Mortgage Loan / O.D.

Purpose of Loan       To meet Working capital Requirement or any purpose other than speculation / hoarding and dealers of real estate
Eligibility of borrower ·         Regular Income-Tax Return  for the last 3 years

·         Minimum Gross Annual Income up to Rs. 60000/-

·         Borrower age limit between 21 Years To 60 Years
Quantum of finance ·         Minimum Loan Amount : Rs. 1 Lacs

·         Maximum Loan Amount : Rs. 100 Lacs

( Depending upon Annual Income, Repayment Capacity and Distress Value  of Mortgage Property )
Share Linkage Borrower must Purchase Bank’s share @ 2.5% of the Loan Amount.
Repayment period  

–          Loan : 120 EMI

–          Overdraft : 12 months  subject to Annual  renewal  but maximum  period 10 years
Rate of Interest
Loan   Overdraft
11.50% Up to Rs.25.00 Lacs 11.50%
11.70% Above  Rs.25.00 Lacs To Rs. 100.00 Lacs 11.70%
Security ·         Prime: 
Equitable mortgage of Individual immovable Property.·         Collateral:
Personal guarantees of two financially sound guarantors having property value 1.5 times more than the Loan amount.
Documentation 1.       D.P. Note

2.       Letter of Instalment

3.       Acceptance Letter of Loan Amount

4.       Letter of consent

5.       Letter of Lien and set off

6.       Letter of Guarantee

7.       Equitable mortgage of immovable Property

8.       Security Cheques

9.       Letter of sanction duly acknowledged by the borrower and guarantors.