All Purpose Mortgage Loan

PurposeTo Meet the general needs of the customers without any restrictions. Some of the purposes are listed below.
1. Holding Stock, Receivables.
2. Acquisition of land, building for purpose of establishing business
3. Construction, renovation & up gradation of Offices, Business premises,Godowns etc.
4. Purchase of Equipment's, Furniture, Vehicles etc.
5. Meet working capital & general trade.
6. Consumption purpose & repayment of High cost unsecured loans.
Eligibility1.Employees of State, Central Governments, reputed institutions whose net monthly income is above Rs. 10,000/-.
2. In case of other than Salaried persons, minimum net annual income of Rs.1.00lakh.
3.Individuals, Proprietorship firms, Limited companies engaged in Trade & Service activity.
4.Professional & Self Employed persons.
5.Income Tax assesses.
6.Persons engaged in Agriculture & other activities
7. Age within 60 years.
8.Credit Scoring: Minimum 60 marks
Loan amount1. 36 times the net monthly income in case of salaried persons.
2. 3 times the net annual income in case of others.
Income proof should be obtained in all the cases.Amount will be subject to EMI/NMI norms as per bank's guidelines
Margin50% of Forced Sale Value as per loan policy guidelines as security
Other conditions1.The property should be valued by an Engineer on the panel of Valuers of the Bank.
2.The Branch Manager should inspect the property & be satisfied about the valuation of the property.
3. Upto date EC should be obtained at the time of releasing the loan.
4. Thereafter, EC should be obtained every year to ensure that no other charges are created on the property.
5. Genuineness of title, Value of the securities & ability to repay the EMIs should be the three essential criteria for considering
the loan.
6. Where Insurance is desired to be waived by the Borrower, an Insuranceindemnity will be obtained together with additional
security to the extent of 25% of the loan amount by way of Assignment of LIC Policy/Pledge of NSCs etc.