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home furnishing loan

  • Eligibility
    Purpose
    • For purchase of consumer durables, kitchen equipments and furnishing items such as Television, Refrigerator, Air Conditioner, Computer, room coolers, curtains, carpets etc. including the insurance premium of goods purchased under the scheme.
    • For purchase of life insurance cover under group protection plan for home loan borrower (s) to safeguard their family's future from the housing loan liability.
    • For any personal use, which is not speculative in nature
    Eligibility Criteria The housing loan should be standard subject to fulfillment of following conditions:
    • Construction of house completed and mortgage is created.
    • No documentation formalities are pending.
    Minimum age Maximum age 18 years as on date of application
    For salaried(with pension) & other Individuals upto 70 years
    For Salaried ( Non Pensionable) upto 60 years or
    superannuation, which is earlier
  • Finance
    Loan Amount Minimum ` 1.00 Lac
    Maximum ` 5.00 Lacs
    OR
    10% of sanctioned limit under Housing Loan Whichever is less.
  • Security and Margin
    Primary/Collateral Security Field functionaries should endeavour to extend the charge on the mortgage of the house to mitigate risk. In case the same is not done, reasons should be provided and irrevocable and duly stamped undertaking should be obtained from the borrower with regard to following:
    • The bank can extend mortgage as and when required.
    • The borrower will not create any other charge on the aforesaid residential property during the currency of the Personal Loan
    • Title deed of the aforesaid residential property shall remain with the bank till personal loan is repaid
    Margin
    For Home furnishing 25% of total cost of renovation/furnishing
  • Rate of Interest and Repayment
    Term Loan For Male Borrowers MCLR+1.50%
      For Female Borrower MCLR+1.00
    Over Draft For Male Borrower MCLR+1.50
    For Female Borrower MCLR+1.00
    Repayment Period Upto 60 EMIs, subject to maximum repayment age of 70 years*. Overdraft limit will be renewed on yearly basis
    For salaried (with pension) & other Individuals Upto 70 years
    For Salaried (Non Pensionable) Upto 60 years or superannuation, which is earlier
  • Apply Now
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