Mortgage Loan New Property Purchase Loan

Mortgage Loan New Property Purchase Loan

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Overview

Are you planning to buy a commercial space? Realize your wish list with our loan for new property purchase.

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Purpose & Eligibility

  • Purpose:
    • Acquisition of commercial premises / space such as shop / office / godown, etc.
  • Eligibility :

    While determining the quantum of advance- eligible amount would be restricted as under :

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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 : ₹ 5 lakhs
    • Maximum : ₹ 35 lakhs (may be extended up to ₹ 100 lakhs)
  • Tenure :
    • Term Loan : Maximum period up to 10 years including moratorium of maximum up to 24 months (Repayable in EMI commencing from 1 month after first disbursement or after moratorium period depending upon Cash Flow generation, whichever is earlier)
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Documentation

  • 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

    • Documents for the property to be purchased :
      • Registered agreement for sale.
      • Registration receipt and index II
      • 7/12 extract, mutation entry record (Pherfar)
      • Copy of development agreement, power of attorney executed in favour of the builder / developer by the land owner
      • Permission for construction from the competent authority (KDMC / TMC / BMC etc.) with approved plan
      • N.A. Order wherever applicable. Completion certificate issued by the competent authority. If it is not yet received, a copy of the application for C.C. (Completion Certificate) with annexure-J submitted to the authority
    • Documents to be obtained from the builder :
      • Architect’s certificate about stage of construction (percentage of total work completed to be mentioned)
      • Booking / advance payments receipts for payment to builder.
      • NOC for creation of mortgage in bank’s favour (to be issued as per bank’s format on the letterhead of the builder)
    • Documents to be submitted in case of purchase of re-sale property :
      • Chain of all previous title documents (agreements of sale and registration receipts)
      • Share certificate in case of Co-op. Hsg. Society and registration certificate of the co-op. Hsg. Society
      • Latest receipt for maintenance charges and property tax payment
      • NOC and no dues certificate from co-op. Hsg. Society
      • NOC for creation of mortgage in bank’s favour from the Co-op. Hsg. Society / builder if housing society has not been formed (as per bank’s format)
      • Apartment deed / NOC from owners’ assoc. In case of purchase of flat in apartment

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, even if the loan proposal is not sanctioned by 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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