Eligible Customer

All Existing Individual Home Loan borrowers having satisfactory conduct of account for last 2 years are eligible.

1. Borrowers should have satisfactory repayment history of minimum 24 months, after completion of moratorium period. (Firms, HUFs, corporates not included).
2. Valid and enforceable Mortgage should be available in the Home Loan account

Purpose of Loan

All permitted bonafide purposes other than speculative purpose such as investment in equities.(Suitable undertaking to be obtained in this regard)

Quantum of Loan

Based on valuation of property. Total Loan including outstanding in existing Home Loan account/s not to exceed 75% of the distress value of the property. Minimum Loan Limit Rs.2.00 Lacs

Rate of Interest

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Loan disbursement

As per request of borrower

Repayment

Not to exceed repayment period in Home loan.
Maximum 12 Years.

Processing charges

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Title Clearance Report

Interim Report (Since last Title Clearance Report) to be obtained alongwith latest property tax paid receipt, CHS charges paid receipt, NOC from Builder/Society, as applicable etc.

Valuation

Fresh valuation of the property to be obtained for considering the limit. However additional limit cannot be considered due to revaluation before completion of 2 years from the date of earlier sanction.

Pre-requisite for permitting top up Loan

1. Full disbursement of loan or undertaking to restrict the borrowing to a specific amount ; (Facility to be considered only after full disbursement of Home Loan or upon obtention of undertaking that no further disbursement in Home Loan is required/shall be sought subsequent to sanction of Top Up Loan)
2. Completion of required formalities including creation of equitable mortgage
3. Compliance of all earlier sanction terms of Home Loan
4. Pre-sanction Inspection/Post sanction Inspection is compulsory and to be conducted as per bank’s norm in this regard.

Documentation

1. IFD-1 (Term Loan Agreement);
2. L-516
3. L-515 (Declaration regarding relation to senior officers of the Bank, or a Director or near relative of the Director of a Banking company etc.);
4. Oral Assent for Extension of Mortgage; (Extension of Mortgage by recording continuation of oral assent/memorandum of entry/deed of further charge as the case may be)
5. Letter of Guarantee – OD 194(if guarantee is stipulated in existing Home Loan);
6. Other documents ,if any, for perfecting the security as per bank guidelines /legal opinion;

All other terms and conditions

As per Star Home Loan Scheme / Star Diamond Home Loan Scheme