) of our bank who have repaid and closed their existing housing loan are eligible for Top up loan.
• Property should be in the name and possession of the Borrower. Loan shouldn’t be considered for under construction Property.
• CIBIL score of the borrowers shall be 700 & above.

Age Limit

No Cap on maximum age for TOP-UP loan borrowers, provided that the Age at Maturity of the Loan should not exceed 75 Years.

Quantum of loan

Minimum Loan amount- Rs 1.00 Lakh

Maximum Loan amount- Rs 10.00 Crore

1. 200% of Housing Loan sanction limit who have run for more than 2 years after commencement of repayment or Rs 10.00 Cr whichever is lower.
2. 125% of HL for Housing Loan sanction limit who have run for more than 1 year and up to 2 years after commencement of repayment or Rs10.00 Cr whichever is lower.

LTV
(Loan to value)

Maximum up to Overall LTV (Loan to Value)

At the time of sanction of loan, Overall LTV should be calculated based on outstanding balance plus undrawn portion if any in the existing Housing loan account plus proposed Top up loan together.

Deduction

Deduction norms / FOIR-Fixed Obligation to Income Ratio (Repayment capacity) to be calculated in same line with Home Loan.

Repayment

Lowest of the following:

• Maximum Repayment period of 180 months
• Borrower attaining age of 75 years (subject to assessment at the time of sanction the adequacy of income to meet repayment till the age of 75 years).
• Five years prior to residual age of the building i.e., loan should be liquidated 5 years prior to the residual age of the building

Rate of Interest

Processing Charges

Account handling charges