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Mortguage Loan
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Eligibility
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Member of the Bank
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Area of Operation
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Bangalore Urban District as per byelaws
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Number of sureties required
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One (Surety should compulsorily be a member of our bank)
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Documents required: As applicable to security offered
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1.
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Photo of Applicants and Surety
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2.
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Latest IT Returns of Applicants and Surety - for 3 years
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3.
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Sale deed with all relevant previous documents dating to mother deed.
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4.
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Khatha Certificate and Extract ( if A Khatha), Khatha Certificate for B Khatha
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5.
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Up to date Encumbrance – Minimum 15 Years
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6.
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Up to Date Tax Paid Receipts-Minimum 3 years
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7. |
8.
Approved House Plan for A Khatha, Engineers plan for B Khatha
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8.
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Other relevant documents as per legal opinion and Board
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Maximum limit
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Rs.2.50 Crore |
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Bank rule and other information for above loan
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| 1.
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Rate of Interest – 11.00% PA
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| 2.
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Period of Loan – 240 Months
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| 3.
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Interest Calculation Method – Reducing and 2% penal interest on due amount
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| 4.
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Legal and Valuation Charges as per actual
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| 5.
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Processing Charges is 1% of loan amount or max of Rs.5000/-(including
GST)
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| 6.
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Maximum Loan Amount Rs.2 crore or 75 % of S.R. Value whichever is
lower.
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| 7.
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Loan Release Method –Single time release
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The above rules are subject to revision from time to time as per the directives
of Reserve Bank of India or as per the decision of the Board of Directors.
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Maximum limit
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Rs.2.00 Crore
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Margin
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75% of property value (SR value)
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Income Proof
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IT returns
Rental agreement (income proof).
The applicant should furnish full information about his source of income/ income
generating capacity along with documentary evidence to assess his repaying capacity.
Any other income proof acceptable to the Bank.
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