1. PURPOSE:
An ideal product handy to individuals/ businessmen/ professionals and self-employed as a source of funds for expenditures of any nature provided they have a minimum service/ standing of three years.
This is a scheme where loans can be sanctioned for personal purposes against the security of mortgage of unencumbered residential house OR commercial property with clear marketable title in the name & possession of borrower either self occupied or vacant with a security cover of 2.0 times of the amount of loan. Finance will be extended for any personal need or to meet any unexpected expenditure. The purpose/ activity should be lawful.
2. ELIGIBILITY:
Applicant with sufficient repaying capacity alone will be considered for the loan. The party shall have a declared minimum net income of Rs.1.00 lac per annum (including the income of Spouse) from all sources. Income of the borrower can be assessed/ verified from the latest salary certificate/ latest Income Tax Return, Balance Sheet, Profit & Loss account etc. The total deductions of the applicant including instalment of the proposed loan/ other loans shall not exceed 60% of the Gross Income and the quantum of eligible loan amount shall be fixed accordingly. It should be ensured that the parties are having sufficient means to repay the loans.
In case of individual borrowers, the income of the spouse can be taken into consideration for determining the loan amount. In such cases, the facility would be allowed in the joint names.
3. MAXIMUM AGE LIMIT:
65 years at the time of loan maturity.
4. QUANTUM OF LOAN:
30 months net monthly income, subject to a maximum of Rs.25.00 lacs only. However, loans above Rs.25.00 lacs can be considered for financing with prior permission from Head Office.
5. MARGIN:
NIL
6. SECURITY:
a) Property to be mortgaged should be owned by the applicant OR his/ her spouse. The property should be of such an amount whose sale value should not be less than the double of loan amount. Property/ies being mortgaged in favor of the bank must be verified at all costs and an assessment be made regarding the market value before any proposal is processed. The valuation of the property should be realistic and from an approved valuer on panel of the Bank. Properties, which are leased out, shall not be accepted as security. No third party’s property shall be accepted as security.
b) Third party guarantee of one person having sufficient financial net means and considered good for the amount advanced.
7. REPAYMENT:
The loan granted under the scheme together with interest thereon would be repayable within a maximum period of 84 months through (EMI’s) commencing one month after disbursement of the loan.
8. PROCESSING CHARGES:
0.50% of the loan amount
* Conditions Apply