Eligibility

All existing/new Housing Loan a/c of our Bank or those acquired/being acquired by way of take-over from other Banks/HFIs.

For existing Housing Loan a/cs - No inspection irregularity is outstanding which has been identified as serious in nature and subject to fulfillment of all terms and conditions for facility under this scheme.

NRI/ PIO Housing Loan borrowers are not eligible for Overdraft Facility under this scheme.

Note: The Overdraft Facility for personal use should not be sanctioned to the borrowers, who have availed loan for:

• Purchase of plot, construction on which is yet to be completed; and
• Flats/ houses which are under construction.

Nature Of Facility

In the shape of an Overdraft/term loan Limit.

Purpose

For Personal needs/use.

Extent Of Loan & Repaying Capacity

• Minimum: Rs. 50,000/- | Maximum: Rs. 25.00 lakh
• 80% of current realizable value of housing property if the loan amount* (existing exposure of Housing loan + proposed OD limit) is up to Rs. 75 lakh.
• 75% of current realizable value of housing property if the loan amount (existing exposure of Housing loan + proposed OD limit) is above Rs. 75 lakh.
• Enhancement of the existing OD limit within overall ceiling of Rs 25 lakhs may be permitted only in such cases where the Housing loan is still continuing and not in case where Housing Loan has been adjusted.

Repaying Capacity: Overdraft facility be set up in such a manner that all deductions including servicing of interest on Overdraft should not exceed as permitted under Housing Finance Scheme to Public for various slabs which is as under:

NMS/I*	Max. Permissible Deduction of NMS/I
Up to Rs. 30,000	40%
> Rs. 30,000 to Rs. 60,000	50%
> Rs. 60,000 to Rs. 1,00,000	60%
> Rs. 1,00,000	70%

* Net Monthly Salary/ Income (NMS/I) is equal to {Gross Salary/ Income – Statutory Deductions such as Income Tax, Professional Tax, Other Tax Liabilities, PF etc.}

Further, General Manager (Credit) & above, shall permit higher % age deduction of NMS/I subject to Maximum 10% over & above the prescribed ceiling under each bracket of NMS/I on individual merits of the case and after ascertaining expenditure pattern of the prospective borrower(s), i.e., GM (Credit) & above may permit deductions of NMS/I MAXIMUM up to 50%, 60%, 70% and 80% in the above bracket, respectively.

Note: While ascertaining NMS/I, NO new borrower(s) / Co-borrower(s) / joint borrower(s) is/are to be added and latest income of all borrower(s) / Co-borrower(s) / Joint borrower(s) / likely rental income / rental income considered at the time of sanction of housing loan is to be taken into account while determining the repayment capacity/assessment of loan.

Rate Of Interest

Starts from 9.05%*

* Conditions Apply

Security

Extension of charge / Creation of charge on the existing Mortgaged Immovable Property / IP to be mortgaged.