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IB Home Loan Plus
Purpose / ObjectiveAny bonafide purpose other than speculative purpose
EligibilityAll existing Home Loan customers who have repaid a minimum of 36 EMI’s regularly. NRIs and Staff Members of our Bank including retired staff members may also be considered by the sanctioning authority.
Who is eligible?40% Take Home Pay on gross income after the proposed EMI.
Amount of LoanMinimum amount – Rs. 1.00 lakh. Maximum amount – Rs. 10.00 lakhs
MarginLTV Ratio of 90% or 80% as the case may be to be maintained for home loan outstanding and 30% margin on the residual value of the House Property to be maintained for the top up loan
Processing fee1.173% on loan amount*
Interest RatesPlease refer the Lending Rates link on home page in our Bank`s Website
Repayment120 months
Prepayment chargesNIL
SecurityExtension of EM on the house property.
*{Registration of extension of EM wherever it is mandatory}
CERSAI registration (at Applicant’s cost) to be done
(i) For Loans up to Rs 5 Lakhs - Rs 50 + ST
(II) For Loans above Rs 5 Lakhs – Rs 100 + ST
Documents to be submitted for processing the application1. Request letter 2. Up to date EC and tax paid receipt from the competent authority 3. Valuation Report from Panel Engineer 4. Letter of authorization for recovery of EMI.
Other Requirements/DetailsThe House property should be revalued before considering the proposal. The House Property can be either self occupied or let out. The residual life of the building / flat should be minimum of 10 years more than the repayment period of the loan.
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