VIKAS GRIHALANKAR-Interior Decoration of Residential House

Purpose Interior decoration of existing residential house/s
Eligibility 1. Existing customers of our bank who are havinghouse / availed Housing loan with satisfactory repayment in last 18 months subject to condition that the existing HL / other liabilities is / are regular as on date.
2. Existing Customers of our Bank who availed housing loan & closed their Housing loan.
3. Existing customers owning good residential house with age of the building not more than 25 years and Minimum remaining life of the building should be sufficient to cover the repayment period of the loan with margin(Ex: If total repayment period is 7 years, then remaining life of the house should be at least 10 years).
4. Other liabilities of the applicant should be regular.
5. New customers, owning good residential house which is free from any encumbrances.
Quantum Loan a) For carpet area of 30 Sq,mtrs - Rs.1 lakh
b) For carpet area of 60 Sq,mtrs - Rs.2 lakhs
c) For carpet area of 90 Sq,mtrs  - Rs.3 lakhs
d) For carpet area of 120Sq,mtrs  - Rs.4 lakhs
e) For carpet area of 150 Sq.mtrs -Rs.5 lakhs
f) For carpet area more than 150 Sq.mtrs- upto maximum of Rs.10 lakhs may be sanctioned based on carpet area subject to cutback norms
Margin Minimum 25% of the estimation given by the qualified engineer.
Rate of Interest 10%pa
Repayment Period Loan shall be repayable in 60 to 84 months with maximum gestation of 3 months. In case of salaried persons the repayment period should not exceed the age of superannuation of the primary borrower and in other cases it should not exceed age of 70 years of primary borrower.
Security Hypothecation of the assets/equipments to be purchased for interior decoration of residential house.
Mortgage/ Additional Mortgage of House property
Co-oblignat/ Surety Solvent third party / ies with sufficient net worth acceptable to the Bank shall be obtained.