| Purpose |
- Loan against mortgage of immovable property located in urban centers will be allowed to Individuals / Business Enterprises for meeting their business and /or personal needs.
- Loan to firms engaged in Real Estate shall not be considered.
|
| Eligibility |
- Individuals / Business Enterprises for meeting their business and /or personal Needs
|
| Nature |
- Term Loan /Overdraft Loan
|
| Limit |
- Maximum 35 times of net monthly disposable income in case of Term Loan
- Maximum 40 times of net monthly disposable income in case of OD loan
- Maximum Rs 50.00 lac (In case of personal OD)
|
| Interest rate |
- Competitive rate (subject to change)
|
| Repayment |
- In case of Term Loan Repayment period maximum 10 years with disposable income at least double the installments of proposed loan.
- In case of Overdraft – OD shall be allowed only wherever supported by business for one year and renewed/reviewed on satisfactory performance.
|
| Security |
- 200% of the value of residential house/flat, commercial or industrial property
- Personal guarantee of person(s) acceptable to the Bank shall be obtained.
|
| Insurance |
- Comprehensive policy as per banks’ clause.
|
