GST No.: 24AABAT4356N1Z6               

Mortgage Loan

Eligibility of borrower
  • An individual in any capacity / professional / self - employed [other than HUF / AOP / Company / Partnership firm] who are an IT assessee and maintaining current / savings account with the Bank and having constructed title cleared residential / commercial / industrial property in his/her own name or jointly with parents/spouse with self occupancy. [Agricultural land or any other open land / plot is not considerable.]
  • Applicant / co-applicant / gaurantors must be a member of the Bank.
  • IT returns of applicant / co-applicant / gaurantor up to 3 years along with last 3 months salary slip in case of salaried one.
  • KYC norms should be fulfilled in all respect for all.
  • Having sufficient score in CIC's reports with no negative remarks.
  • Having current / savings account holder of the Bank.
    Having good reputation and Credit worthiness.
  • Applicant / co-applicant must have minimum 21 years and maximum 60 years old age.
  • In case if the applicant is older than 60 years, then certified copy of will is to be obtained with loan application and successors / inheritance should must be represented as co-borrower.
Purpose of Loan
  • Business development.
  • Acquiring of factory building, office premises etc…
Quantum of finance
  • Up to 60% of fair market value in case of Residential and up to 50% of fair market value Commercial property as per sanction plan. Maximum Rs. 2.00 Crore inclusive of personal life insurance premium [subject to repaying capacity]
  • Borrower's own occupancy on such property is compulsory
Share Linkage
  • Borrower must have Bank share Linkage @ 1% of the  sanctioned loan  amount.
Repayment period 
  • Maximum up to 120 months.
Rate of Interest 12.50%
Security  Prime:
  • Simple mortgage of self occupied title cleared property of the applicant himself.

Collateral:
  • Third party guarantee of two personal guarantors having good Credit worthiness and  financially sound and member of the   bank.