VIKAS GRIHA FLEXI - Housing Loan Over Draft Facility

VIKAS GRIHA FLEXI - Housing Loan Over Draft Facility

Purpose Maintenance of existing house& to meet domestic needs
Eligibility Existing customer of our bank who have availed Housing loan which is still outstanding and submitted completion certificate with satisfactory repayment in last 12 months.
Quantum Loan Based on value as per latest valuation report of residential property after deduction of existing liabilities along with applicable margin on the said property. 50% of residual value of the residential property subject to maximum of Rs.5 lakh.
Ex: suppose, latest valuation report of residential property is Rs 20 lakhs, existing liability is of Rs 10 lakh, margin required Rs3 lakh (30% of the existing liability),20-10-3 =7, quantum of finance =50% of 7 lakh= 3.5 lakh or cutback norms whichever is lower
Margin Minimum 50% of residual value of the residential property.
Rate of Interest 10% pa
Repayment Period To be renewed annually and interest to be serviced monthly. In case of salaried persons the limit has to be closed before the date of superannuation of the primary borrower and in other cases the limit has to be closed before the age of 70 years of age of the primary borrower, or before closure of existing housing loan account.
Security a) Continuation of the existing mortgage if the total of existing liability under HL and proposed OD limit under present scheme is within the amount of the existing mortgage amount.
b) Additional mortgage, if the total of existing liability under HL and proposed OD limit under present scheme exceeds the amount of the existing mortgage amount.
Co-oblignat/ Surety Not mandatory