MORTGAGE LOAN

Features:

This loan is provided for working capital needs of business/trade/ industry and for repayment of private debts, purchase of sites/ construction of commercial buildings/complexes, etc,.

Eligibility:

• Applicant must be a Regular Member/Associate of the Bank with credibility,satisfactory credit worthiness and income.

• Must possess current/savings bank account which is KYC Norms.

• Must possess property in his/ her nearest’ relatives name (spouse/father/mother/son/un-married daughter)

• Must have completed minimum of 3 years of service if salaried employee.

• Professionals or businessmen should be within 60 years of age and have five years of standing in the profession or business.

• Maximum permissible age at the time of applying for loan is 55 years.

Quantum 0f Loan: 75 % of the property value or Rs.10 lakhs, whichever is least.

Processing fee: Rs. 500/- (Non refundable)

Interest Rate: As prescribed by the Board from time to time.

Tenure: Not Exceeding 60 Months.

Repayment Mode: In equal monthly installments with monthly interest or in equated

Monthly installments (though salary deduction in the case salaried persons)

Security: Immovable Property. Equitable Mortgage deed is to be registered at Applicant’s cost

Documents Required:

• Loan Application Form with passport size photograph.

• Loan Application dully filled and signed by the borrower and surety with income proof.

• Proof of Identity, Proof of residence,

• Proof of Business Address in respect of Business/Industry.

• Proof of Employment

• Salary Certificate

• Proof of other income like Rent, interest on investment, if any

• Income Tax / Wealth Tax (if applicable) Returns for the past 3 years

• Balance Sheet for the past three financial years in the case of Professionals, Businessmen and  Self employed persons. 

• Agreement of Sale / Title Deed such as sale deed, partition deed, gift deed, right relinquish deed, release deed or any other deed evidencing the conveyance of the property.
• Mother deeds relating to the property.
• Geological tree (Family tree)
• Approved Building Plan.
• Encumbrance for last 15 years.
• Proof of title in the Revenue Records such as khata extract.
• Tax paid receipts relating to the property to be mortgaged.
• Legal Opinion from Banks’ Advocate and Valuation of property from Banks’ Engineer at applicant’s cost.

Insurance: Insurance for full value of the property with Bank Clause against fire and other risks from the  approved Insurance company.

Release of Loan Amt:

• After execution of prescribed document by the borrower and creation of charge in favour of the Bank on the property security.