Loan Against Property

• Ideal use of idle property – Generate additional income from an otherwise idle property.
• Withdraw money as per your need and save on interest cost.
• Deposit surplus money / regular income / salary and save interest.
• Flexibility to withdraw money deposited earlier.
• Can be availed either as overdraft or demand loan as per your need.
• Competitive rate of Interest

Resident Individuals, Sole trader firm, Limited Company.

• Rate of Interest
• Processing Charges

PURPOSE

For any purpose except for financial speculation of any nature

ELIGIBILITY RESIDENT INDIVIDUALS

• Salaried/ Professionals/ self-employed/ Business persons/ Agriculturists employed/ engaged in business/ profession for a minimum period of 2 years.
• Minimum Gross Annual Income (average of Last 2 years) should be SCR 200000 including co-applicants whose income is considered for eligibility of limit.

CORPORATE

• Should be in the present line of activity for at least -1- year
• Should be profit making.

TYPE OF FACILITY

Term Loan/ Demand Loan / Overdraft

MARGIN

40% on Realizable Value of immovable properties

SECURITY

Mortgage of Immovable Properties:

• Residential Property (House / Flat)
• Commercial property (Building / Land & Building)
• Plot of Land

LIMIT

Minimum: SCR 50,000

Maximum: SCR 2 Million

REPAYMENT PERIOD

Term Loan: 120- Months

Overdraft: 12- Months; Subject to Annual Review

REPAYMENT CAPACITY: (FOR ALL CATEGORY BORROWERS)

For All category of borrowers, total deductions including proposed EMI should not exceed 60% of Gross monthly income.

INSPECTION

Bank will have the right to inspect the borrower’s property at all times.

LEGAL OPINION & VALUATION CHARGES

Title of the property proposed to be purchased is to be clear, absolutely unencumbered and marketable to the satisfaction of the Bank’s solicitor/ advocate. Title verification and Valuation of the property will be done by the empaneled advocate/ valuer of the Bank.

INSURANCE

Insurance of the property taken as security as per the valuation report for full value excluding cost of land. The charges to be borne by borrower/s.

RATE OF INTEREST & CHARGES

• Interest Rates & Charges
• Processing Charges