i. |
Eligibility |
- |
Any individual member of the Bank. |
ii. |
Type of Facility |
- |
Term Loans. |
iii. |
Limit |
- |
< Rs. 20.00 Lacs |
iv. |
Purpose |
- |
For repair, additions/alteration, renovation etc and any other legitimate requirement of funds except for speculative purpose subject to submission of documentary evidence for the same to the satisfaction of the bank. |
v. |
Margin |
- |
15% of the cost of repair, renovation etc. and suitable margin on the value of mortgaged property in other cases. |
vi |
Rate of Interest |
- |
As per Bank’s rules from time to time.
|
vii. |
Other Charges |
- |
As per Bank’s rules from time to time.
|
viii. |
Repayment |
- |
< 84 months subject to the condition that monthly instalment and other deductions of the respective borrower should not normally exceed 60% of the applicant’s monthly salary. |
ix. |
Security |
a.
b.
|
Mortgage of respective immovable property or any other property owned by the borrower or the surety.
Loans upto Rs. 1.00 lac may also be considered against the undertaking of the employer to ensure the repayment of the proposed loan by the borrower by way of attachment of his/her salary and other terminal benefits as required by the bank, in case of default.(Employer’s Consent Note) on merit of individual case. |
x. |
Sureties |
a) |
Minimum two sureties for a loan upto Rs. 1.00 Lac as per bank’s rules. |
|
|
b) |
Minimum three sureties for a loan above Rs. 1.00 Lac as per bank’s rules. |
xi. |
Other Conditions |
a) |
Borrower to submit the proof of his/her income and that of all the sureties. |
|
|
b) |
Estimate of cost of repair/renovation etc from a registered Architect to be submitted. |
