• Repayment period to be inline with and up to the underlying home loan account.
• Upto two Home Equity Loans shall be allowed to exist together.
• No Prepayment/Pre closure penalty.
• EMI must be fixed for each loan separately and not to be clubbed. The EMI for the original Housing Loan cannot go below the originally committed instalment amount.
• The LTV should be maintained as per stipulation for existing Housing Loan and proposed Top up Loan.

Eligibility

• A home loan borrower is eligible for Top Up loan only after minimum satisfactory repayment of 12 months after completion of Holiday period provided possession of the house has been taken by the borrower and valid mortgage has been created in favour of the Bank.
• The applicant/co-applicants who are the owners/co-owners of the property will mandatorily join the proposed Top-up loan. However, guarantors in the underlying Home Loan, who are not the co-owners of the property, may opt for not joining the proposed Top-up loan. Similarly, Home loan borrowers may also add close family members such as Spouse, Children, Parents and Siblings as co-borrowers/guarantor for taking Top-up Loan, even if they are not part of the existing Home Loan. Income of such family members may be considered for arriving at the eligibility norms. The documentation formalities to be completed as applicable.

• No Limit

Tenure

• The maximum tenure of the Top up loan will be in line with the residual tenure of underlying home loan or 15 years whichever is higher, subject to liquidation of loan before the borrower attains age of 70 years. However, borrower can opt for a lower tenor.

Interest Rate

• As advised by the Bank from time to time.

Processing Charges

Separate Processing charges as applicable to NRI Housing Loan will be levied for the Top up loans.