*Permanent Employees of Central / State Govt. / Quasi Govt. Bodies / Public Limited Companies / reputed Private Limited Companies with clear record of paying timely salaries.
*Applicant should have minimum completed service of 3 years.
*Should have / should open duly introduced account with us.
*Employees of Indian Bank and other Banks (PSU / Private / Foreign / Co-op) are also eligible.
*Self employed / Professionals / Traders / Businessmen including HUF, Sole Proprietary concern, Firms and Limited companies are eligible based on their income level and cash flow.
*NRI customers are also included subject to the condition that the end use is for bankable purpose, as permitted by RBI.
*Age criteria for individuals: Minimum entry level age: 18 years.
*Salaried Class individuals: Exit Level age : 60 years (or date of retirement)
*Other individuals: Exit Level age : 70 years|
|Amount of Loan||Maximum: Rs. 1000 lakhs*|
|Margin||Upto 40% of Realisable sale value of property offered as security where the property is situated in Tier I & II centres
Upto 50% in respect of properties situated in other than Tier I & II Centres|
|Processing fee||1.178% on loan amount|
|Interest Rates||Please see the Lending Rates link on Bank website home page|
|Repayment||Not Exceeding 84 EMIs (No Holiday Period)
|Prepayment charges||* No pre-closure charges, if loan is closed out of own funds.
* 2.25% on Balance outstanding or applicable Drawing Limit whichever is higher, if loan is closed by way of take over by another Bank / Financial Institution|
|Security||* Equitable Mortgage of Property offered as security. |
* Equitable Mortgage to be registered (at Applicant’s cost) if there is a provision for the same in the State where property is located.
* Ind Mortgage Loan against Agricultural property or disputed property / property attached by Income Tax authorities not allowed.
|Documents to be submitted for processing the application||1. Completed Application Form with passport size photograph. |
2. Proof of Identity such as PAN Card / Voter’s ID/Passport/Driving License.
3. Proof of residence such as Recent Telephone Bill / Electricity Bill / Property Tax Receipt / Passport / Voter’s ID.
4. Proof of business address in respect of businessmen / industrialists.
5. Proof of Employment.
6. Salary Certificate.
7. Proof of other income like rent, interest on investment, if any.
8. Balance Sheet for the past three financial years in the case of Professionals, Businessmen & Self employed.
9. Income Tax / Wealth Tax (if applicable) Returns for the past 3 years.
10. Sale Deed.
11. Approved Building Plan.
12. Title Deed Documents for 30 years.
13. Proof of title in the Revenue Records.
(Legal Opinion from Advocate & Valuation of property from Engineer will be arranged by Bank at applicant’s cost).
|Salient Features||Any bonafide purpose other than speculative purpose |
|Insurance||Property (offered as security) to be insured at borrower’s cost with Bank clause against fire, flood, earthquake, riot and other risks, which are normally covered by insurance companies.