Mortgage Loan

Salient Features This Scheme provides working capital needs of business/trade/ industry and for repayment of private debts, purchase of sites/construction of commercial buildings etc,.
Eligibility
  • Must be a regular member with satisfactory credit worthiness, credibility and income.
  • Must possess current/savings bank account which is KYC compliant.
  • Must possess property in his/ his nearest’ relatives name
  • Must have completed minimum of 3 years of service if salaried employee.
  • Must possess three standing in business/profession.
  • Professionals or business should be within 65 years of age and have five years standing in the profession or business.
  • Slum Clearance Board should have necessary government approval to seek financial assistance from the banks.
  • Maximum permissible age at the time of applying is 50 years & at the end of repayment period is 60 years in case of employees and the age shall not exceed 60 years in the case of retired persons or senior citizens.
Quantum of Loan Minimum of Rs. 1 Lakhs Maximum of Rs. 60 Lakhs.
Margin 50%
Processing fee 1.10 % on Loan amount (Non refundable) (to be remitted at the time of submission of application)
Interest Rates As prescribed by the Board
Tenure 120 months or As approved by the Board.
Repayment Mode In equal monthly installments with monthly interest or in equated monthly installments.
Security
  • Equitable Mortgage of immovable Property

Note: Equitable Mortgage to be registered at Applicant’s cost.
Documents Required
  • Prescribed Application Form with passport size photograph.
  • Proof of Identity such as PAN Card / Voter’s ID/Passport/Driving License.
  • Proof of residence such as Recent Telephone Bill / Electricity Bill / Property Tax Receipt / Passport / Voter’s ID
  • Proof of business address in respect of businessmen / industrialists.
  • Proof of Employment.
  • Salary Certificate.
  • Proof of other income like rent, interest on investment, if any.
  • Balance Sheet for the past three financial years in the case of Professionals, Businessmen & Self employed.
  • Income Tax / Wealth Tax (if applicable) Returns for the past 3 years
  • 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.
  • Genological 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 & 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
  • Execution of prescribed document by the borrower.
  • Creation of charge in favour of the Bank on security.
Method of release of the loan amt In one lump sum for purchase of building/site. In other cases the amount will be credited to the account..

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