Mortgage Loan


PURPOSE:

For personal expenditure of varied needs like marriage, higher education, medical emergencies, business travel, unforeseen expenses or for any purpose except for financial speculation of any nature. Repayment of existing mortgage loan taken at higher interest rate from another bank/ FI (take over). One can avail Loan against property and meet such expenditure. Proposals from persons engaged in Real Estate Developments, Property Dealers/ Brokers/ Share/ Stock Brokers and persons engaged in any Speculative activity shall not be considered.

Type of Facility:

For salaried people, term loan facility is available For non-salaried people, term loan and secured overdraft facilities are available.

Eligibility:

Age : The age of an applicant should be 21 to 60 years in both the cases, salaried and non- salaried. Job experience : The individual, if salaried should have a job experience of at least 3 years in total. A salaried applicant with less than 3 years of job experience shall not be eligible. However the applicant if self employed should have been in his current business for at least 3 years or else a loan will not be allotted to the applicant. Annual income : The gross annual income of the individual whether salaried or self employed should be a minimum of Rs. 60,000/- per anum which means that a professional in his current job/ business must at least earn Rs. 5000/- per month and not lower than that. ?Indian National owing non agricultural (residential/ commercial/ individual) property. ?Applicant and Co-applicant should be filling Income Tax Return ?Individual, either singly or jointly with other family members viz. father, mother, son, unmarried daughter and/ or spouse, who have regular sources of income as co-applicants. ?All the owner(s) of the property have to join in as co-applicants. ?Siblings, i.e. brother-sister, brother-brother, sister-sister can be permitted as a applicant/ co-applicant subject to the property must be in the joint names of the siblings. ?The loan amount to be sanctioned varies depending on the applicants business profile. A salaried professional can avail loan of upto 36 times of his total monthly income, whereas a self employed professionals can avail loans upto 5 times the average of his last three years annual income.

Quantum of loan:

Minimum of Rs. 2.00 lakh Maximum of Rs. 50.00 lakh

Margin:

Maximum 50% on Realizable value of immovable properties based on valuation report.

Security:

Mortgage of immovable properties ?Residential property (House/ Flat) ?Commercial property (Building/ Land & Building) ?Plot of land (not agricultural land)

Repayment period :

?Term loan : 84 months ?Overdraft : 12 months subject to annual review ?The loan has to be repaid through EMIs. However the maximum number of EMIs for payback of the loan is set at 84 by the bank.

Insurance:

Property should be comprehensively insured for an amount not less than the value of the property, covering all risks with Bank clause.

Rate of interest and processing charges:

Rate of interest shall be @12.50% per anum. Processing charges of the loan amount maximum Rs. 10,000.00.

Others :

Valuation/ Legal/ Stamp Duty/Memorendum registration charges as per actuals. Land mortgaged to be within greater Guwahati. Land to be Miadi land and sketch map is required Non encumbrance certificate to be produced All expenses regarding valuation etc. to be borne by the applicant.