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Ind Mortgage

Ind Mortgage

Eligibility Who can apply

  1. Salaried class:
    * Permanent Employees of Central / State Govt. / Quasi Govt. Bodies / Public Limited Companies / reputed Private Limited Companies with clear record of paying timely salaries.
    * Applicant should have minimum completed service of 3 years
    * Employees of Indian Bank and other Banks (PSU / Private / Foreign / Co-op) are also eligible.
    Others:
  2. P & SE, Other Individuals, Sole-proprietor & Other Business Class:* Self employed / Professionals / Traders / Businessmen including , Sole Proprietary concern, Firms and Limited companies are eligible based on their income level and cash flow.
  3. Pensioners:All Central / State Govt. Pensioners, Family Pensioners, Re-employed pensioners who are drawing their pension through our branches are eligible
  4. NRI customers are also included subject to the condition that the end use is for bankable purpose, as permitted by RBI.

Age criteria:

For individuals: Minimum entry level age: 18 years.
Salaried Class individuals: Exit Level age : 60 years (or date of retirement whichever is earlier)
Other individuals: Exit Level age : 70  years

Purpose  Any purpose including repairs, renovation of buildings, marriage, education, household festivals / functions, Medical or any bankable purpose other than speculative purposes
Age , Income Eligibility &

Quantum of Loan.

a) Salaried Class:

Minimum Entry level age: 18 years,

Exit Level age   : 60 years (or date of retirement whichever is

earlier)..

Minimum Monthly Gross Income of Rs.25000/- p.m.,

Maximum Loan Ceiling

Minimum Rs.5.00 lakh.

Maximum: Rs.200.00 lakhs: if the property is situated in Tier I /Tier II Centres (As per

CO: IRV Circular No.ADV-241/2016-17 dated 27.02.2017)

Maximum: Rs.100.00 lakhs: if the property is situated in all other centers other than Tier I / II.

 Eligible Loan Amount:Repayment period:< / =  60 months Max: 36 times of Latest Gross Monthly Salary*
Repayment period: > 60 Months Max: 48 times of Latest Gross Monthly Salary*

b) P & SE / Other Individuals / Sole-proprietor and other Business

Classes.

This category includes individuals (not covered under other categories) also who have regular income through definite sources (that are verifiable & backed by income proof)

Minimum Entry level age: 18 years

Exit Level age                 : 70 years.

Income Eligibility :

Minimum Annual Cash Profit (PAT + Depreciation) of Rs.3.00 lakhs OR Annual Taxable Income of Rs.3.00 lakhs based on latest ABS / ITAO

Proof of Income:

  1. Audited Balance Sheet for immediately preceding  3 years
  2. Income Tax Returns for immediately preceding 3 years  / ITAO

Minimum Rs.5.00 lakh

Maximum: Rs.500.00 lakhs: if the property is situated in Tier I /Tier II Centres Tier-wise classification of centres is given in annexure to this circular

Maximum: Rs.100.00 lakhs: if the property is situated in all other centres other than Tier I / II

Repayment period:< / = 60 Months Max: 3 times of Annual Cash Profit (PAT + Depreciation) *
Repayment period:> 60 Months Max: 4 times of Annual Cash Profit (PAT + Depreciation) *

c) Pensioners :

Pensioners (who are drawing their pension through our branches) can be extended this mortgage loan facility based on their repayment capacity. As permitted in our Pension Loan Scheme, all Central / State Govt. Pensioners, Family Pensioners, Re-employed pensioners may be assisted under this scheme.

As the Pension is routed through our bank, separate income-proof for the same may not be required. If the borrower includes income through other sources, income-proof shall be provided & verified as applicable in other cases.

Branch Managers are empowered to consider loans with maximum Exit Age of  up to 70 years and ZLCC up to 75 years(ADV-176/2018-2019 dt.21.03.2019.)

Considering the age & repayment capacity of the pensioners, the eligible loan quantum is restricted to 50% of the amount permitted for Salaried Class Borrowers as follows:

Minimum Rs.5.00 lakh.

Maximum: Rs.100.00 lakhs: if the property is situated in Tier I /Tier II Centres

Tier-wise classification of centres is given in annexure to this circular

Maximum: Rs.50.00 lakhs: if the property is situated in all other centres other than Tier I / II Centres

iii) Eligible Loan Amount – Other Individuals (including Pensioners:

Repayment period: < / =  60 Months Max: 3 times of Annual Income
Repayment period:> 60 Months Max: 4 times of Annual Income

d) . For Business Class (Firms / Companies etc)- Eligible Loan Amount:

Minimum Rs.5.00 lakh

Maximum: Rs.1000.00 lakhs: if the property is situated in Tier I /Tier II Centres Tier-wise classification of centres is given in annexure to this circular

Maximum: Rs.200.00 lakhs: if the property is situated in all other centres other than Tier I / II

Eligible Loan Amount:

Repayment period:< / = 60 Months Max: 3 times of Annual Cash Profit (PAT + Depreciation) *
Repayment period:> 60 Months Max: 4 times of Annual Cash Profit (PAT + Depreciation) *

For calculating the eligible loan quantum as above, ‘Annual Cash Profit’ means the ‘Average Cash Profit’ for the last 3 years based on Audited Financial Data / ITAO (2 years’ average may be reckoned.

Margin 40% of the Realisable Sale Value of the immovable property offered as security – if property is situated in Tier-I & II cities.
50% in case of properties situated in other places.
Processing fee As communicated by Corporate office from time to time.
Rate of Interest As communicated by Corporate office from time to time.
 

 

 

 

 

 

 

Repayment

For Salaried class:

Not exceeding 84 months (No holiday period)

Can be extended upto 180 months by ZLCC – If the applicant is employed in: Central / State Govt. undertakings / profit making PSUs / MNCs (rated by FITCH / S&P etc at ‘BBB’ and above) & Top Notch Corporates (i.e. companies having external rating of “BBB” and above) OR if the mortgage property is situated in Tier I, Tier II centres on case to case basis.

In case of all salaried class borrowers (including co-applicants/guarantors), where salary is credited with other banks, ECS duly registered in our bank’s favour should be provided before release of limit.

In case of Salary Credit with our bank, Standing Instruction for recovery should be provided before release of limit.

The borrower (including co-applicants/guarantors) has to give an Undertaking stating that the ECS mandate / Standing Instruction given by him will not be revoked during the currency of the loan without our Bank’s written consent.

For Professional & Self Employed / Other Individuals (incl. Pensioners)/ Business Class:

Not exceeding 84 months (No Holiday period)

If the mortgage property is situated in Tier I, Tier II centres, the Maximum Period can be extended up to 180 months by ZLCC.

In all these cases, the borrower’s personal / business accounts shall be maintained only with our bank / transferred to our bank to facilitate monitoring the level of their income / revenues. Standing Instruction for recovery should be provided. 

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.
*The property leased to Hospital, Nursing Homes, Old Age Homes, Orphanages, and Educational Institutions or to any other similar social sector infrastructure will not be accepted.
* CERSAI registration (at Applicant’s cost) to be done
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).
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.
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 – for the entire loan period.

( Last modified on Jul 24, 2020 at 07:07:41 PM )