Purpose – To meet personal expenses like for marriage, medical, education etc
Nature of Facility – Demand loan/Term loan
Eligibility – Individuals in the age group of 18 to 60 years owning residential/commercial property (non agricultural land and /or building; Net monthly income of Rs.10000/- for salaries individuals and net annual income of Rs. 1,20,000/- for others;
The income of spouse/parents, close relatives (direct brothers/sisters) may be added, if he/she is a co applicant; the property should be in the name of spouse/parents/close relatives (direct brothers/sisters) with /without income, he /she must join as co applicant.
Income of the individual should be properly assessed before reaching the limit. For limits above Rs.2.50 lakhs Income tax Assessment /agricultural Income Assessment issued by Tahsildar should be obtained.
Quantum of Loan – Minimum Rs.50000/- and Maximum Rs. 5 lakhs; The maximum loan amount shall not exceed 5 times the Annual Income or Rs.5 lakhs, whichever is less.
Margin – 50% of the market value of the property Mortgaged (as per the latest valuation report, not older than 6 months from a qualified valuator)
Rate of Interest – As applicable from time to time
Insurance – Property to be insured for full value against all risks
Repayment – Within 84 months; In EMI/Quarterly/Half-yearly installments subject to closure of the loan before retirement of the applicant/s in case of salaried person
Service Charges – 0.5% of the loan amount