Eligible Borrowers
All Existing Home Loan Borrowers including NRIs /PIOs, Staff and Ex-staff Members( availed home loan under public scheme as well as Staff Housing Loans) whose Asset classification is Standard
Unified Processing Charges
0.25% of the Loan amount
Minimum: Rs. 5,000/- (upfront)
Maximum: Rs. 12,500/- plus GST
Loan Limit
Minimum Rs.1 Lakhs
Maximum Rs.200 Lakhs
Purpose
Any purpose other than Speculation
Margin
25% of Residual Value of House Property after deducting 150% of outstanding loan amount of Existing home Loan.
Outstanding Home Loan + Proposed Top Up Loan |
(Based on Realizable Value) |
LTV Ratio (HL + Top-Up) |
Margin |
Upto Rs. 30.00 Lakhs |
90% |
10% |
Above Rs. 30.00 Lakhs & upto Rs. 75.00 Lakhs |
80% |
20% |
Above Rs. 75.00 Lakhs |
75% |
25% |
Age
Minimum Age
21 years (applicant),18 years (co-applicant)
Maximum age
- Age of the borrower + tenure of Top Up Loan should not exceed 70 years as per laid down norms mentioned under Home Loan Product (For Resident Indian)
- Age of the borrower + tenure of Top Up Loan should not exceed 65 years (For NRIs /PIOs /OCIs)
- Age of the borrower + tenure of AAA Loan should not exceed 70 years as per laid down norms mentioned under Home Loan Product (For Resident Indian)
- Age of the borrower + tenure of AAA Loan should not exceed 65 years (For NRIs /PIOs /OCIs)
Repayment Period
- Top-up loan may be sanctioned for the maximum period upto which the applicant is eligible as per his/ her age criteria i.e. irrespective of the tenure of linked Home loan applied/availed.
- In case linked Home Loan account is closed, the repayment of Top-up loan can be continued upto the sanctioned tenure.
- However, no fresh/enhancement of Top-up loan facility will be sanctioned after the closure of linked Home Loan.
- Repayment by Equated Monthly Installments (EMI). First installment to fall due one month after first disbursement.
- In case of existing Top-up (Erstwhile AAA) Loan, the same is to be closed within -4- years after the pre-closure of linked Home Loan account as per existing terms and conditions.
Security
Extension of Equitable Mortgage
Insurance
- Property Insurance Cover to be obtained at the cost of borrower as per Bank’s norms.
- Free Personal Accidental Death Insurance Cover is available under Master Policy
- Group Credit Life Insurance Cover (Optional and at the cost of Borrower)
Repayment Capacity
Total deductions including proposed EMI should not exceed as follows
Salaried Persons
GMI less than Rs.20,000/- |
50% |
GMI Rs.20,000/- and above but less than Rs.50,000/ |
60% |
GMI Rs.50,000/- and above but less than Rs.2.00 lacs |
65% |
GMI Rs.2.00 lacs and above but less than Rs.5.00 lacs |
70% |
GMI Rs.5lacs and above |
75% |
Others
- Average Gross Annual Income (For last -2- years) up to Rs.6 lacs:70%
- Average Gross Annual Income (For last -2- years) more than Rs.6 lacs: 80%.
Valuation Norms for the property to be mortgaged
Valuation norms will be as under
- In case of properties acquired within last -3- years, amount of Registered Sale Deed or the Realizable Value whichever is lower should be taken as value of property.
- In other cases, i.e. execution of the Sale Deed is prior to 3 years, present Realizable Value as per the fresh Valuation Report from the Bank’s approved Valuer to be obtained
- In case of Take over, Fresh Valuation Report to be obtained from our Bank’s approved Valuer and margin & LTV Ratio is maintained as per the scheme