TopUp Loan for Home loan borrowers
“MAHABANK TOP UP LOAN SCHEME : FOR REPAIR/RENOVATION/FURNISHING/EXTENSION”
| S.NO | Particulars | Details |
|---|
| 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 18 months standing 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 min. 24 months standing including moratorium (18 months) and in standard category. 3. Old housing loan borrower (regular and standard only) of our bank who have repaid and closed their existing housing loan, for max. Repayment tenure of 180 months.
|
| 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- 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 take over as per lending policy.
- 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.
- 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.)
|
| 8 | Rate of interest (Floating) | 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 | As applicable |
| 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 :
| S.NO | Particulars | Details |
|---|
| 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 with minimum 18 months standing where repayment commences w.e.f. next month of disbursement and in standard category.
- Existing/Take over Housing loan borrowers with minimum 24 months standing including moratorium (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.
|
| 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 - 25% of realized value of the property based on the latest valuation report not older than 3 months
or - 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- Takeover of the O/s Housing Loan : as per the prevailing norms complying take over as per lending policy
- 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 | - For Existing Housing Loan Borrowers: Maximum 10 Years or Residual tenure, whichever is earlier.
- For Old (repaid and closed) Housing Loan borrowers (Regular and Standard only) - Maximum Repayment period of 180 months (subject to Age at Loan Maturity should not exceed 75 Years).
|
| 8 | Rate of interest (Floating) | 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 | As applicable |
| 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
|
