Home Renovation - Only for Existing Home Loan Borrowers
| Eligibility | For Major Renovation of Flat i.e. for Buying Furniture for entire flat, complete New Kitchen Set Up. |
|---|---|
| Purpose | For Major Renovation of Flat i.e. for Buying Furniture for entire flat, complete New Kitchen Set Up. |
| Amount | Maximum Rs.5 Lakhs for Repairs/Renovation |
| Margin | 15% of Repair/Renovation Cost. |
| Repayment | Maximum 60 monthly equated Installments. PDC's to be obtained for the same. |
| Processing Fees | 0.25% of the Applied Amount plus Tax |
| Rate of Interest | 11% p.a. |
| Disbursement | Directly to the Contractor as per progress of the Work or against reimbursement. |
| Security | Extension on Mortgage of Flat already mortgaged with the Bank |
| Guarantors | Two Guarantors acceptable to the Bank |
| Documentation | Demand Promissory Note Undertaking by Borrower & Guarantors Loan Agreement Surety Bond Extension by way EQM of Flat alongwith Intimation with Sub Registrar of Assurances Letter of Lien and Set-off Letter of Set- off and Appropriation Sec 49(3) letter to be taken if Salaried Person. |
| Miscellaneous | |
| Sanctioning Authority | - Above Rs. 2 Lakhs upto 5 Lakhs - AGM / CEO - Upto Rs.2 Lakhs - CEO |
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