Corp Professional - for acquiring Office premises by professionals
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. |
|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.
|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
Please click here to download:
Fully secured by Equitable Mortgage of Office Premises. Also, hypothecation of furniture & fixtures financed.
Third party guarantee not mandatory.
|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/-.
Note : The charges are exclusive of applicable service tax
11. Prepayment Charges- Nil-
“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.
Corp Professional - On line Application- Click here
Please click here to download the Application Form:
Please click here for CHECK LIST:
Most Important terms & conditions: