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Target Group:
Individuals (singly or jointly) including salaried persons, professionals & Self-employed and agriculturist/ Firms / Company/ Trust/ Societies registered under Society Act
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 Amount:
The Minimum loan amount under the scheme is Rs.1.00 lac and no upper limit but it must be within prudential exposure norms.
Further, Maximum loan amount for salaried person should not exceed 72 times of Net Monthly Take Home Pay.
Maximum loan amount for borrower other than salaried persons should not be more than 6 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.
Both Term Loan and Overdraft facility may be granted. Overdraft facility will be extended to meet business need only.
Purpose: For meeting business/ personal needs not for speculative purpose
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.
Rate of Interest:
PLR +1.50%
Processing Fees:
| Amount of Loan |
Processing Charges |
| Upto Rs. 25.00 lacs |
1.00% of Loan amount Minimum Rs. 2500.00 |
| Above Rs. 25.00 lacs to Rs. 150.00 lacs |
0.50% of Loan amount Minimum Rs. 25000.00 |
| Above Rs. 150.00 lacs |
0.25% of the loan amountMinimum Rs. 75000.00 |
Prepayment penalty: 2.00% of the
Outstanding Balance if prepaid within 1 year, after that 1.00% only in
case of takeover. Other Service Charges: Please refer to Service charge Security:
Equitable Mortgage of the Property. (No third party property will be accepted.)
If income of spouse is clubbed, his / her personal guarantee will be obtained.
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