1

Purpose

Refurbishment / renovation /furnishing of house or buying furniture /LCD TV/ Home theatre etc.

2

Eligibility

Existing Borrowers under Direct Housing Finance Scheme having completed minimum 3 (three) years of repayment schedule without any default.

In case Housing loan is in Joint Name, Both the Joint borrowers should join as borrower for the loan or consent / no objection for extending charge of house property created out of Housing loan should be obtained.

3

Quantum of Loan

Maximum of Rs.10.00 lakhs.

4

Margin

25% on the Present Market value of the property for aggregate loan up to Rs.30 lakhs including the proposed limit under this scheme.

35% on the Present Market value of the property for aggregate loan above Rs.30 lakhs including the proposed limit under this scheme

5

Security

Extension of mortgage on the House property for which Housing Loan was sanctioned.

6

Interest Rate

Rate of Interest as applicable to Bank's existing Housing Loan Scheme in case of renovation.

The rate of interest will be 1% percent more than the  rate of existing housing loan in case of buying of furniture, television, home theatre etc.

7

Repayment

10 years in Equal Monthly Installments. 

For salaried individuals up to 70 years provided post retirement income is adequate to repay the EMI.

8

Processing Fee

Rs. 500/- for each loan