RBI LIC. NO.: 04/01/1975 No. 52 P Registration NO.: 03/08/1972 No. 1557 Y
1 | Type of Advance | Overdraft |
2 | Purpose | For Personal Need |
3 | Eligibility | All existing Housing Loan Borrowers or those acquired/being acquired by way of takeover from other banks. (Jointly/severally) |
4 | Quantum of Loan |
Minimum Rs. 50,000/- Maximum Rs. 25 Lakh The limits are subject to:- Net take home pay should be at least 40% of the income (net of proposed EMI) Note: No new Borrower(s) /Co-borrower(s) / Joint borrower(s) is/are to be added considered at the time of sanctioning of Overdraft limit. |
5 | Margin | 20% of the value residential house including outstanding of Housing Loan |
6 | Rate of Interest | 0.50% higher than Housing Loan at monthly rest |
7 | Review of OD Facility |
Annual Renewal Overdraft facility can be continued/renewed till the closure of Housing Loan. |
8 | Security |
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9 | Processing charges | NIL |
10 | Inspection charges | As per existing guidelines |
11 | Deviation | For every item of Deviation from the scheme norms, additional interest of 0.25% on the applicable rate of interest. |
12 | Out of Pocket Expenses for Documentation, LSR and Valuation Report to be borne by the applicants / borrowers. |