Loan Against Property
Loan Against Property
| Sr. No. | Particulars | Loan Against Property | ||||||
|---|---|---|---|---|---|---|---|---|
| 1 | Eligibility |
|
||||||
| 2 | Loan amount |
|
||||||
| 3 | Purpose | Non-speculative purpose. | ||||||
| 4 | Maximum loan | Rs. 100 lakhs | ||||||
| 5 | Security | SARFAESI compliant security, 200% of loan as per realisable value. The proposed security should be non-encumbered; however, if the property is already charged to our Bank and the unencumbered portion is sufficient for the proposed loan, it can be accepted. |
||||||
| 6 | Linking share | 2.5% of sanction limit | ||||||
| 7 | Guarantor | Two guarantors acceptable to Bank (should be share holder of the Bank) | ||||||
| 8 | Repayment | In 84 EMIs. | ||||||
| 9 | Rate of interest | Base Rate (at present 9.75%) + 2.75% = effective rate, minimum 12.50% p.a., with monthly rests. | ||||||
| 10 | Type of loan | Term loan limit / transactional limit | ||||||
| 11 | Insurance | Insurance of immovable property for the tenor of the loan. | ||||||
| 12 | Processing fee | 0.50% of sanctioned limit + GST (maximum Rs. 1.00 lakh) | ||||||
| 13 | KYC | Mandatory for individual, firm, company, and guarantors also. | ||||||
| 14 | Other | Security valuation and search of the property should be obtained from the panel valuer and panel advocate. |