For supplementing existing income, to meet day-to-day requirements. For meeting other genuine needs.
Current market / realizable value of the house property, less margin maximum Rs 1.00 Crore.
Determination of monthly annuity of loan :
The loan shall be disbursed in the form of monthly pension.
40% in all cases
Documentation Charges- NIL
Mortgage Charges – Actual Charges incurred.
Mode of Payment :
By equal monthly installments in the shape of pension,
One time disbursal up to 40% of the limit allowed for meeting medical expenses, repair of house or any such pressing / unforeseen expenses. After disbursement of onetime payment monthly pension will be suitably reduced.
Prepayment penalty :
2.25% of outstanding balances in case of take over.
Valuation of Residential Property :
valuation of the property to be done by Banks approved valuer.
Tax Liability of the borrowers :
The taxation issue shall be taken care of by the borrower/(s) themselves and bank will not be responsible for the same. A line of disclaimer must be mentioned in sanction letter of the borrower/(s)