Property Mortgage Loan


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.
2. Disposability,
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 % / 12.50 Above Rs.25 lacs 12.20%
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.
Collaterals Not Mandatory.
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.
Visit nearest branch for more details.


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