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Loan/overdraft against mortgage of property *
 
Who can apply?
Owners commercial /residential premises or one who can offer 3rd party assets as security
 
What should be  the purpose?
personal financial need or for business expansion
 
How much loan can be granted ?
Depending upon the purpose & end-use , maximum amount of loan/overdraft upto 65% of the market value if the property is upto 2 years old and upto 50% if the property is more than 2 years old.
What is rate of interest?
Loan : @13% to 16% p.a. on reducing balance Overdraft : 12.00% p.a.( on monthly rest)
 
What will be share linkage
1% of loan sanctioned
 
What will be the repayment period?
Loans : by 120 EMIs through PDCs/ECS Overdraft –yearly renewal
 
What will be the securities?
Regd mortgage of the property
 
What about guarantors?
 Two guarantors acceptable to Bank
 
How to apply?
  1. Application in prescribed format
  2. Address proof : Passport /telephone/electricity bill, Ration card/ Voter identity card etc
  3. Identity proof : Passport/voter identity card/ PAN card telephone/electricity bill etc.
  4. Photographs of borrower & guarantors  
  5. Audited Profit & Loss accounts & Balance sheet for last 3 years
  6. Income Tax Return/Assessment order for last 3 years   
  7. Valid Shop & Establishment Registration copy, Drug license, Tax registrations, rent paid receipts etc
  8. Regd Deed of partnership/Memorandum & Articles of Asscn ( Also copy of Form 32 if there is any change of Director)
  9. Copy of Board Resolution 
  10. Copy of registered sale agreement of the property to be mortgaged,
  11. Search report/ valuation report
  12. NOC from builder/Society, NOC from CIDCO
  13. share certificate
  14. Consent letter & financial papers of guarantors
  15. Position of Statutory dues
What about insurance?
The property shall be fully insured with Bank clause
 
How disbursement will be made?
By way of disbursement through the account of the borrower .
 
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