* Permanent Employees of Central / State Govt./Quasi Government Bodies/Public Limited companies/ Reputed Private Limited companies with clear record of paying timely salaries.
* completed minimum 3 years of service.
* Should have regular minimum monthly income of Rs.15,000/- & take home pay should be more than 40% of gross income after deduction of EMI for the proposed loan, apart from other deductions.
Self employed / Professionals / Businessmen:
* based on their average income earned in the last 3 years
* Minimum net annual income has to be Rs.1,50,000/- after deduction of proposed EMI.
Firms and companies:
* based on cash flow.
Age criteria for individuals:
Minimum entry level age: 18 years.
Salaried Class individuals:
Exit Level age : 60 years (or date of retirement)
Exit Level age : 60 years
|Amount of Loan||Maximum: Rs. 200 lakhs. |
|Margin||50% of Realisable sale value of property offered as security|
|Processing fee||* NIL for existing customers. |
* Rs. 290/- per lakh for others.
|Interest Rates||Please see the Lending Rates link on Bank website home page|
|Repayment||Not Exceeding 84 EMIs (No Holiday Period)
|Prepayment charges||* No pre-closure charges, if loan is closed out of own funds.
* 2.25% on Balance outstanding or applicable Drawing Limit whichever is higher, if loan is closed by way of take over by another Bank / Financial Institution|
|Security||* Equitable Mortgage of Property offered as security. |
* Equitable Mortgage to be registered (at Applicant’s cost) if there is a provision for the same in the State where property is located.
* Ind Mortgage Loan against Agricultural property or disputed property / property attached by Income Tax authorities not allowed.
|Documents to be submitted for processing the application||1. Completed Application Form with passport size photograph. |
2. Proof of Identity such as PAN Card / Voter’s ID/Passport/Driving License.
3. Proof of residence such as Recent Telephone Bill / Electricity Bill / Property Tax Receipt / Passport / Voter’s ID.
4. Proof of business address in respect of businessmen / industrialists.
5. Proof of Employment.
6. Salary Certificate.
7. Proof of other income like rent, interest on investment, if any.
8. Balance Sheet for the past three financial years in the case of Professionals, Businessmen & Self employed.
9. Income Tax / Wealth Tax (if applicable) Returns for the past 3 years.
10. Sale Deed.
11. Approved Building Plan.
12. Title Deed Documents for 30 years.
13. Proof of title in the Revenue Records.
(Legal Opinion from Advocate & Valuation of property from Engineer will be arranged by Bank at applicant’s cost).
|Salient Features||Any bonafide purpose other than speculative purpose |
|Insurance||Property (offered as security) to be insured at borrower’s cost with Bank clause against fire, flood, earthquake, riot and other risks, which are normally covered by insurance companies.