Corp Professional - for acquiring Office premises by professionals
1. Purpose
| v | To finance acquisition of office premises for self occupation by the Registered Medical Practitioners, practicing Advocates, Chartered Accountants, Company Secretaries, consulting Engineers and Architects. |
| v | For purchase of ready built office premises/ premises under construction in commercial complexes/ independent building, construction of office premises in the land already owned. OR purchase of site and construction of office premises thereon. |
| v | Where loan is for purchase of site and construction of office premises, value of the land not to exceed 50% of the project cost. |
| v | Loan for purchase of office furniture & fixture, solar water/ electricity systems also considered for use at the office premises acquired under the Scheme. |
| v | Maximum age of the ready built property - 20 years. |
2. Eligibility
| v | Professionals, individually/ jointly or as a Partnership firm/ Company, having an established practice with a minimum experience of three years, in the age group of 25 to 65 years. |
| v | The applicant should be an Income Tax assessee with Minimum NET annual income of Rs. 1,50,000/- |
| v | The applicant not having any outstanding statutory dues. |
| v | Spouse having regular/independent income also can join as co applicant to supplement repayment capacity. |
| v | Businessmen not eligible for finance under this Scheme. |
3. Nature of facility
Loan in the form of Term Loan.
4. Quantum of Loan
Upto Rs. 100 lakh in Metro & Port-town, Rs. 50 lakh in Urban, Rs. 25 lakh in Semi-urban and Rs. 5 lakh in Rural places.
Loan amount as above is based on the location of the property and not category of the Branch.
5. Margin
| v | Uniform margin of 35% on cost of construction/purchase consideration [the agreement value inclusive of stamp duty/ registration, etc..] |
| v | 40 % for furniture and fixtures etc.. |
| v | Where loan is for purchase of site and construction of office premises, value of the land not to exceed 50% of the project cost. |
6. Rate of Interest
12.50% p.a. w.e.f. 02.08.2010
(Fixed rate option not available)
7. Security
Fully secured by Equitable Mortgage of Office Premises. Also, hypothecation of furniture & fixtures financed.
8. Guarantee
Third party guarantee not mandatory.
9. Repayment
| v | The loan is repayable in EMI , in maximum period of 10 years, including initial moratorium of upto 12 months. |
| v | Repayment capacity is based on DSCR, irrespective of loan amount. |
10. Processing Charges
0.75% of loan amount subject to a minimum of Rs. 5,000/-.
(Charges are inclusive of service tax).
11. Prepayment Charges- Nil-
12. Professionals
“Professionals” for the Scheme would mean and include:
Medical Practitioners, Chartered Accountants, Cost Accountants, Company Secretaries, Lawyers, Solicitors, Engineers, Architects, Surveyors, Construction Contractors, Management Consultants, Free-Lance accredited Journalists/Cameramen OR a person trained in any other art or craft who holds either a Degree OR Diploma from any institution established, aided or recognized by Government OR a person who is considered by the Bank as technically qualified OR skilled in the field in which he is engaged etc.
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