VIKAS ADHAR (MORTGAGE LOAN)

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