Purpose – Loan against mortgage of immovable property located in urban/Semi-Urban Centres /Rural Areas
Eligibility – Employees of Central/State Govt./Schools/Colleges/Public Sector Undertakings (PSUs)/Reputed Corporates for meeting their personal needs; Business Enterprises for meeting their business needs; Schools/Educational Institutions provided the activity is commercially viable, cash flow is satisfactory and sufficient surplus is available for repayment of loan along with interest.
Extent Of Loan – Minimum loan Rs.1 lakh; Maximum loan Rs.25 lakhs
Security – Equitable mortgage of non-encumbered residential house/flat, commercial or industrial property (in the shape of building/Industrial Shed) situated in Urban/Semi-urban Centres and rural areas (duly approved by GM) in the name and possession of the borrower (including joint owners) i.e. either self-occupied or vacant. However, in the following cases advance may be granted to:
a) Sole-proprietorship firm against the immovable property owned by proprietor and occupied by proprietor/proprietorship firm.
b) Partnership firm against the immovable property owned by partner and occupied by same partner/partnership firm.
c) Closely held company against the immovable property owned by promoter Director and occupied by the same promoter director/ closely held Co. In such cases personal guarantee of Promoter Director be obtained. Etc.
Repayment – Loan amount in case of term loan is to be repaid in maximum 72 equal monthly installments