Indian Bank: New loan facility for renovation/repair of old houses
Posted on: 04/May/2017 5:54:33 PM
Indian Bank has introduced a new loan facility for the house repair/renovation without pledging/mortgaging the house.
This new scheme from Indian Bank is called ‘IB Home Enrich’.
Under this scheme, loans will be given for repair/renovation of old houses. The loan will be equivalent to 36 Months salary earned by the applicant or up to Rs. 10 Lakhs.
There is no need to pledge or mortgage the house for this loan. Instead, the bank will take the LIC/NSC Bonds or term deposits as pledges. An income tax concession of up to Rs. 30000 can be availed while taking this loan.
