Loan against Mortgage (Flexi Loan)

Purpose

  • Loan against mortgage of immovable property located in urban centers will be allowed to Individuals / Business Enterprises for meeting their business and /or personal needs.
  • Loan to firms engaged in Real Estate shall not be considered.

Eligibility

  • Individuals / Business Enterprises for meeting their business and /or personal Needs

Nature

  • Term Loan /Overdraft Loan

Limit

  • Maximum 35  times of net monthly disposable income in case of Term Loan
  • Maximum 40 times of net monthly disposable income in case of OD loan 
  • Maximum Rs 50.00 lac (In case of personal OD)

Interest rate

  • Competitive rate (subject to change)

Repayment

  • In case of Term Loan Repayment period maximum 10 years with disposable income at least double the installments of proposed loan.
  • In case of Overdraft – OD shall be allowed only wherever supported by business for one year and renewed/reviewed on satisfactory performance.

Security

  • 200% of value of residential house/flat, commercial or industrial property
  • Personal guarantee of person(s) acceptable to the Bank shall be obtained.

Insurance

  • Comprehensive policy as per banks’ clause.