|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|
|Quantum of Loan||Salaried Class:
36 times of latest gross monthly salary (for Repayment Period </= 60 months) and
48 times of latest gross monthly salary (for Repayment Period > 60 months) Maximum: Rs. 200 lakhs#
Other individuals (including Pensioners):
3 times of Annual Income (for Repayment Period </= 60 months) and
4 times of Annual Income (for Repayment Period > 60 months)
Pensioners: Maximum Rs.100 lakhs#
Professional / Self- Employed & Business Class / other individuals(excluding salaried class & pensioners)
3 times of Annual cash profit (PAT + Depreciation) (for Repayment Period </= 60 months) and
4 times of Annual cash profit (PAT + Depreciation) (for Repayment Period > 60 months)
P&SE & Business Class: Maximum Rs.500 lakhs#
Firms / Companies: Maximum Rs.1000 lakhs#
|Income Criteria||(i) Salaried Class:
Minimum monthly Gross Income of Rs.25000/-
Spouse income may be included for eligibility (regular & backed by income proof), in such cases Spouse shall join as Co-applicant.Net take home pay should be more than 40% of gross monthly income after deduction of EMI for the proposed loan, apart from other deductions.(ii) P & SE, Other Individuals, Sole-proprietor & Other Business Class:* based on their average cash profit earned in the last 3 years*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
|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||1.18% on loan amount|
|Rate of Interest||Please refer to the Lending Rates link on home page of our Bank’s website|
|Repayment||Not Exceeding 84 EMIs (No Holiday Period)|
|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 Apr 08, 2019 at 02:04:11 PM )