|1.||Eligibility||Salaried person / Businessman / Self Business
|Maximum 50% of Net Salary per month, however it should be ensured that borrower leave sufficient money after deduction of installment for survival of family
50% of Average Net Income from last 3 years (net profit + depreciation). There should be profit in last 3 consecutive years. (information regarding other loans of the applicant should be examined)
Current income of Borrower / Co-borrower will be considered for repayment capacity. (No future / projected income will be considered)
|3.||Age||Maximum 53 yrs. for salaried persons
Maximum 55 yrs. for businessman
|4.||Maximum loan period||84 months (no moratorium period applicable)|
|5.||Rate of interest||
Loan up to 10 Lac interest rate is 13.5%, Penal interest: 2% of loan overdue amount.
Loan above 10 lac interest rate is 14%, Penal interest: 2% of loan overdue amount.
|6.||Security||(1) It should be within the Operating Area of the Bank.
(2) It may be rental or self used by the borrower.
(3) Property given as a security should be owned by the borrower.
(4) If the property given as a security is owned jointly then all owners should be taken as co-borrowers.
(5) Property should be marketable, sellable, realizable & accessible.
(6) All legal information regarding property given as a security should be confirmed & examined.
(7) margin will be 40% of valuation Guarantors: Two eligible guarantors
|7.||Insurance||Bank’s clause against fire, flood, earthquake, riot & other risk which are normally covered by insurance company|
8. In case of loans above ` 10.00 lacs to businessmen C.A. certificate of Net worth is compulsory.
9. The repayment capacity of borrower will be verified after studying the statements of the accounts for last 2 years in our Bank as well as other Banks.
10. Mortgage deed contains invariably the particulars of security including collateral security, loan sanction amt & details of surety.
11. Purpose of loan should be clearly mentioned in loan proposal.
12. Long term lease of MHADA property can bee taken as security on getting proper NOC from MHADA
|Name of the Scheme||Suvarnyug Property Mortgage Loan Scheme|
|Loan amt||Minimum above Rs. 25.00 lakhs &
maximum upto Rs. 50.00 lakhs
(As per repaymant capacity)
|Eligibility||Businessman (Business should be from last 3 years)|
|Processing Fees||As per rule|
|Type of Loan||Term Loan|
|Tenure||Max. 7 years|
|Guarantors||Two competent guarantors required
1) One guarantor should be with good Networth.
2) If borrower firm is partnership firm then personal guarantee of all partners should be taken.
3) If borrower firm is Private Ltd. Company then personal guarantee of all Directors should be taken.
|Shares||As per rule|
1) Property should be Residencial or Commercial.
2) Property given as a security should be owned by the borrower.
3) If the property given as a security is owned jointly then all owners should be taken as co-borrowers.
4) If the property is an inheritance / ancestral then the signature of all co-owners & heires should be taken on the Ragistered Mortgage.
5) Lease Property will not be taken as security.
|Valuation & Status of Property||Property should not be less than 25 years old & remaining life will be minimum 15 years necessary|
|Margin||40% of Valuation (60% of valuation loan will be sanctioned.|
|C. A. Credit Apprisal||As per Loan policy C. A Credit Apprisal is necessary for loan amt above Rs. 20 lakhs .|
|Loan Amt||a) 20% of Total Turnover or 3 times of Net Profit if Net Profit is less than Rs. 10 lakhs (Average net profit of previous 3 years will be considered & Repayment capacity will be considered) (Depreciation/Loan int will not added back)
b) 20% of Total Turnover or 4 Times of Net Profit if net profit is above Rs.10 lakhs. (Average net profit of previous 3 years will be considered & As per repayment capacity) ( Depreciation will not be considered & Loan int will not be added back.)
|Insurance||1) Property should be fully insured with Bank’s clause against fire, flood, earthquake, riot & other risk. (Premiuim should be paid by Borrower only.)
2) Life Insurance policy is necessary to the extent of Loan amt. (One Time Premium should be paid by Borrower.)
|Required Documents||1) Loan Proposal Application.
2) All Original Documents of Property.
3) Legal Opinion / Search Report / Valuation / C A Apprisal of Property.
4) Receipt of Latest Property Tax paid.
5) All other documents as per KYC Norms.