TopUp Loan for Home loan borrowers
“MAHABANK TOP UP LOAN SCHEME : FOR REPAIR/RENOVATION/EXTENSION/FURNISHING”
S.NO | Particulars | Details |
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1 | Purpose | - Top-up Loan Scheme for existing housing Loan Borrowers of our Bank
- Takeover of existing housing loan of other banks and additional facility of Top-up Loan for repair/ renovation/ furnishing of house.
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2 | Nature of Facility | Term Loan |
3 | Eligibility | - Existing/Take over Housing loan borrowers (without deviation/ restructuring/rephasement) with minimum 18 months standing (12 months in case of Take over Loans) where repayment commences w.e.f. next month of disbursement and in standard category.
- Existing/Take over Housing loan borrowers (without deviation/ restructuring/rephasement) with minimum 24 months standing including moratorium (maximum 18months) and in standard category.
- Old Housing Loan borrowers (Regular and Standard only) of our bank who have repaid and closed their existing housing loan, for maximum repayment tenure of 180 months.
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4 | 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. |
5 | Quantum of loan | For Existing housing loan Borrowers- 100% of estimated cost of repair/renovation/furnishing of house
or - 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- Takeover of the O/s Housing Loan : as per the prevailing norms complying takeover of housing loan scheme.
- 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 | Moratorium period | NIL |
7 | Margin | NIL |
8 | 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.
- Old housing loan borrower (regular and standard only) who have repaid and closed their existing housing loan - maximum repayment period of 180 months (subject to age at loan maturity should not exceed 75 years.)
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9 | Deduction | Not to exceed 65% of Gross Income including Proposed EMI of the Loan. |
10 | Processing Charges | 0.50% of the loan amount exclusive of GST |
11 | Rate of interest | Click here to view the Interest Rate |
“MAHABANK TOP UP LOAN SCHEME FOR OTHER PURPOSES :
S.NO | Particulars | Details |
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1 | Purpose | - Top-up Loan Scheme for General purpose: For existing Housing Loan borrower of our Bank.
- General Purpose includes personal expenditure of varied needs like Children's Education, Marriage of Children, Medical treatment, buying a vehicle or hi-tech gadgets etc. ( Approved as per prevailing lending policy )
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2 | Nature of Facility | Term Loan |
3 | Eligibility | - Existing/Take over Housing loan borrowers (without deviation/ restructuring/rephasement) with minimum 18 months standing (12 months in case of Take over Loans) where repayment commences w.e.f. next month of disbursement and in standard category.
- Existing/Take over Housing loan borrowers (without deviation/ restructuring/rephasement) with minimum 24 months standing including moratorium (maximum 18months) and in standard category.
- Old Housing Loan borrowers (Regular and Standard only) of our bank who have repaid and closed their existing housing loan, for maximum repayment tenure of 180 months.
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4 | 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. |
5 | Quantum of loan | - Need based Finance, subject to maximum overall LTV should not be more than 75% based on valuation report older than 3 years.
- Overall LTV should be calculated based on outstanding balance plus undrawn portion if any in the existing housing loan account plus the proposed Top-up loan together into the account.
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6 | Moratorium period | NIL |
7 | Margin | NIL |
8 | Repayment | - Maximum Repayment period of 180 months (subject to Age at Loan Maturity should not exceed 75 Years).
- Old Housing Loan borrowers (Regular and Standard only) who have repaid and closed their existing housing loan- Maximum Repayment period of 180 months (subject to Age at Loan Maturity should not exceed 75 Years).
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9 | Deduction | Not to exceed 65% of Gross Income including Proposed EMI of the Loan. |
10 | Processing Charges | 0.50% of the loan amount exclusive of GST |
11 | Rate of interest | Click here to view the Interest Rate |