Loan Against Mortgage

Loan Against Mortgage

Eligibility and Purpose
Loan against mortgage of immovable property  will be allowed to individuals, business employee for meeting their business and personal needs.

Amount of Loan
   1. 25 times of net monthly income or Rs. 2.00 crore whichever is lower.
   2. Minimum loan amount in Rs.5 lacs
   3. Income of spouse and unmarried son/ daughter/ joint family members can be taken into consideration for  determining income criteria.    In such case, the facility should be allowed in joint names or against their guarantees
   4. Income of spouse can be taken into consideration for determining income criteria.

Interest Rate
competitive rate

Security
   1. Registered mortage of non-encumbered residential house/flat, commercial or industrial property in the name and possession of the borrower. The property should be of value equal to 200% of the loan amount. (Conatual to be not shared with other loans)

Repayment Period
   1. Incase of Term Loan

•  Loan amount together with interest is to be repaid in (60-120) equal monthly installments.
•  Repayable should be fixed on a realistic basis, which should not normally exceed 50% of gross income

   2. Incase of Overdraft

•  Where the limit is in the shape of overdraft, it should be renewed/reviewed annual

Insurance
The property should be insured for Fire, Riots and terrorism wherever required, against other appropriated hazard such as earthquake, flood, lighting etc. by the borrowers for the value or property.