PREMISES LOAN SCHEME FOR PRACTISING PROFESSIONALS - (VENTURE)

• Purpose
• Eligibility
• Quantum of loan
• Margin
• IIR
• Interest rate
• Repayment period of loan
• Security for the loan
• Front End Fee

PURPOSE

For construction / purchase / setting up / extension / renovation / furnishing / interior decoration of office / clinic / nursing home etc.

ELIGIBILITY

1. Only practising professionals, i.e., Doctors, Architects, Chartered Accountants, Company Secretaries etc. who have been regularly filing their Income Tax Returns for last two years are eligible to apply for a loan under the scheme.
2. Existing borrowers having satisfactory track record with the company and new customers based on their credentials in the market and who conform to the requirement under point 1 above will be eligible to apply for a loan under the scheme.
3. The applicant should be the owner of the premises.

QUANTUM OF LOAN

The minimum amount of loan under the scheme is Rs.2 lakhs and the maximum amount of loan is Rs.50 lakhs, subject to the repaying capacity of the applicant, the margin stipulation, IIR etc.

MARGIN

The margin for the loan will be not less than 25% of market value of the security as per the valuation report given by the Panel Valuer of the company and estimated cost of construction / extension / rénovation etc.

INSTALMENT-INCOME RATIO (IIR)

The maximum permissible IIR under the scheme is 40%.

INTEREST RATE

Interest rate Prevailing from time to time on monthly diminishing balance basis will be applicable.

Click here for latest Interest rates

REPAYMENT PERIOD OF THE LOAN

The loan together with interest is to be repaid within a maximum period of 10 years by way of Equated Monthly Installments.

SECURITY FOR THE LOAN WILL BE

• Equitable mortgage of the property to be financed .

• Wherever possible, hypothecation of assets , machinery etc., will also to be required.

• Third party guarantee of person/s of adequate networth acceptable to the company.

FRONT-END FEE

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