|Purpose||Acquisition of commercial premises / space such as Shop / Gala/ Office / Godown etc.|
|Eligibility||Individual, Firm (Proprietary/Partnership), Pvt / Public Ltd. Co.
1. Clients having investible surplus and needing finance support to complete the transaction. There may or may not be immediate plan for starting any Business activity at the place or proposed activity may be for his close family member/kith & kin /Housewives.
2. Where income generating asset is created from the proposed loan - the average D.S.C.R. calculated on the basis of projected income, taking into consideration total loan repayment obligations, including that of proposed Property Loan, should be minimum 1.5.
|Maximum Loan Amount||Minimum: ₹ 5.00 lakhs
Maximum: ₹ 50.00 lakh (May be extended up to ₹ 100.00 lakh)
|Margin||Minimum margin @25% of the market value of Property or Agreement Cost whichever is lower, offered as security, depending upon:
1] Locational advantage of property being purchased
2] Easy Disposability
3] Rate of price escalation in the area.
(In case where sufficient collateral security is provided lower margin up to 20% can be considered).
|Repayment Period||Term Loan: Max. 10 years
(Repayable in EMI commencing from 1 month after full disbursement or 3 months after first disbursement whichever is earlier)
|Rate of Interest||10.70 % onwards|
|Security||Equitable / Registered Mortgage Charge over property under purchase.
Note: 1]. The property under purchase must be commercial & freehold.
2] The property may be for self-use or for renting out.
3] Property situated in Grampanchayat area should have necessary permissions from the competent authority like ADTP.
4] NA Plot / Land subject to condition of proposed commercial premises to be completed within 2 years of availing loan. (Undertaking to be furnished)
5] Agriculture Land /Leasehold property is not acceptable as a Security.
|Guarantators||Minimum Two Guarantors acceptable to the Bank.|
|Collaterals||Collateral security not mandatory,
However, key-man Insurance / Term Insurance policy shall be insisted, depending upon case to case basis.
|Processing Charge||0.20% to 0.50 %|
|Subscription of Bank's Share||2.5% Max Rs.5.00 lacs|
Terms & Conditions Apply.
Visit nearest branch for more details.
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