Purpose – To offer financial assistance for purchase or construction of shop, office or shed
Eligibility – Salaried, self employed or professional with repaying capacity
Margin – 30%
Rate of Interest – 13.5%
Duration – 84 months
Prepayment Charges – No prepayment charges similar to other personal loan offered by the bank
Documents –
- Allotment letter/Booking Agreement/Agreement to Sale
- Receipts of Payments made to builder
- No Objection letter from the Society/Landowner & Developers as per Format
- Share Certificate/Sale Deed/Registered Allotment Letter
- Possession Letter
- Charge noting letter from Society
- Sale Deed of the Land on which property is located
Other Conditions – The applicant borrower must open Saving Bank/Current Account and furnish all papers/ documents as per the bank’s requirements.
Mortgage of property offered as security should be completed before disbursement
The applicant borrower eligible as per byelaws (Residing/carrying on business within the area of operation of the bank) must apply for entrance fee of Rs.10/-. Upon sanction of the loan, shares up to 5% of the loan amount or Rs.1 Lakh, whichever is less must be acquired before disbursement of the loan etc.