| 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) | |
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| 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. |
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| 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. |
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| 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. |
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| 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 | |