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 :
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)
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)
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.