Mortgage-Loan Mortgage-Loan

All Purpose Mortgage Loan

To Meet the general needs of the customers without any restrictions.

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All Purpose Mortgage Loan

Purpose

To Meet the general needs of the customers without any restrictions. Some of the purposes are listed below.

  • Holding Stock, Receivables.
  • Acquisition of land, building for purpose of establishing business
  • Construction, renovation & up gradation of Offices, Business premises,Godowns etc.
  • Purchase of Equipment's, Furniture, Vehicles etc.
  • Meet working capital & general trade.
  • Consumption purpose & repayment of High cost unsecured loans.

Eligibility

  • Employees of State, Central Governments, reputed institutions whose net monthly income is above Rs. 10,000/-.
  • In case of other than Salaried persons, minimum net annual income of Rs.1.00lakh.
  • Individuals, Proprietorship firms, Limited companies engaged in Trade & Service activity.
  • Professional & Self Employed persons.
  • Income Tax assesses.
  • Persons engaged in Agriculture & other activities
  • Age within 60 years.
  • Credit Scoring: Minimum 60 marks

Loan amount

  • 36 times the net monthly income in case of salaried persons.
  • 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

Margin

50% of Forced Sale Value as per loan policy guidelines as security

Other conditions

  • The property should be valued by an Engineer on the panel of Valuers of the Bank.
  • The Branch Manager should inspect the property & be satisfied about the valuation of the property.
  • Upto date EC should be obtained at the time of releasing the loan.
  • Thereafter, EC should be obtained every year to ensure that no other charges are created on the property.
  • Genuineness of title, Value of the securities & ability to repay the EMIs should be the three essential criteria for considering the loan.
  • 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.

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