1. PURPOSE:
An ideal product handy to individuals/ businessmen/ professionals and self-employed as a source of funds for expenditures of any nature provided they have a minimum service/ standing of two years.
2. ELIGIBILITY:
Applicant with sufficient repaying capacity alone will be considered for the loan. The party shall have a declared minimum Net monthly income of Rs 20,000/- in case of salaried class & in case of others, minimum Net annual income should be Rs 2,00,000/-. Income of the borrower can be assessed/ verified from the latest salary certificate/ latest Income Tax Return, Balance Sheet, Profit & Loss account etc. The total deductions of the applicant including instalment of the proposed loan/ other loans shall not exceed 60%-65% of the Gross Income and the quantum of eligible loan amount shall be fixed accordingly. It should be ensured that the parties are having sufficient means to repay the loans
3. MAXIMUM AGE LIMIT:
Age of the Borrower(s) at the loan maturity shall not be more than 75 years.
4. QUANTUM OF LOAN:
48 months netmonthly income, subject to a maximum of Rs.35.00 lacs only. However, loans above Rs.35.00 lacs can be considered for financing with prior permission from Head Office.
5. MARGIN:
NIL
6. SECURITY:
Property to be mortgaged should be owned by the applicant OR his/ her spouse. The property should be of such an amount whose sale value should not be less than the double of loan amount. Property/ies being mortgaged in favor of the bank must be verified at all costs and an assessment be made regarding the market value before any proposal is processed. The valuation of the property should be realistic and from an approved valuer on panel of the Bank. LeasedProperties and third party’s property shall also be accepted as security subject to the condition that Properties standing in the name of 3rd parties shall be totally unencumbered and e these properties shall not be permitted to be mortgaged in facilities other than in the name of the Mortgage loan borrower
b) Third party guarantee of two person having sufficient financial net means and considered good for the amount advanced.
7. REPAYMENT:
Loan amount together with interest to be repaid in maximum (12 years) 144 Equated monthly installments (EMI) OR up to the age of 75 years, whichever is earlier in case of individual borrowers.
8. PROCESSING CHARGES:
0.50% of the loan amount
* Conditions Apply