• Salaried Employees / Professional, Self Employed & Others who are income tax assesse for last 3 years.
• Age : Minimum - 21 years
• Maximum - 60 years
• (The customer age + Overdraft / Loan tenure should not exceed -65- years).
• Minimum gross annual : Rs 60,000/- income.

• Rate of Interest

Type of Facility

• Overdraft / Term Loan

Limit

Maximum Limits will be based on the Area / Location where property proposed to be mortgaged, is Situated (irrespective of the classification of the financing branch) as under :
Minimum limit : Rs. 1.00 lac

Income Criteria

Repayment Capacity

Total deductions including EMI for proposed loan should not exceed as given below:

• For salaried persons
• 50 % for monthly income up to Rs. 75,000/- p.m.
• 60 % for monthly income from Rs. 75,000/- p.m. but less than Rs.3,00,000/- p.m.
• 70 % for monthly income from Rs.3,00,000/- p.m. but less than Rs.2,00,000/- p.m.
• For Non- salaried persons including farmers
• 60 % for Net Annual income up to Rs. 6,00,000/- p.a.
• 70 % for Net Annual income above Rs. 6,00,000/- p.a. up to Rs. 12,00,000/- p.a.
• 80 % for Net Annual income above Rs. 12,00,000/- p.a.

Margin

• 40% of the Realizable value (as per valuation report) of the property to be mortgaged.

Limit as per valuation criteria

• 60 % of the Realizable value (as per valuation report) of the property to be mortgaged.

Security

• Equitable / Legal mortgage of Un-encumbered residential or commercial property in the name of the applicant/s. Loan/Overdraft against Tenanted property should not be considered. Loan/Overdraft against Tenanted property should not be considered except in case where the property is given on lease to PSU, Reputed Govt. / Semi Govt. Enterprises, Large Corporates, Banks, Financial Institutions & Insurance companies. Equitable / Legal mortgage of Plot of Land allotted / purchased from any Development Authority.

Third Party Guarantee

• Up to Rs.10.00 lac : Personal guarantee may not be insisted upon.
• Over Rs.10.00 lac : Third party guarantee of an individual having adequate worth (MinimumTwo Guarantors).

Repayment Period

• Overdraft:
• The facility may be continued without any condition of reduction till the maximum age specified in the scheme i.e. -65- years, if desired by the borrower, subject to:
• Annual review & satisfactory conduct of the account.
• Minimum annual turnover in the account is at least 25 % of the limit.
• Wherever it is observed at the time of review that stipulation of annual turnover is not complied with, the limit should be reduced annually as under:
• Maximum period of overdraft : 10 years.
• Reduction in operative limit proportionately by end of each year, synchronizing with review of the account.
• Loan
• Maximum 84 months in equal monthly installments.(EMI).
• Maximum moratorium – 3 months.
• Interest to be recovered separately as & when applied in the account during moratorium period.

For Agriculturists – to be fixed as annual / Half yearly repayment for principal and interest considering the harvesting pattern and / or other sources of income.

Period of Facility

• For Term Loan :
• For Overdraft facility : 12 months subject to review.

Age of Building to be mortgaged

• The age of building should not exceed 25 years.

Insurance

• Insurance of the Property mortgaged (cost be borne by borrower) for full value excluding:
• Cost of Land in case of constructed property.
• The Plot of land.

Take over of mortgage loan accounts from other banks

• Mortgage loan taken from other banks/financial institutions can be taken over by the extant guidelines of the bank in respect of takeover of borrow accounts.

Penalty clause for Full Prepayment / Premature closure

• No penalty is payable on part pre-payment/Premature closure.

Credit Information Report

• Bank is authorized to make enquiries from any of the Credit Information Bureau and get the Credit Information Reports. Bank is also authorized to disclose from time to time any information relating to the loan to Credit Bureaus approved by Govt of India or Reserve Bank of India without any notice to the borrower.