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Last Updated on 05/07/2017
Mortgages- Home Decor

Eligibility:
Employed individual with confirmed service
Owning a house or flat 
Below 55 years of age
If in business, three years of standing in the related field.
 
Purpose 
To furnish  home with furniture, kitchen equipment, air conditioner, room coolers, curtains, cots, sink, bath-tubs, show-case, cup-boards, carpets, etc. Repairs/renovation of the apartment and also cost of development of common area of the apartment are also covered. 

Loan amount 
The loan amount varies in proportion to the monthly income.  
a) 5 times the gross monthly income or Rs.2.00 lakh whichever is less if third party guarantee is offered. 
b) Ten times the gross monthly income or Rs.10.00 lakh whichever is less if collateral equal to the loan amount is offered. 

Margin  
The minimum margin is 25% of the cost.  Margin money is to be kept as a term deposit till the loan is closed. 

Interest Rate   
Please click Retail credit interest rates 

Repayment 
In equated monthly installments for a maximum period of 6 years. The EMI for this loan and housing loan should not be more than 60% of  gross pay. 

Security  
Up to Rs.2.00 lakhs
Hypothecation of the items bought 
If house was bought through finance from another bank or financial Institution, a no lien letter from the bank /financial institution should be submitted. 
Third party guarantee for the loan
Above Rs.2.00 lakh to Rs.5.00 lakh
Mortgage of the flat/house which is being furnished. If the house was bought through finance from IOB, the mortgage should be extended for this loan also; or mortgage of any house/flat with value at least equal to the loan amount
If the house is bought through finance from another bank or financial Institution, a no lien letter from the bank /financial institution should be submitted. 
Hypothecation of the items bought. 

Documents

An application form
Proof of income (from you and your guarantor)
Copy of title deeds of your house/flat
If you have an existing housing loan, you will have to produce a certificate for the outstanding balance
Estimate/quotation for items you intend to buy


Processing Charges
Please click here for Processing Charges