Purpose :
To meet expenditures for hospitalization expenses, marriages, purchase of movable and immovable assets, for the purpose of higher education of the children / dependents, education abroad to comply with certain terms of education, VISA etc. For any other genuine purpose which doesn’t amount to speculations or undesirable activities, against public interest etc.
Eligibility :
- Individuals, Partnership Firms, Registered entities with adequate borrowing powers and other legal entities which are licensed by competent authorities. Such eligible entities should have adequate income to meet the repayment obligations and authorization to borrow.
Quantum of Loan :
- 75% of proposed expenditure / Project Cost OR
- 75% of distress value of immovable property offered as a security by way of mortgage or transfer of titles or charge over property immovable.
- Whichever is less.
Margin :
- 25% of proposed expenditure/ Cost OR
- 25% of distress value of immovable property offered as a security by way of mortgage or transfer of titles or charge over property movable or immovable.
Rate of Interest :
- As per extant guidelines with minimum of 15.95%.
Processing Fee / Inspection Charges :
- Processing charges & other charges should be collected as per the guidelines on service charges issued by the bank from time to time.
Penal Interest :
- The penal charges should be collected as per the guidelines on the overdue portion (Present 3.00%).
Repayment :
- Maximum of 180 months with moratorium of maximum of 3 months. Based on repayment capacity with documentary proof for income.
Security :
1) Mortgage of immovable property with clear titles.
2) Location of the property should be idle and enforceable in case of default.
3) No objection letter should be obtained from legal heirs of the borrower or property title holder.
4) Resolution for mortgage of property in case of legal entities.
5) The property should be encumbrance free.
