Home Equity Loan

Eligibility

• Existing housing loan borrowers whose past repayment behavior is satisfactory and the account is running regular & whose income level has increased.
• Age of the applicant should not exceed 57 years.

Purpose

• For outright purchase of new house.
• For additions/ construction over the existing house.
• For purchase of vehicle.
• For educational purpose.
• For business Overdraft.
• For personal OD/TL (for purchases, expenses, etc).

Amount of Loan

• Minimum amount of the loan is Rs.2 lacs and maximum amount is Rs.15 lacs.
• 90% of the home equity value or required amount of loan whichever is lower.

Margin

• 10% on the home equity value*.

Rate of Interest

• As per home loan interest rate (subject to change from time to time).

Security

• Existing property to be extended (plus vehicle to be registered in Bank's name in case of vehicle purchase).
• *(Reassessed value of home property less required margin of 25% less o/s on home loan account).