In case you have own property and you need money for your personal or business need you can barrow money against your property under this schemes
Purpose – For Personal needs or for business purposes including balance takeover from other banks but nor for speculative purpose. Property as mortgage will be accepted only in the name of borrower/spouse/co-borrower.
Eligibility – Individuals up to the age of 60 yrs and 65 yrs in case of businessmen, employees in Government, semi Government, PSU very good private organizations, professionals or business enterprises, partnership firms etc.
Assessment of Eligibility – Four times of net yearly income/Profit as per ITR or 20% of Sales Turnover or 40% of value of land and 60% value of housing property whichever is lower, OD Limit on monthly reducing balance with yearly review (Max 84 months) or cash credit limit for 3 years with annual review.
Processing Fees – 1% of loan amount (Min Rs.500/Max Rs.10,000/-)
Share Money – 1% of Loan by the borrower and nominal by the guarantor.
Insurance – The property offered for mortgage will be insured for full value of loan amount with Bank’s Clause.
Rate of Interest – 14.00% per annum
Security – Equitable Mortgage of property (Other than Agricultural Land) with clear title & one guarantor acceptable to the Bank; Complete chain of title deeds in original will be required