Purpose

• Acquiring another asset or generating additional income

Who Can Borrow

• Salaried employees in the age group of 21yrs to 55 yrs having minimum net salary of Rs.15,000/- per month, the income of the spouse can be added.
• Professionals/ self-employed persons in the age group of 23yrs to 65 yrs, having gross annual taxable income of Rs.4 lacs for at least 3 years continuously.
• Firm/Company whose net annual taxable income is Rs.2 lac per annum being in operation and making cash profit for last 3 years.
• Registered Society whose net cash accruals are more than Rs 2 lac per annum
• Borrower should not be availing any loan /advance facility in our bank

Loan Amount

• • Maximum Rs. 1,00,00,000/-( amount increasable to 2,00,00,000/- in case of deserving customers)
  • Minimum Rs.1,00,000/-

# size of the loan shall be equal to 60% of the value of the property or 150% of circle rate whichever is lower subject to 30 times of gross monthly income in case of salaried persons and 4 times of average annual income in case of self employed persons.

Restriction

• This facility is applicable for the borrower who are not availing any loan /advance facility in our bank as to ensure that no diversion of fund take place .

Repayment

• Loan- Maximum 120 months
• OD facility- DP to be reduced each year

Rate Of Interest

• The rate of interest as decided by the bank from time to time would be applicable.

Security

• Equitable mortgage of residential, commercial or industrial property.

Guarantee

• Two guarantors of well placed means acceptable to the Bank.

Processing Charges

• 1% of the loan amount + GST

Share Holding

• 1.5% of the loan amount.

Documents Required

• Photograph , PAN and KYC documents of borrower and guarantor
• Income Proof (a) In case of salaried persons, salary slip for last three months, bank statement for last six months, ITR for three years and a certificate from the employer that no disciplinary action is pending against the employee. (b) In case of businessman, Balance Sheet of last three years, ITR of last three years, Bank statement of business a/c for last six months.
• Partnership deed and registration certificate in case of partnership firms, Certificate of incorporation, date of commencement of business and memorandum and article of association in case of companies where applicable
• Relevant documents related to the property being mortgaged like Title Deed, mutation copy, sanctioned map etc as applicable)