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 |
TENURE | Term Loan-120 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 | |
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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 |
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6. Chain of original agreements of the property starting from builder till the applicant | |
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OTHER |
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** Terms & Conditions applied.