Non Housing Loans

205-Mortgage Loan (ML) / Loan against property (LAP)

Mortgage Loan (ML) / Loan against property (LAP)



Brief Terms & Conditions at a glance

1.

Purpose of Loan

  General

2

Who is eligible

All individuals who are salaried/professionals/businessmen/self-employed/NRI/Pensioners who have adequate repayment capacity

3

Quantum of loan

50% to 60% of the value of the security as per the valuation report given by the company's panel valuer and subject to repayment capacity and net take home.

4

Repayment period

Up to 10 years.  In deserving cases up to 15 years depending upon case to case basis.

5

Interest rate applicable

Floating rate of interest applicable as given below:
12.75% to 13.75%

6

Disbursement

In one lump sum.

7

Property insurance

Property mortgaged to be insured compulsorily.

8

Security for the loan

Equitable mortgage of the propertybeing financed.

9

Collateral security

Depends up on case to case basis.

10

Stamp duty

As laid down in The State Stamp Act of the respective state government.

Note: For details regarding Processing charges, other charges and other Compliances, please contact your nearest branch.



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