Corp Mortgage Scheme
- Individuals in the age group of 18 - 65 years owning residential /Commercial property / Industrial property, land and/or building,
- NRI, Partnership Firms, Companies , HUF and Trusts are also eligible.
- Close relative/s may join as co applicant/s to supplement repayment capacity. However, maximum of two co- applicants can join to supplement repayment capacity
- In case of Firms/Companies/Trusts/HUF, Partners/Directors/ Trustees/Co- Parceners with regular & independent income may join as Co- applicants to supplement repayment capacity
- Cash accruals/Depreciation also may be added to income, in case of borrowers other than salaried class.
- Loan against third party property/property owned by sister/associate concerns is strictly NOT permitted.
- To meet personal expenses like marriage, medical, etc., & also for business requirements.
Minimum Loan Amount : Rs.2 lakh
Maximum Loan amount:
Port Town[other than Metro ] & Urban Centres
Semi Urban centres
The maximum loan amount shall not exceed 10 times of the Net annual Income.
Loan amount mentioned above shall be based on the location of the property
- 50% on immovable property.
- Mortgage of immovable property against which the loan is sought.
- Age of the building to be mortgaged shall not exceed 30 years. However, residual /balance life of the building shall be at least 5 years more than the repayment tenor.
- Third party guarantee is not mandatory
Rate of Interest
- Term loan is repayable within the maximum repayment period of 7 to 10 years.
- Running account facility is available for other than salaried class and repayable on demand subject to annual review/renewal.
- EMI/Notional interest of existing and proposed loans shall not exceed 50% to 70% of net income based on income of the borrowers.
- Repayment period shall not exceed retirement age of the borrower in case of salaried class and 70 years of age in case of other than salaried class.
Nature of facility
In the form of Running Account or Term Loan