Our easy mortgage loan can be availed based on collateral security of any marketable property owned by the loan applicant for any purpose. This scheme offers loans upto a maximum of Rs. 50 Lakhs either in the form of OD Limit / Term Loan or Combination of both with interest on diminishing balance. Repayment period under term loan can be selected upto 60 months.

Eligibility : Individual / Joint, Sole Proprietary Concerns, Partnership firms. The facility under the scheme shall not be extended to NBFC, Money Lenders, Private Bankers, Chit Fund Companies and Stock Brokers.

Loan Quantum : 50% of the value of easily saleable immovable property*. Either in the form of Over Draft Limit / Term Loan or Combination of Both: Up to a maximum of Rs. 50 Lakhs. (*) Valuation of property based on the Distressed Sale Value should be obtained from at least two approved valuers in addition to the independent valuation of the Manager. Panel Engineer’s Valuation or Manager’s Valuation whichever is lower will be taken in to account.

Repayment Capacity : The Sanctioning Authority shall ensure that the borrower has sufficient income to service the existing and proposed debt obligations by verifying the necessary documents./P>

Insurance : Insurance for the full market value of the property with the Bank Clause.

Penal Interest : Any irregularity or default in repayment will attract penal interest of 2.00% p.a. over and above the above rate of interest on the balance outstanding.

Documentation : Usual documents as per our Bank norms.

Submission of Stock Reports : Not Applicable.