Eligibility: Employed individual with confirmed service Owning a house or flat  Below 55 years of age If in business, three years of standing in the related field.

Purpose To furnish  home with furniture, kitchen equipment, air conditioner, room coolers, curtains, cots, sink, bath-tubs, show-case, cup-boards, carpets, etc. Repairs/renovation of the apartment and also cost of development of common area of the apartment are also covered. Loan amount The loan amount varies in proportion to the monthly income.  a) 5 times the gross monthly income or Rs.2.00 lakh whichever is less if third party guarantee is offered. b) Ten times the gross monthly income or Rs.5.00 lakh whichever is less if collateral equal to the loan amount is offered. Margin The minimum margin is 25% of the cost.  Margin money is to be kept as a term deposit till the loan is closed. Interest Rate  Please click Retail credit interest rates Repayment In equated monthly installments for a maximum period of 5 years. The EMI for this loan and housing loan should not be more than 60% of  gross pay. Security  Up to Rs.2.00 lakhs Hypothecation of  the items bought   If  house was bought through finance from another bank or financial Institution, a no lien letter from the bank /financial institution should be submitted.  Third party guarantee for the loan Above Rs.2.00 lakh to Rs.5.00 lakh Mortgage of the flat/house which is being furnished. If the house was bought through finance from IOB, the mortgage should be extended for this loan also; or mortgage of any house/flat with value at least equal to the loan amount If the house is bought through finance from another bank or financial Institution, a no lien letter from the bank /financial institution should be submitted.  Hypothecation of  the items bought.  Documents An application form Proof of income (from you and your guarantor) Copy of title deeds of your house/flat If you have an existing housing loan, you will have to produce a certificate for the outstanding balance Estimate/quotation for items you intend to buy

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