|Eligibility||Who can apply
For individuals: Minimum entry level age: 18 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.
|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.|
|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 )