Purpose: This loan can be taken for personal purpose.
Eligibility: Any salaried individual can take this loan (businessman, employed, self employed or professional) on mortgage of property.
Margin: There is a margin of 20%.
Rate of Interest: The rate of interest is 10.5% per annum.
Repayment: Period of loan could be up to 5 years.
Documents Required:
- Ownership paper of property
- Proof of Ownership
- Latest 6 months Bank Statement (where salary/income is credited)
- Last 2 years ITR with computation of income / Certified Financials
- Proof of Turnover (Latest Sales / Service tax returns)
- Proof of Continuity current business or industries (IT Returns / Certificate of business continuity issued by the bank)
- Proof of Identity (any one)Passport / Driving License / Voters ID / PAN card / Photo Credit Card / Employee ID card
- Proof of Residence (any one) Ration Card / Utility bill / LIC Policy Receipt
- Proof of Office (any one) Lease deed / Utility bill / Municipal Tax receipt / title deed
- Proof of Qualification Highest Degree (for professionals and Government employees)
Other features: Nominal processing charges. There is no prepayment penalty just as in the case of the car loan.