Secured Loans to Individual Members

i.

Eligibility

–

Any individual member of the Bank.

ii.

Type of Facility

–

Term Loans.

iii.

Limit

–

Up to maximum of ` 25.00 lac subject to repaying capacity of the Borrower and also subject to the condition that it does not exceed 48 times of the monthly income of the borrower.

iv.

Purpose

  a.

For repair, additions/alteration, renovation etc. of   his/her own house or house in the name of  spouse/ father/mother or in the name of father/mother in  law in case of  married female members.

b.

Any other legitimate requirement of funds except for speculative purpose, like; marriage of dependents,   to meet expenses on medical treatment and/or education of dependents,  etc. 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

–

Maximum up to  84 equal monthly instalments with interest, including the period of moratorium if any,  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 ` 5.00 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

Two sureties of good means as per bank’s discretion.

xi.

Other Conditions

a)

Borrower to submit the proof of his/her  income like; Salary certificate/ Pay Slip  and/or Income Tax Return or Affidavit about his / her income, if the same is  below the taxable limit or copies of latest financial statements in case borrower is  in business or profession and that of all the sureties.

b)

Estimate of cost of repair/renovation etc. from a registered Architect to be submitted.