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Loan against Mortgage of Property



Eligibility
Individual or Business entities (Proprietorship/ Partnership/HUF /P. Ltd. / Public Ltd. companies)Owners commercial /residential premises or one who can offer 3rd party assets as security.
Purpose Personal financial need or for business expansion
Loan Amount / Margin
Depending upon the purpose, end-use, repayment capacity maximum amount of Loan sanctioned will depend on age of property as follows: The eligible amount for the loan against immovable property is to be arrived on the basis of 70% of the market value certified by the panel valuer and Ready Reckoner (RR) value of the property + 20% whichever if less.
In cases of where NOC from CIDCO if not available immediately, the eligible amount for the loan against mortgage of immovable property is to be arrived on the basis of 65% of the market value certified by the panel valuer and ready reckoner (RR) value of the said property + 20% whichever is less
Rate of Interest

Priority Sector:-

  1. a) 12% p.a. for 60 months (under interest refund Scheme of Anna Saheb Patil & OBC Mahamandal)
  2. b) 9.50% p.a. for 60 months (Fresh Loans Other than ASPMS & OBC Mahamandal)
  3. c) 13% p.a. for above 60 months upto 144 months.

Non Priority:-

For Diamond Jubilee Mortgage Loan Scheme (DJMLS)

  1. DJMLS upto 84 months. - Floating Rate 12.00% p.a.

(Current Repo rate is 6.50 p.a. + Fixed Rate i.e 5.50% p.a.)

  1. DJMLS above 84 months upto 144 months.

Floating Rate 13.00% p.a.(Current Repo rate is (6.50%). + Fixed Rate i.e 6.50% p.a.)

  1. 13% p.a. for above 60 months upto 144 months.
Share Linkage 1% of loan sanctioned
Repayment period Max 120 months
Securities
Regd/Equitable mortgage of the property The eligible amount for the loan against mortgage of immovable property is to be arrived based on 70% of the market value certified by the panel valuer and ready reckoner value of the said property + 20% whichever is less.
Guarantors
Two guarantors acceptable to Bank with duly filled and signed consent letter, KYC, Photographs, Bank Statement and Income proof.
Insurance The property shall be fully insured with Bank clause
Documents required
a) Application in prescribed format
b) Photographs of borrower & guarantors
c) PAN CARD ( MANDATORY)
d) CIBIL Report for Borrowers & Guarantorse
e)  Address proof: Passport / telephone / electricity bill, Ration card/ Voter identity card (Any one)
f)  Identity proof: Passport / Voter identity card / PAN Card / Driving License / Adhar Card (Any one).
g) Income proof :-
For Salaried Person:-
1) Last 3 months’ Salary certificates,
2) Last 3 Years Form-16 & IT Return copies
3) 1 year Latest Bank Statement (Salary A/C)
For professional & self-employed Businessmen :-

 


1) Copies of audited Profit & Loss A/c & Balance sheet of last 3 years
2) I.T. Return copies for last 3 years,
3) 1 year latest Bank Statement

h) Income Tax Return/Assessment order for last 3 years
i) Valid Shop & Establishment Registration copy, Drug license, Tax registrations, rent paid receipts etc
j) Regd Deed of partnership/Memorandum & Articles of Asscn (Also copy of Form 32 if there is any change of Director)
k) Copy of Board Resolution
l) Copy of registered sale agreement of the property to be mortgaged, with chain of documents if any.
m) Search report/ valuation report
n) NOC from builder / Society / CIDCO / MHADA / Competent Authority.
o) Original share certificate
p) Consent letter & financial papers of guarantors
q) Position of Statutory dues
r) Pre Sanction Visit report of residence, work place and security offered to be held on record.
s) Strict Compliance of “ KYC” Norms
Processing Fees
0.50% of Loan Amount upto Rs. 2,00,000/- plus GST
1% of Loan Amount above Rs. 2,00,000/- plus GST (Maximum processing fees should not exceed Rs. 50,000/- excluding GST)
Subject to change as advised from time to time.
Disbursement By way of disbursement through the account of the borrower.

Concession Rate 0.25% p.a. of Interest to Women borrower for Housing Loan, Education Loan, Gold Loan, Business Loan.



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