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Products - Mortgage loan :
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Mortgage Loan provides the
owner of residential or commercial property to leverage on the value of the
property.
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Mortgage Loan is an easy
way to unlock the hidden value of your property. This multi-purpose loan,
make available funds at your disposal to use as you wish to utilize.
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Mortgage Loan is provided
for many personal requirements of the customer viz. emergent requirements
for Expansion of business, house hold activities, children’s tuition &
higher Education fees, religious ceremony, renovation of home etc.
Quantum of Loan :
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With Mortgage loan,
you can get a loan suited to your needs. The loan amount depends on your
repayment capability and is restricted to a maximum of 50% of the cost of
the property. Repayment capacity takes into consideration parameters such as
income, age, number of dependants, spouse's/Son's/Daughter in-law's income,
assets, liabilities, stability, continuity of occupation and savings history
etc.
Rate
of Interest :
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Fixed rate of Interest
@12% p.a.
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Interest levied on monthly
rest on reducing balance method and added to principal outstanding.
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Pre-closure charges @1% of
the outstanding loan balance.
Repayment Period :
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Maximum 10 years subject
to restriction of age of borrower/date of retirement
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Documents required along with duly completed Application Form.
Borrower related
document :
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Photograph - 3
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Photo Identity
Proof/Age Proof
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Signature
Verification Proof
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Residence Address
Proof.
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Income Proof Last
thee month’s Salary Slip/Copy of Form 16 in case salaried persons.
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Copy of last three
year’s income tax return along with computation of total income duly
by a CA.
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Nominal Member
Application along with nominal member fee as per bank’s norms.
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Bank Statement for
last six months of relevant account
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Repayment Track
record of existing loans / Loan closure letter
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Processing Fee
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KYC documents of
borrower(s) as well as Guarantor(s) - PAN Card, Aadhar Card,
Election ID Card, Photo Debit Card, Arms License, Ration Card of the
Applicant, Freedom Fighter Pass, Employer Identity Card, etc with
the condition that it must contain Name, Photograph and Signature of
holder.
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Advance EMI
cheque(s)
Property related document :
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Copy of title
documents viz. Sale Agreement, Registry, Allotment Letter/Lease deed
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Non-encumbrance
certificate.
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Valuation of the
property or letter of demand.
Loan Documentation :
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Loan Agreement on
stamp paper as per bank's norms.
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Guarantee deed on
stamp paper as per bank's norms.
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Power of attorney
on stamp paper as per bank's norms.
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Memorandum of
deposit of title deeds.
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Demand & time
Promissory notes.
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Letter of
continuity.
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Usance
Certificate.
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Letter of
undertaking in the prescribed format.
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Fixed Deposit
receipt as per bank's norms.
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