Top Up Loan

Top Up Loan

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Overview

If you are availing any of the loans likes KALYAN VASTU / KALYAN VASTU VIKAS / KALYAN SANKALP SIDDHI, you can enjoy TOP UP facility under these schemes. You can use the scheme for different purposes like renovation or interior of your house or commercial premises.

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Purpose & Eligibility

  • Purpose:
    • For house / commercial premises / space such as shop / gala / office / godown etc.
    • repairing / renovation / Interior decoration of House/Shop property
    • extension / expansion of House / Shop property
  • Eligibility :
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      Salaried Individuals :

    • Total deductions, including instalment of proposed top up loan, should not exceed 65% of gross income of the Borrower.
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      Non Salaried Individuals :

    • Average 3 years Gross income to be considered for calculation of loan eligibility. Total deduction including present and proposed loan obligation should not exceed 65% of average Gross income of the Borrower.

Quantum & Tenure

  • Quantum :
    • Eligible amount to be decided on the basis of availability of margin on fair market value of property and repayment capacity as per norms.
  • Tenure :
    • Maximum 7 years or residual period of existing loan whichever is lower.
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Documentation & Security

  • Basic Documents :
    • In case of new customer, applicant & guarantors need to open savings / current account
    • Duly signed loan agreement
    • Details of existing on-going loan availed from banks / financial institution
    • Copy of Bank deposits / Life Insurance Policies / Other Investments (if any)
  • KYC documentation
    • Proof of identity
    • Address proof of applicant
  • Application Form
    • Duly filled & signed loan application form
  • Bank Statement
    • Bank statement for last one year
  • For Salaried individuals :
    • Last 3 months’ -salary slips
    • Form 16 or income tax returns
  • If an applicant Is a self-employed individuals :
    • Income tax returns of last 3 years, 26 AS from traces
    • Financial statements including balance sheet, profit & loss account and computation of income for last 3 years
    • Licenses / permissions from competent authorities

    • PRINCIPAL SECURITY
      • Extension of Mortgage charge by way of Equitable / Registered Mortgage on House / Flat / Land and house property constructed thereon to be financed.
      • Extension of Mortgage charge by way of Equitable / Registered Mortgage on commercial premises / space such as Shop / Gala / Office / Godown etc.
    • COLLATERAL SECURITY
      • Branch may explore possibility to take assignment of Life Insurance Policy equivalent to loan amount sanctioned on best effort basis.

ROI & Important Terms :

  • ROI :
    • Please click here to know about latest ROI & Service Charges.

    • Applicant has to be a regular shareholder of the bank. The guarantors have to be either a regular member (shareholder) or a nominal member of bank.
    • Standing instruction (SI) request / ECS or NACH instructions / Post Dated Cheques (PDC) to be submitted to the bank as per requirement.
    • Collateral securities, if stipulated, to be submitted before disbursement. In case of assignment of LIC policies, original policies to be deposited and assignment formalities to be completed before disbursement. Surrender value certificate to be obtained from insurance company.
    • Search report and title clearance report for the property to be obtained from bank’s panel advocate. Professional fees / charges for the same to be borne by the applicant, even if the loan proposal is not sanctioned by the bank.
    • In case of re-sale property, valuation is to be carried out by bank’s panel valuer. Professional fees / charges for same to be borne by applicant, even if loan proposal is not sanctioned by the bank.
    • All conditions stipulated in the advocate’s title clearance report are to be fulfilled by the applicant before consideration of the loan proposal.
    • Inspection of the property / site will be carried out by bank officials. Applicant has to make necessary arrangements for this.
    • In case of take-over, pay-order / RTGS/ NEFT will be issued/remitted directly in the name of the bank / financial institution / builder/ vendor. Immediately after disbursement, stamped receipt and possession letter from the builder/ vendor to be submitted to the bank.
    • Formalities regarding recording bank’s charge on the property by the builder/ co-operative housing society and transfer of share certificate in the name of the applicant / borrower by the co-operative housing society, are to be completed as early as possible. The applicant / borrower has to ensure and take active responsibilities for this.
    • Before disbursement, applicant has to provide margin money and necessary amount to meet all the expenses (as mentioned above & as per service charges). Adequate amount for the purpose is to be deposited in the bank account in advance.

    • TOP UP LOAN under Kalyan Vastu :
      • After completion of 3 years repayment period & subject to Regular repayment of existing Housing loan a/c.
      • Consideration of required margin for Housing loan outstanding compared to latest valuation of the Property.
      • Source of Income should be sufficient to cover EMI of existing Housing Loan, & proposed Top-up Loan.
      • No Guarantor / s.
    • TOP UP LOAN under Kalyan VastuVikas and Sankalp Siddhi :
      • After completion of 3 years repayment period & subject to Regular repayment of existing Term loan a/c.
      • Consideration of required margin for Term loan outstanding compared to latest valuation of the Property.
      • Source of Income should be sufficient to cover EMI of existing Term Loan & proposed Top-up Loan.
    • Classification for the above purpose for Housing Top up :
      • Loan amount upto₹ 2 lakh in Rural / Semi Urban, and ₹ 5 lakh in Urban / Metro areas; be classified as Housing Loans (Priority)
      • If it exceeds above limits it should be classified as Non-Priority Housing Loans.
      • Loan amount will be disbursed towards home decoration / renovation/ enlargement / repairing of house property on self-declaration basis up to ₹ 5lakh.
      • Above ₹ 5 lakh : Documentary evidence regarding end-use to be obtained.
    • Insurance of security offered and life of borrower :
      • The property offered as security to be adequately insured.
      • Branch to explore possibility to take assignment of life insurance policy equivalent to loan amount sanctioned*existing policies or new term insurance on best effort basis (Not Mandatory)

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