Providing Term Loan against mortgage of House/Flat or any other commercial property to the owner of the property (but not agricultural land or any other vacant land).
Who Can Apply? :
Individual/s, Firm (Proprietary / Partnership), Pvt. / Public Ltd. Co. Applicants already having facilities with other Banks/ Financial institutions can be allowed loans under this scheme under Multiple Banking arrangement. Exclusion: Builders, Real Estate developers, Property dealers, Brokers & persons whose business activity is related to Capital market are not eligible under this scheme.
Credit needs of trade/commercial/business activity of Applicant.
Repairs / renovation/ extension to residential / commercial property.
Purchase / construction of Flat / House or purchase of N.A. Plot of Land with fixed
Confirmed plans to construct House thereon within specific period.
Repayment of existing loans / debts.
Expenses like Medical treatment, Marriage, Tourism, Purchase of consumer durables etc. or any other Personal needs. Any other purpose acceptable to Bank.
Note: The purpose should not, however, be of speculative/illegal nature or which is prohibited in terms of RBI/Govt. Guidelines/ regulations.
Term Loan: Maximum Tenure Up to 10 years- Repayable in Equated Monthly Instalments commencing from one month after the date of first disbursement. Overdraft: Annual review. [Limit should be used for Business / Current Assets]
(Option to discontinue the facility at any time lies with the Bank unconditionally.)
A] Loans up to ₹.25 lakhs–Minimum margin @33.33 %( which may be reduced to 25% to 20% in deserving cases) of market realizable value of property offered as security, depending upon: 1.Locational advantage of property being mortgaged. 2.Disposability. 3.Rate of price escalation in the area. B] Above ₹.25 lakh – Min. margin to be maintained at 40% of the market value.
Maximum Limit :
Rs. 200.00 Lakhs
[may be exceeded up to ₹ 100.00 lakh in case of Term Loans only]
Equitable / Regd. Mortgage Charge over Property in the name of the Borrower or Third party. The person/party in whose name the property to be mortgaged stands, should be either as a Borrower/ Co-Borrower or a Guarantor. Note: 1. The property offered may be either residential or commercial 2. The property may be self-occupied or leased out. 3. Agricultural Land is not acceptable as security. 4. Property situated in Grampanchayat area should have necessary permissions from the competent authority like ADTP.
Copy of Last Three years income tax return, Pan Card. If Applicant is businessman in that case last three years copies of balance sheet, income tax return of the proprietor/partner, statement of capital account. Written & approved confirmation of having No Legal Suit filed against any of the directors. If any such legal suit or proceedings are pending then the details of such legal suit or proceeding. Three copies of Photograph Copy of PAN Card Address proof – electric bill /telephone bill (any one) Photo proof – Pan card / Voter card / Driving license (Any one)