- For any purpose except for financial speculation of any nature. Proposals from Firms / Companies engaged in real Estate Developments ,Property Dealing / Broking ,Share / Stock Broking / any speculative activity should not be considered.
- Non individual Entities:
- Proprietorship Firm, Partnership Firm, Private Ltd. Company LLP.
- The Firm / Company should have been established in the line of activity for a minimum period of 3 years.
- Minimum turnover as per last audited balance sheet must be Rs. 1.00 crs.
- The Firm / Company must be profit making (Cash Profit ) for the last three years.
- HUF, Trust , Society & Public limited companies are not eligible.
Target group
- Non individual entities: Proprietorship Firm, Partnership Firm, Private Ltd. Company & LLP.
Type of Facility
- Term Loan/Overdraft
- In case of Overdraft, minimum annual turnover in the account should be at least 25% of the limit.
Limit
| Maximum Limit | |
|---|---|
| Rural Centers | Rs. 20.00 Lac |
| Semi-Urban Centers | Rs. 200.00 Lac |
| Urban Centers | Rs. 300.00 Lac |
| Metro Centers | Rs. 300.00 Lac |
Income Criteria
| Considering Gross Annual Income (GAI) | |
|---|---|
| GAI less than Rs.5,00,000/- | 5 times of GAI |
| GAI Rs.5,00,000/- and above but less than Rs. 8,00,000/- | 6 times of GAI |
| GAI Rs.8,00,000/- and above | 8 times of GAI |
Repaying capacity (FOIR - Fixed Obligation to Income Ration)
| GMI up to Rs. 75,000/- | 50% |
| GMI above Rs. 75,000 /- to Rs. 3.00 lacs | 60% |
| GMI above Rs. 3.00 lacs | 70% |
Margin
- 40% on Realizable Value of immovable Properties.
Security
- Mortgage of immovable Properties in the name of Form / Company or Proprietor / Partners / Promoter Director / Director/ Share older – (having shareholding 20% and above ) of the firm / Company and / or their relatives :
- Residential Property (House / Flat)
- Commercial Property (Building / Land & Building)
- Industrial Property (subject to availability of necessary approval for creation of E.M. from the respective authorities)
- Plot of Land (not agricultural land)
Repayment Period
- Term Loan : -120- months.
- Overdraft : -12- months , subject to annual review.
Prepayment Charges
- Pre payment within -24- months after initial sanction : 2%**
- Prepayment after -24- months after initial sanction : Nil
- ** Term Loan : Prepayment charges to be calculated based on scheduled amortization balance or outstanding balance , whichever is higher.
- ** Overdraft facility : Prepayment charges will be calculated on the sanctioned limit.
- For Overdraft facility : 12 months subject to review.
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.
Take over of mortgage loan accounts from other banks
- Mortgage Loan can be taken over from other banks / financial institutions by following the extant guidelines in respect of takeover of Borrowal accounts.
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.