Purpose

Any purpose other than speculation

Type of Loan

Home Equity Loan

Eligibility

• All Home loan borrowers with a satisfactory repayment track of at least one year.
• Valid mortgage should have been created in favour of the Bank and registration of memorandum as well.
• A borrower is entitled for top up loan after completion of a minimum of 1/3rdof the Housing Loan tenure.

Misc. Eligibility

• Owner/Co-Owner Mandatorily Join the Top Up
• Guarantor May or May Not. If Co-owner Join, If not the co-owner May opt for not Joining. Close Family members may be added plus income can be clubbed.

Repayment

In line with and up to the underlying HL A/c or 15 Years, whichever is higher subject to liquidation of the loan before the borrower attains the age of 70 years. However, the borrowers can opt for a lower tenor. No fresh/enhancement of Top-up facility will be sanctioned after the closure of linked HL

No of Loans

Max Two loans to exist together

Minimum

Maximum

50000

2 Crores

Permissible Loan

Amount

75% of present Forced Sale Value at the time of availment of Top Up loans less the outstanding in the housing loan.

Takeover from

Other Bank With or without Top Up

• CIBIL score must be minimum 700
• Minimum 12 EMI must be paid
• Completed 1 year from the date of loan
• Equitable mortgage has to be created on the security
• Satisfactory repayment behaviour of the borrower
• A/c should not be SMA1 and 2 in last 12 months
• Primary security of home loan should be extended for any other loan except HL and TOP up in previous lender.