VIKAS ADHAR (MORTGAGE LOAN)
|Purpose||Any genuine business/personal credit requirements The borrowers who are existing customer of our Bank should have building constructed in a NA land in urban/semi-urban area within the Banks area of operation. (Only Open Site is not eligible for sanctioning loan under the scheme)|
|Location of the property||a) Building should be located in urban/semi-urban area within the Banks area of operation.
b) Urban Agglomerations & Rural Commercial Centers which are having all the potentiality & scope for further development like any other Urban / Semi-urban centers and having good marketability of NA property.
|Quantum of loan||Salaried: 60 times of monthly gross salary OR 5 times the average annual income based on IT Return for last 3 years filed in respective years or Form No.16 ( Salary Certificate) issued by the employer OR 50% of the value of the property whichever is less subject to cutback norms.
Non-Salaried: 5 times the average annual income based on IT Return for last 3 years filed in respective years OR 50% of the value of the property whichever is less subject to cutback norms.
Subject to the overall ceiling of Rs.100.00 lakh in respect of the property situated at Urban / Semi-urban area ,Rs.25.00 lakh in respect of the property situated at Urban Agglomeration,Rs.10.00 lakh in respect of property situated at Rural Commercial Centers.
|Income proof||Irrespective of loan amount, IT returns for the past three years filed in the respective assessment years.|
|Cutback||a. For Salaried person/s: 50% of the gross salary of the applicant/s.
b. For Non-salaried person/s & Agriculturists: 50% of the annual income of the applicant/s.
|Margin||50% of value of the property|
|Rate of Interest||Presently 13% p.a., irrespective of loan amount subject to change on revision|
|Repayment terms||Repayable in maximum of 84 EMI|
|Co-obligant/Surety||One credit worthy third party surety acceptable to the bank|