Repayment Period : Monthly equated installment commencing from next month after
disbursement in case of term loan / Yearly renewal for Cash
Credit.
Loan Period : Maximum - 5 years.
Margin : 50% of property value.
Eligibility
(A) : Individual singly or jointly, Traders, Businessman, Self Employed
persons etc.
(B) : Permanent employee of reputed corporate/ institutions / Govt.
/ Semi Govt. Dept. having net income of Rs. 10,000/- per month
or more.
(C) : Traders, businessman, professional, Self employeed persons
having net income of Rs. 1 Lakh and more per annum.
(D) : Loan against mortage of immovable property situated in metro /
urban / semi-urban areas.
Quantum of Loan : Minimum limit Rs. 2.00 Lakhs
Maximum limit Rs. 10.00 Lakhs
Other Norms :
(A) : For Individual in Service
1 : Maximum 20 times of net monthly income .
2 : I.T. return copy.
3 : Minimum take home pay should be 40% of gross salary.
(B) : For Businessmen, Traders, Professionals or Self Employed.
1 : Income proof for last two years i.e.audited Balance sheet or I.T. return.
2 : Net income * 20 / 12 = eligible loan amount.
(C) : Rate of interest will be PLR + 1% or monthly rest or as decided
by the Bank from time to time.
(D) : Equitable / Registered Mortage of resedential flat, house or
Commercial property situated in metro / urban / semi-urban
areas .
(E) : One-third party guarantor acceptable to Bank.
