Loan Against Property
LOAN/OD AGAINST MORTGAGED PROPERTY
Personal Needs-Term Loan/Business-Overdraft
Individuals & Businessmen-Proprietary concern/Partnership/Pvt. & Public Ltd. Co./Professionals & Self Employed
RATE OF INTEREST
Term Loan-120 months (max)
O/D-To be reviewed/renewed every year
MODE OF REPAYMENT
Term Loan-PDCS/ECS/THRU ACCOUNTS
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)
50% of the market value of the property to be mortgaged. Value to be ascertained as per valuation certificate by approved valuer.
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
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.
Equitable/Regd. Mortgage of the property against which bank finance is availed.
Two guarantors of good means acceptable to the bank.
As per Banks norms.
Borrowers- 2.50 % of the total loan amount. Guarantors- 40 shares
6. Chain of original agreements of the property starting from builder till the applicant
** Terms & Conditions applied.