Home Improvement Loan

“Home Improvement Loan Scheme” provides a packaged financial assistance to individuals for furnishing their houses / flats at incredibly low rates of interest."

• For purchase of household furniture items, refrigerator, fans, air conditioner/s, to put up wardrobes or any other household item/s.

• Owners of House / flat who are salaried individuals / individuals engaged in business / professionals / self-employed. NRIs  are also eligible.
• Salaried individuals should have a minimum monthly net take home salary of 25% of their gross salary or Rs. 2000/- after meeting the loan instalments for the proposed loan.
• Professionals and other non-salaried persons should have a minimum annual income of Rs. 50000/- to be evidenced by Income Tax assessment order / return.

• When availed along with Housing Loan from our Bank, amount upto one year's gross salary / income over and above the normal eligible amount for housing finance.
• In other cases, one year's gross income / salary will be reckoned to determine the loan quantum under this Scheme.
• If availed as a part of the housing finance from our Bank, then, the margin stipulated is same as margin stipulated for Housing Loan. In other cases, the margin is 20%.

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In the case of Repairs & Renovations, expansion of existing unit, upgradation and creation of additional amenities, a uniform margin of 25% on project cost is applicable. The margin is stipulated on the total project cost.

• In case of Housing Loans where project cost is up to Rs.10 lacs, Stamp duty, Registration Charges and other Documentation Charges can be included in the project cost for the purpose of stipulating margin as well as LTV ratio.

• Where the project cost exceeds Rs.10 lacs, the margin is stipulated only on the basic project cost which shall not include expenses towards Stamp Duty, Registration and other Documentation Charges.

Net Take Home: Minimum percentage of Net Income/NTH  25% (after EMI) with a minimum amount of Rs.10000/-.

• Hypothecation of assets created out of this loan.
• Mortgage of house / flat
• Suitable co-obligation / personal guarantee. Waiver considered selectively.

• In convenient equated monthly instalments upto 60 months.

• The processing charges payable is 0.5% of the loan amount subject to a minimum of Rs. 1500/- and maximum of Rs. 10000/- (subject to change from time to time)

• Amount will be normally disbursed only after acquiring ready built house / flat or completion of construction of house / flat or completion of repairs / renovations, etc., where the loan is availed along with housing finance. In case this loan is sanctioned independent of a housing loan then, the loan can also be disbursed against proforma invoice, etc.

• Stipulated Loan application with 2 passport size photographs
• Latest Salary Certificate and Form No.16
• ITAO / IT Returns (for professionals and non-salaried persons)
• Proforma Invoices, cost estimates

For more details, please visit our nearest branch or call to toll free no. 1800 425 0018.

Click here to see Applicable Rates of Interest

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Click here to see details of approved housing projects