Target Group:

Individuals (singly or jointly) including salaried persons, professionals & self-employed and agriculturist/ firms / company.

The loan for trust and society will only be permitted for those activities which are covered under trust / society deeds.

Eligibility:

a) Income: Income should be minimum Rs.1.20 Lacs per annum (While computing quantum of loan in case of joint borrowers, income of all borrowers may be clubbed). Joint borrowers may be the co-owner of the property or they may not be co owner (but must be legal heirs of owner of the property / PF nominee / Spouse having future interest in the property) but their income is to be considered as one of the source for repayment of loan and to calculate the quantum of loan.

b) Age: Minimum 21 years & maximum 70 years at the time of sanction of loan. In case of Firms/ Companies/ Society/ Trust, it should be minimum five years old.

c) Property: Un encumbered Residential or Commercial Property free from all litigation (i.e. litigation with tenant or other occupant) in the name/s of borrower/s & situated at good residential or business centre will be covered in the Scheme.

• Loan will not be extended against property that have been developed / constructed for the purpose of sale.
• Loan will not be extended against Agricultural Property.

Loan Amount:

Minimum: Rs. 5.00 Lac

Maximum: Rs. 200.00 Lac 

Further, Maximum loan amount for salaried person should not exceed 36 times of Net Monthly Take Home Pay.

Maximum loan amount for borrower other than salaried persons should not be more than 3 times of the net annual income as per latest I.T return.

The maximum loan amount will, however, be restricted to 50% of value of property. in case of Residential & Commercial Building & 40 %  of the valuation of property in case of open land.

Type of Facility - Term Loan

Purpose: Any Purpose for meeting business/ personal needs but not for speculative Purpose. However, Loan to the companies / firms will be sanctioned for existing business purpose only.

Repayment:

Repayable in 84 equated monthly installments.

24 post dated cheques (PDCs) for the EMI will be obtained in advance and on exhaustion of the same, fresh 24 PDCs will be obtained.

Click here for Rate of interest

Click here for Processing Fees, Prepayment Penalty, Documentation Charges, Mortgage and other charges

Security:

Equitable Mortgage of the Property. (No third party property will be accepted.)

In case of credit facility in the name of firm/ company/ Trust/ society, personal guarantee of proprietor/ individual major partners/ promoter directors/ Trustee/office bearer or authorized signatory to be obtained.

Click here for the application form

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