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Transform your life style ....
...furnish your home.... make it a complete
home....!
“Home Improvement Loan Scheme”
provides a packaged financial assistance to individuals for furnishing their
houses / flats at incredibly low rates of interest.
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Purpose:
For furnishing house /
flat with household furniture items, air conditioners, wardrobes, kitchen
cabinets, refrigerator, washing machine, etc.,
This loan can also be availed where a Housing
Loan is already obtained from us and the liability is subsisting.
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Eligibility:
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Owners of House / flat who are salaried individuals /
individuals engaged in business / professionals / self-employed. NRIs are also
eligible.
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Salaried individuals with minimum 25% net take home salary or
Rs.2000/- after meeting loan repayment, whichever is more.
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Other than salaried individuals - minimum annual income of
Rs.50,000/- as evidenced by ITAO / IT Returns
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Loan Quantum &
Margin:
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When availed along with Housing Loan from our Bank, amount upto
one year's gross salary / income over and above the normal eligible amount for
housing finance.
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In other cases, one year's gross income / salary will be
reckoned to determine the loan quantum under this Scheme.
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Subject to above, normally, the maximum loan quantum shall be
Rs.2 lacs. Higher quantum considered selectively.
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If availed as a part of the housing finance from our Bank,
then, the margin stipulated is 15%. In other cases, the margin is 20%.
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Rate of Interest:
PLEASE VISIT OUR PAGE ON RATE OF INTEREST ON PERSONAL
LOANS
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Security:
- Hypothecation of assets created out of this loan.
- Mortgage of house / flat (if housing loan is availed from us)
- Suitable co-obligation / personal guarantee. Waiver considered selectively.
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Repayment:
In convenient equated
monthly instalments upto 60 months.
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Processing
Charges:
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Disbursements
:
Amount will be normally disbursed only after
acquiring ready built house / flat or completion of construction of house / flat
or completion of repairs / renovations, etc., where the loan is availed along
with housing finance. In case this loan is sanctioned independent of a housing
loan then, the loan can also be disbursed against proforma invoice,
etc.
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Documents /
Formalities:
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Stipulated Loan application with 2 passport size photographs
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Latest Salary Certificate and Form No.16
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ITAO / IT Returns (for professionals and non-salaried persons)
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Proforma Invoices, cost estimates
For details please contact nearest branch of
Canara Bank.
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