Purpose of Loan: Loan against mortgage of property for business or personal use for a period which may be as much as 20 years.
Maximum Finance: Depends upon value of property and repaying capacity.
Rate of Interest: Presently, ranges between 12.75% and 16.75% depending upon quantum of finance and credit rating.
Processing Fee: 1.00%.
Security: Equitable mortgage of property being offered as security.
Max. Permissible bank finance:
Max. 70% of value of property, or
40% to 60% of net income can be accepted as EMI.
40% EMI if income is upto Rs. 3.0 lacs.
50% EMI if income is above Rs. 3.0 lacs but upto Rs. 7 lacs.
60% EMI if income exceeds Rs. 7 lacs.
Income of co-borrower may be clubbed to arrive at maximum permissible EMI.
If borrower is not an account holder with us, KYC documentation would be necessary.
3rd party guarantor acceptable to the bank.
All original title deeds of the property.
Income proof for the last 3 years.
Assets and Liability Statements.