Loans
FINANCE AGAINST MORTGAGE

SALIENT FEATURES OF SCHEME FOR FINANCE AGAINST MORTGAGE OF IMMOVABLE PROPERTY

  1. PURPOSE

For Business & Personal needs (Borrower to disclose specific purpose of loan and also to

give undertaking that the loan shall not be used for speculative purposes.)

  1. ELIGIBILITY
    1. Personal Needs:

Employees of Central/ State Govt./Schools/Colleges/ Public Sector Undertakings (PSUs)/ Reputed Corporates and Other Income Tax Assesses including Professionally qualified Doctors, who are below the age of 65 years.

 

  1. Business Enterprise:

Customers with a satisfactory track record of three years (cash profits during last three years and net profit in the immediately preceding year)

 

  1. QUANTUM OF LOAN:
    1. For Personal needs:
  1. Minimum: Rs 2.00 lac
  2. Maximum: Rs 20.00 lac.

 

3.2 For Business needs :

(A) Minimum : Rs. 2.00 lac

(B) Maximum: Rs. 200.00 lac.

 

  1. Rate of Interest:-

OD/CC Limits and Loans repayable in less than 3 years

Loans repayable in 3 years and above

 

12.50% P.A.

13.50% P.A.

 

 

  1. Security

Loans/advances shall be sanctioned against the Equitable Mortgage of the nonencumbered residential House/Flat or commercial or industrial property (in the shape of building/ Industrial Shed) self occupied or vacant, having eligibility for coverage under SARFAESI Act

 

 

  1. REPAYMENT PERIOD:

Maximum 84 months

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