TOPUP LOAN
Sometimes dreams need a little extra help. With Top up Loans you can celebrate your personal or professional milestones such as marriage, a dream vacation, business expansion, debt consolidation etc. Let your dream fuel more dreams. To offer additional amount of loan to the existing housing loan borrowers to meet their various personal requirements arising from time to time as top up loans against the residual value of the residential property mortgaged with the Bank and Financial Institutions.
RATES /TERM / PROCESSING FEES
The borrower’s credit history and score under credit information bureau like CIBIL also has an impact on the home loan interest rate. The rate of interest on Top up loan can vary from lender to lender. Lenders offer different interest rate for its new customers against its existing customers.
| Bank Name | Interest Rate | Tenure | Other Details |
|---|---|---|---|
| HDFC HOME LOANS | 9.20% Onwards | 1-15 YEARS | RATE OF INTEREST CHANGE SUBJECT TO LOAN AMOUNT AND PROFILE |
| ICICI BANK LIMITED | 9.30% Onwards | 1-20 YEARS | RATE OF INTEREST CHANGE SUBJECT TO LOAN AMOUNT AND PROFILE |
| BANK OF BARODA | 9.75% Onwards | 1-20 YEARS | RATE OF INTEREST CHANGE SUBJECT TO CIBIL SCORE |
Notes:-
- The above Top up Loan interest rates / EMI are applicable for loans under the Plot Loan Scheme of Banks and Financial Institutions and are subject to change at the time of disbursement.
- The Home Loan interest rates above are variable in nature and subject to change as per the movement in PRIME LENDING RATES (PLR). All loans at the sole discretion of the Banks and Financial Institutions.
FEES
| CUSTOMER PROFILE | LOAN AMOUNT | Processing Fee |
|---|---|---|
| SALARIED/NRI/PROFESSIONALS | UPTO 20 LAKHS | 0.5% + GST |
| SELF EMPLOYED | ANY LOAN AMOUNT | 0.5% + GST |
| FARMERS | ANY LOAN AMOUNT | 1%+ GST |
Notes:-
.(The following is an indicative list of fees / other charges / outgoings that are payable depending on the nature of the loan availed and Customer Credit History)
FUNDING
What’s the maximum funding and the loan payment term? This is further subject to the cumulative outstanding loans plus the Top Up being offered not exceeding an overall cap of 80% for cumulative exposure up to Rs. 75 lacs & 75% if the cumulative exposure is over Rs. 75 lacs of the Market Value of the mortgaged property, as assessed by the banks and Financial Institutions.
| LOAN AMOUNT | MAXIMUM FUNDING | Existing loan outstanding + current topup loan amount are not exceeding the mentioned funding |
|---|---|---|
| Up to Rs.75 lacs | 80% of the property cost | |
| Above Rs. 75 lacs | 75% of the property cost |
PREPAYMENT CHARGES
A) Adjustable Rate Loans (ARHL) during the period of applicability of the Variable Rate of interest:
- a) For Individual Borrowers:
For all loans sanctioned only to individual borrowers, no prepayment charges shall be payable on account of part or full prepayments made through any sources.
b) For Other than Individual Borrowers – For loans sanctioned with company/ Sole Proprietorship Concern/Firm or an HUF as co-applicants:
- In case the loan is prepaid within the first six (6) months from the date of first disbursement, Prepayment Charges shall be levied at a rate of 2 % plus taxes and statutory levies and charges, of the amounts being so prepaid;
- Upon the expiry of the first six (6) months and up till 36 months, the borrower shall have the option to prepay up to 25% of the opening principal amount every financial year, of the loan, without any prepayment charges. Such prepayments would need to be made from the own sources* of the Borrower.
Any amounts prepaid in any financial year in excess of the 25% threshold shall attract prepayment charges at 2% of the amounts being so prepaid in excess of 25% every financial year.
Upon the expiry of 36 months, no prepayment charges will be applicable if the loan is prepaid from own sources. However should the loan be prepaid through refinance the borrower shall be liable to pay prepayment charges.
c) The customer will be required to submit such documents that the Banks and Financial Institutions may deem fit & proper to ascertain the source of funds at the time of pre-payment of the loan.
*the expression “own sources” for this purpose means any source other than borrowing from a Bank/HFC/NBFC or Financial Institution.
The prepayment charges as mentioned above are as on date of execution of this loan agreement, however they are subject to change as per prevailing policies of the Banks and Financial Institutions and accordingly may vary from time to time. Customers are requested to refer to www.theexecutive.in for the latest charges applicable on prepayments.
B ) Fixed Rate Loans (“FRHL”) and Combination Rate Home Loan (“CRHL”) during the period of applicability of the Fixed Rate of interest
a) For Individual Borrowers:
For all loans disbursed, the prepayment charge shall be levied at the rate of 2%, plus applicable taxes and statutory levies and charges, of the outstanding amounts being so prepaid through refinance from any Bank/HFC/NBFC or Financial Institution (such amounts shall include all amounts prepaid during the given financial year) and not through own sources* and shall be applicable to all partial or full prepayments.
b) For Other than Individual Borrowers –For loans sanctioned with company/ Sole Proprietorship Concern/Firm or an HUF as co-applicants:
- In case the loan is prepaid within the first six (6) months from the date of first disbursement, Prepayment Charges shall be levied at a rate of 2 % plus taxes and statutory levies and charges, of the amounts being so prepaid;
- Upon the expiry of the first six (6) months and up till 36 months, the borrower shall have the option to prepay up to 25% of the opening principal amount every financial year, of the loan, without any prepayment charges. Such prepayments would need to be made for the own sources of the Borrower.
Any amounts prepaid in excess of the 25% threshold shall attract prepayment charges at 2% of the amounts being so prepaid in excess of 25% every financial year.
Upon the expiry of 36 months, no prepayment charges will be applicable if the loan is prepaid from own sources. However should the loan be prepaid through refinance the borrower shall be liable to pay prepayment charges.
c) The customer will be required to submit such documents that the Banks and Financial Institutions may deem fit & proper to ascertain the source of funds at the time of pre-payment of the loan.
*the expression “own sources” for this purpose means any source other than borrowing from a Bank/HFC/NBFC or Financial Institution.
The prepayment charges as mentioned above are as on date of execution of this loan agreement, however they are subject to change as per prevailing policies of the Banks and Financial Institutions and accordingly may vary from time to time. Customers are requested to refer to www.theexecutive.in for the latest charges applicable on prepayments.
Note: the contents of the above are subject to change from time to time and the levy of the same shall be at such rates as may be applicable as on the date of such charge.