|Purpose||1. Credit needs of trade/commercial/business activity of Applicant.
2. Repairs / renovation/ extension to residential / commercial property.
3. Purchase / construction of Flat / House or purchase of N.A. Plot of Land with fixed /
Confirmed plans to construct House thereon within specific period.
4. Repayment of existing loans / debts.
5. Expenses like Medical treatment, Marriage, Tourism, Purchase of consumer durables etc. or any other Personal needs.
6. 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.
|Eligibility||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.
|Maximum Loan Amount||Minimum ₹ 2, 00,000/- Maximum ₹ 50.00 lakhs
[may be exceeded up to ₹ 100.00 lakh in case of Term Loans only]
|Margin||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.
3. Rate of price escalation in the area.
B] Above ₹.25 lakh – Min. margin to be maintained at 40% of the market value.
|Repayment Period||1. Term Loan: Maximum Tenure Up to 10 years- Repayable in Equated Monthly Instalments commencing from one month after the date of first disbursement.
2. Overdraft: Annual review.[Limit should be used for Business / Current Assets]
(Option to discontinue the facility at any time lies with the Bank unconditionally.)
|Rate of Interest||Upto Rs.25 lacs 11.90% / Above Rs.25 lacs 11.80%|
|Security||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.
|Guarantators||Minimum Two Guarantors having sufficient means & income acceptable to Bank.|
|Processing Charge||Upto Rs.25 lacs :0.40% Above Rs.25 lacs :0.75%|
|Subscription of Bank's Share||2.50%|
|Pre-payment Charges||NO PREPAYMENT CHARGES.|
Terms & Conditions Apply.
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