Loan Against Property

LOAN/OD AGAINST MORTGAGED PROPERTY

PURPOSE

Personal Needs-Term Loan/Business-Overdraft

ELIGIBILITY

Individuals & Businessmen-Proprietary concern/Partnership/Pvt. & Public Ltd. Co./Professionals & Self Employed

RATE OF INTEREST

Term Loan-10.00%      

Overdraft-11.00%  

 

TENURE

Term Loan-84 months (max)

O/D-To be reviewed/renewed every year

MODE OF REPAYMENT

Term Loan-PDCS/ECS/THRU ACCOUNTS

COST ELIGIBILITY

Market value as per valuation certificate by approved valuer. (Old premises should have a residual life of 20 years and the property should not be older than 30 years. Architect certificate to this effect be obtained)

MARGIN

50%

AMT.ELIGIBILITY

50% of the market value of the property to be mortgaged. Value to be ascertained as per valuation certificate by approved valuer.

INCOME ELIGIBILITY

Term loan-SALARIED INDIVIDUALS

1. Drawing gross salary upto Rs.20,000/-. Maximum loan amount would be 45 times of take home (net) salary.

2. Drawing gross salary above Rs.20,000/-. Maximum loan amount would be 50 times of take home (net) salary.

Term loan-BUSINESSMEN/SELF EMPLOYED/PROFESSIONALS

  1. 1.Having Cash Accruals upto Rs.2.50 lacs (i.e. Net Profit +Depreciation) - Maximum loan amount would be 3.50 times of the average cash accruals for the last three years.
  2. 2.Having Cash Accruals above Rs.2.50 lacs (i.e. Net Profit +Depreciation) - Maximum loan amount would be 5 times of the average cash accruals for the last three years.

FOR BOTH THE ABOVE, TAKE HOME SALARY SHOULD BE MINIMUM 35% OF THE GROSS SALARY INCLUSIVE OF THE PROPOSED LOAN REPAYMENT

OVERDRAFT-As per MPBF

DURATION OF SERVICE/ BUSINESS

Salaried - 3 years confirmed ser.

Business/Professional-3 years

PRIMARY SECURITY

Equitable/Regd. Mortgage of the property against which bank finance is availed.

GUARANTORS

Two guarantors of good means acceptable to the bank.

PROCESSING FEES

As per Banks norms.

SHARE LINKAGE

Borrowers-  2.50 % of the total loan amount. Guarantors- 40 shares

REQUIREMENTS

  1. 1.Loan application form
  2. 2.Borrowers and guarantors-3 years I.T. returns for business and Form 16 in case of salaried persons
  3. 3.Borrowers/guarantors-6 months salary certificate in case of salaried persons
  4. 4.Account to be opened fulfilling the KYC norms/ KYC norms for guarantors to be complied with.
  5. 5.Borrowers/Guarantors- Bank statement for last 6 months of the applicant's existing bankers

6.  Chain of original agreements of the property  starting from builder till the applicant

  1. 7.Registration Receipt
  2. 8.Stamp
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    Duty Receipt
  3. 9.Share Certificate of the society.
  4. 10.NOC from builder/society before sanction of the facility
  5. 11.NOC confirmation from builder/society after sanction of the facility but before disbursement
  6. 12.All payment receipts
  7. 13.Title clearance certificate from panel advocate-charges to be borne by the applicant
  8. 14.Valuation report of the premises in case of resale of flat-Charges to be borne by the applicant
  9. 15.
  10. 16.Property to be insured with bank clause
  11. 17.In case of business-VAT/Sales tax returns for the last two half years
  12. 18.NOC/consent from joint holders

OTHER

CONDITIONS

 

  1. 1.Insurance with Bank clause
  2. 2.Borrower to bank exclusively with our bank
  3. 3.Registration of our charges with ROC in case of limited companies
  4. 4.Borrowers/Guarantors should have satisfactory track record and should not be an NPA with any other banks/FI.

** Terms & Conditions applied. 


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