Indian Bank has launched a new home loan product — IB Home Enrich — for repairs and renovation of houses. Customers can avail this loan up to 36 times their gross monthly income, subject to a maximum of ₹10 lakh. There is no need for mortgage of the house property under this loan facility.

The loan can be availed against liquid securities like LIC, NSC and term deposit, according to a statement.

Income tax exemption upto ₹30,000 under Section 24 of the IT Act will be available for the interest on this loan product, which was launched by Kishor Kharat, Managing Director & CEO, Indian Bank.