i. |
Eligibility |
- |
Individuals & Business entities who is a bonafide member of the bank. |
ii. |
Purpose |
- |
Any legitimate requirement of finance, except for speculative purposes. |
iii. |
Limit |
(i)
(ii)
|
Minimum Rs.5.00 Lacs
Maximum Rs.75.00 Lacs, subject to
Maximum of 36 months salary / income in case of individual borrowers
Level of Debt Service Coverage Ratio (DSCR) shall not be less than 1.50 in case of business entities.
|
iv. |
Nature of Facility |
- |
Term Loan or overdraft |
v. |
Rate of interest |
- |
As per bank rules subject to levy of penal interest. |
vi. |
Margin |
- |
60% of value of mortgaged property. |
vii. |
Period |
a)
b) |
Loan – 72 months subject to repaying capacity
Overdraft – 12 months subject to annual review. |
| viii. |
Commitment Charges |
- |
2% of the outstanding balance of loan A/C if taken over before due date by any other financial institution/bank (applicable for loan facility only). |
ix. |
Insurance |
- |
The property will be comprehensively insured by the borrower with usual bank clause for the market value of the property (excluding value of land). |
x. |
Sureties |
- |
At least two satisfactory sureties of good means. |
xi. |
Security |
- |
Mortgage of non-encumbered freehold property owned by the borrower or third party and in case the same is owned by third party, his/her personal guarantee to be stipulated, subject the condition that the relevant is a self occupied property. |
xii. |
Other Conditions |
a)
b)
c)
d)
e) |
In case of Salaried Persons total deduction from salary and instalment of proposed loan shall not be more than 60 % of gross salary.
In case of partly rented properties, finance may be allowed against the realizable value of self-occupied portion only.
If subsequent to availment of credit facility, the property is proposed to be let out, Bank’s permission would be required. The sanctioning authority would accord permission on merit of individual case and on such terms and conditions as deem fit.
The borrowers, mortgagor and guarantors should be members of the Bank before processing the Loan application.
Other usual terms and conditions as per Bank’s rules as may be decided from time to time. |
