| Who can apply? |
| Owners commercial /residential premises or one who can offer 3rd party assets as security |
| |
| What should be the purpose? |
| personal financial need or for business expansion |
| |
| How much loan can be granted ? |
| Depending upon the purpose & end-use , maximum amount of loan/overdraft upto 65% of the market value if the property is upto 2 years old and upto 50% if the property is more than 2 years old. |
| What is rate of interest? |
| Loan : @13% to 16% p.a. on reducing balance Overdraft : 12.00% p.a.( on monthly rest) |
| |
| What will be share linkage |
| 1% of loan sanctioned |
| |
| What will be the repayment period? |
| Loans : by 120 EMIs through PDCs/ECS Overdraft –yearly renewal |
| |
| What will be the securities? |
| Regd mortgage of the property |
| |
| What about guarantors? |
| Two guarantors acceptable to Bank |
| |
| How to apply? |
- Application in prescribed format
- Address proof : Passport /telephone/electricity bill, Ration card/ Voter identity card etc
- Identity proof : Passport/voter identity card/ PAN card telephone/electricity bill etc.
- Photographs of borrower & guarantors
- Audited Profit & Loss accounts & Balance sheet for last 3 years
- Income Tax Return/Assessment order for last 3 years
- Valid Shop & Establishment Registration copy, Drug license, Tax registrations, rent paid receipts etc
- Regd Deed of partnership/Memorandum & Articles of Asscn ( Also copy of Form 32 if there is any change of Director)
- Copy of Board Resolution
- Copy of registered sale agreement of the property to be mortgaged,
- Search report/ valuation report
- NOC from builder/Society, NOC from CIDCO
- share certificate
- Consent letter & financial papers of guarantors
- Position of Statutory dues
|
| What about insurance? |
| The property shall be fully insured with Bank clause |
| |
| How disbursement will be made? |
| By way of disbursement through the account of the borrower . |