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Flexi OD Scheme

Flexible Overdraft (Flexi OD Scheme) Under Housing Loan Scheme For Misc. Housing Needs Of The Existing Home Loan Borrowers

Purpose The Home Loan borrowers who have a satisfactory repayment record for the past two years with our bank/ any other bank, may be offered Overdraft Facility for their misc. housing needs arising from time to time, related to their residential house, for example; renovation, additional construction, interior decoration, modernization, installing fixtures & appliances etc. as top up loans against the residual value of the residential property mortgaged with the Bank. The Scheme is proposed primarily to retain the existing Home Loan borrowers, who may shift in view of the attractive Home Loan Schemes, top-up loans offered by other Banks.

The borrower should have a minimum repayment record of 24 months with our bank for the home loan in which the OD facility is proposed.

In case of take-over accounts the borrower should have a minimum repayment record of total 24 months with other bank(s) including our bank for the home loan, which is taken-over and in which the OD facility is proposed.

The repayment record of any loan other than Housing loan would not be considered as the eligibility criterion for the proposed Flexi OD.

Entry/Exit Age As per the prevailing Housing loan policy of the Bank
Quantum of Finance

Min OD amount: Rs. 1 Lac

Max OD amount: 75% of the realizable value of property including the outstanding housing loan. The Loan amount to be calculated in relation to the realizable value (not market value) of the property (value already on record or fresh valuation) by approved valuer of the Bank and Manager/Accountant as per the guidelines of the bank for valuation of property.

Maximum OD limits 25% of the original home loan amount. 

The loan eligibility for OD limit shall be subject to repayment capacity of the borrower

Margin Minimum 25% of residual value of property
Rate of Interest

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Processing fee 0.50% of the OD limit sanctioned
Security Extension of charge on the property lying in Housing Loan
Period of Loan The OD account should preferably be adjusted along with the Home Loan
Prepayment Nil
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