Purpose – To finance acquisition of office premises for self-occupation by /of the Registered Medical Practitioners, Practicing Advocated, chartered Accounts, Company Secretaries, Consulting Engineers and Architects.
Type of loan – Long Term
Eligibility – Professionals, Individual or jointly or a partnership firm having an established practice with a minimum experience of three years, in the age group of 25 to 55 years. The applicant shall be an income tax assessee with a minimum gross income of Rs.150000/- lakhs
Quantum of Loan – Rs. 500000/- in Semi Urban and Rs.200000/- in Rural Areas; the maximum loan amount determined shall be based on financial viability and income/repayment capacity of the professional.
Margin – 25% for purchase consideration ( the agreement value inclusive of stamp duty/registration) in case of purchase of ready built premises ( not older than 5 years) or construction of new premise 40% in case the premises is more than 5 years 40% for furniture and fixtures.
Security – the loan shall be fully secured by the EMG of the office premises and hypothecation of furniture and fixture financed under the scheme.
Third party guarantee is not mandatory, however, depending on the risk perception branch may stipulate third party guarantee
Repayment – The entire loan amount is to be repayable in EMG within 84 monthly, with initial RH up to 12 months
Others – The borrower shall not have any outstanding statutory dues. Businessmen are not eligible for finance under the scheme.