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- applicantscan 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.
Purpose
To meet personal expenses like marriage, medical, etc., & also for business requirements.
Loan Amount
Minimum Loan Amount : Rs.2 lakh
Maximum Loan amount:
Metro
Rs.500 lakh
Port Town[other than Metro ] & Urban Centres
Rs.300 lakh
Semi Urban centres
Rs.25 lakh
Rural centres
Rs.10 lakh
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
Margin
50% on immovable property.
Security
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
Floating rate of interest is linked to the MCLR & subject to annual reset.
