Particulars
Scheme Details
Loan Type
Consumer Loan
Target Customers
Individuals who are our HL Borrowers. (Domestic/ NRI)
Applicant/s
Property owner of the residential property to be the borrower (as in Housing Loan).
 
Spouse (if applicable) / income supporting person to be co-borrower/s or guarantor/s as the case may be.
Purpose
a) New HL Borrowers: For meeting expenditure like purchase of household articles, White Goods, Electronic items, Computer equipments and Peripherals, Expenses to be incurred on Furnishing, modular kitchen, Furniture etc. or a combination of these requirements in new residential building/ unit.
 
Loan can be requested along with the HL application or separately, on completion of building.
 
b) Existing Housing Loan Customers: Meeting Expenditure for Replacement of the above items, in existing residential building/ unit.
Quantum of Finance
Actual/ Estimates/Quotations/Invoices for the articles/ asset to be purchased/ financed less margin prescribed subject to
 
1. Maximum: Rs. 10 Lacs; Minimum: Rs. 50,000/-
 
2. Fulfilling NTHP(Net Take Home Pay) norms
Security
Primary: Hypothecation of assets acquired utilizing the loan.
 
Collateral: Undertaking from all the property owners to the effect that the Housing Loan property secured to us will not be released during the pendency of this loan.
Rate of Interest
Margin
25%.
Repayment Period
Maximum 84 months (EMIs) or EMIs less than or equal to remaining tenure of HL whichever is earlier.
Holiday Period
No Holiday Period is allowed.
CIBIL
Min. CIBIL score should be equal to or more than 600 without adverse remarks
Charges
Upfront/Processing Fee/ Inspection Charges : NIL
Documentation and other charges: As per norms
Penal Interest
2% p.a. for the defaulted amount for the defaulted period.
Pre-closure charges
Nil
Insurance
The assets created out of the Loan should be got insured.