| Who can apply? |
| Business entities (Proprietorship / partnership / P.Ltd / Public Ltd companies ) engaged in construction/development of real estate projects. |
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| What should be the purpose? |
| Term Loan & Cash credit facility for completion of real estate development project. |
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| What type of facility can be granted ? |
| Term loan against land and structure thereupon & cash credit against hypothecation of fully paid stocks of building materials |
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| What will be rate of interest? |
| Cash credit : @15.00% p.a. (on monthly rest) Term Loan : @15.00% p.a.( on reducing balance ) |
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| What will be share linkage |
| 1% of loan sanctioned |
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| What will be the margin? |
| 40 % on stocks & 50% on Term Loan |
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| What will be the securities?. |
| Hypothecation of stocks of bldg, construction material and all receivable of the project and regd. mortgage of land & structure and adequate collateral securities. |
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| What will be the repayment term? |
| Cash credit shall be fully repaid after 6 months of moratorium or on completion of the project whichever is earlier. Term loan to be repaid by 18EMIs after moratorium Total period not to exceed 24 months |
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| What about guarantors? |
- Partners to give personal guarantee jointly & severally
- Two outside guarantors in addition
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| How to apply? |
- Application in prescribed format
- Address proof : Passport / telephone / electricity bill, Ration card / Voter identity card etc
- Identity proof : Passport/voter identity card/ PAN card telephone/electricity bill etc.
- Photographs of borrower & guarantors
- Audited Profit & Loss accounts & Balance sheet for last 3 years
- Income Tax Return/Assessment order for last 3 years
- Latest stock statement
- Development agreement, sanctioned plan, commencement certificate, title clearance, all other legal documents
- Regd Deed of partnership / Memorandum & Articles of Asscn ( Also copy of Form 32 if there is any change of Director )
- Copy of Board Resolution
- Search report / valuation report / marketability report
- Consent letter & financial papers of guarantors
- Past performance records
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| What about insurance? |
| The assets financed shall be fully insured with Bank clause |
| * The loans upto Rs. 5 lacs against immovable property accepted as Security, bank should create Equitable Mortgage instead of Registered Mortgage. |