Mortgage Loan Loan Against Property

Mortgage Loan Loan Against Property

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Overview

Your property can help you fulfil your personal as well business needs. Mortgage your immovable property with us and enjoy comfortable EMIs with long tenure.

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Purpose & Eligibility

  • Purpose:
    • To meet personal expenses like marriage, medical treatment, tourism, purchase of consumer durables etc.
    • Repayment of existing loans / debts
    • House repairing / renovation / extension of residential or commercial property
    • To meet credit needs of trade / commercial or business activity
    • Any other purpose acceptable to bank
  • Eligibility :
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      Salaried Individuals :

    • Min age of the applicant: 22 years
    • Max age of the applicant (At loan Maturity): 70 yrs or retirement age, whichever is earlier (subject to submission of proof for continuity of income)
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      Non Salaried Individuals :

    • Min age of the applicant: 25 years
    • Max age of the applicant (At loan Maturity): 65 yrs or retirement age, whichever is earlier (subject to submission of proof for continuity of income).

Quantum & Tenure

  • Quantum :
    • Minimum : ₹ 2 lakh
    • Maximum : ₹ 35 lakh (may be exceeded up to ₹ 100 lakh in case of Term Loans only)
  • Tenure :
    • In case of Term Loan : (Repayable in Equated Monthly Installments (EMI) commencing from one month after the date of first disbursement)
    • In case of Overdraft Facility : 1 Year subject to annual review (Branch to ensure use of limit for business current Assets / Working Capital of the Borrower. No operations through other bank’s account is allowed)

      • Note : Option to discontinue the facility at any time lies with the bank unconditionally.

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Documentation & Security

  • Basic Documents :
    • In case of new customer, applicant & guarantors need to open savings / current account
    • Duly signed loan agreement
    • Details of existing on-going loan availed from banks / financial institution
    • Copy of Bank deposits / Life Insurance Policies / Other Investments (if any)
  • KYC documentation
    • Proof of identity
    • Address proof of applicant
    • 3 Passport sized photographs
  • Application Form
    • Duly filled & signed loan application form
  • Bank Statement
    • Bank statement for last one year
  • For Salaried individuals :
    • Last 3 months’ – salary slips
    • Form 16 or Income Tax Return
  • If an applicant Is a self-employed individuals :
    • Income tax returns of last 3 years, 26 AS from traces
    • Financial statements including balance sheet, profit & loss account and computation of income for last 3 years
    • Licenses / permissions from competent authorities

    • Equitable/Regd. Mortgage Charge over Property in the name of the Borrower or close family member with his guarantee.
    • Note :
      • The property offered may be either residential or commercial.
      • The property may be self-occupied or freehold. (In case of leased out property undertaking to be obtained from lessee to handover peaceful possession, if required by Bank)
      • Agricultural Land is not acceptable as security.
      • Open Plot/Land is not acceptable as security.
      • Property situated in Grampanchayat area should have necessary permissions from the competent authority like ADTP.

      Note : All original title deeds of the property need to be submit, against which loan is proposed to be availed.

ROI & Important Terms :

  • ROI :
    • Please click here to know about latest ROI & Service Charges.

    • Applicant has to be a regular shareholder of the bank. The guarantors have to be either a regular member (shareholder) or a nominal member (in case of loan amount up to ₹ one lakh) of bank.
    • Standing Instruction (SI) Request / ECS or NACH instructions / Post Dated Cheques (PDC) to be submitted to the bank as per requirement.
    • Search report and title clearance report for the property to be obtained from bank’s panel advocate. Professional fees / charges for the same to be borne by the applicant, after getting in-principle sanction from the bank.
    • Valuation of the property is to be carried out by bank’s panel valuer. Professional fees / charges for the same to be borne by the applicant even if the loan proposal is not sanctioned by the bank.
    • Insurance premium for mortgaged property for the full tenure of the loan to be borne by the applicant.
    • All conditions stipulated in the advocate’s title clearance report are to be fulfilled before consideration of the loan proposal.
    • Inspection of the property / site will be carried out by bank officials. Applicant has to make necessary arrangements for this.
    • Formalities regarding recording bank’s charge on the property by the builder / co-operative housing society and transfer of share certificate in the name of the applicant / borrower by the co-operative housing society, are to be completed as early as possible. The applicant / borrower has to ensure and take active responsibilities for this.
    • Before disbursement, applicant has to provide margin money and necessary amount to meet all the expenses (as mentioned above & as per service charges). Adequate amount for the purpose is to be deposited in the bank account in advance.

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