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mortgage-loan    MORTGAGE LOAN

PURPOSE

  • Personal needs such as marriages, higher education, business travel, medical emergencies or any unforeseen expenses
  • Secured overdraft may be allowed as liquidity finance
  • For taking benefit of lower interest rate, customers can also apply for takeover of existing mortgage loan/s from other Banks/FI

ELIGIBILITY

  • Indian citizen (both resident and non-resident) having regular source of income and owning non-agricultural (residential / commercial/industrial) property.
  • Minimum age - 18 years and maximum age - 75 years.
  • Individuals may apply singly or jointly with other eligible individuals.

QUANTUM OF LOAN

  • Minimum of Rs.5 Lakh
  • Maximum - Resident Indian - Rs.10 Crore and Non Resident Indians - Rs.5 Crore

MARGIN

  • 50% of the fair market value of the property mortgaged as per the latest valuation report.

NATURE OF FACILITY

  • Term Loan
  • Overdraft

REPAYMENT
Term loan:

  • The maximum repayment tenure will be lowest of the following three:
  • 15 years (180 months)
  • Residual period till the borrower attains the age of 75 years
  • 5 years prior to the residual life of the property

  • Overdraft:
  • Maximum tenor of 15 years (180 months)
  • The limit will reduce every month with fixed amount so as the total principal is repaid in the tenure of the loan
  • Interest will be calculated and debited every month on the basis of actual use of the limit and to be serviced monthly.
  • Account to be adjusted 5 years prior to the remaining life of the property

MORATORIUM

  • No moratorium allowed under the scheme

RATE OF INTEREST

  • Please click here to know our latest interest rates
  • Valuation / Legal / Stamp Duty / CERSAI / Memorandum registration charges as per actual.

PREPAYMENT PENALTY

  • There is NO prepayment penalty.

SECURITY

  • Residential / Commercial property, which is in the name of the borrower(s).
  • property should be located at metro/urban/Semi-urban areas coming within municipal limits only
  • All the co-owner(s) of the property need to join in as co-applicant(s).
  • Open Plot/Land not acceptable.

GUARANTEE

  • Third party guarantee is not mandatory for resident Indian.
  • Guarantee of a local resident Indian having means equivalent to that of the loan amount, is to be provided by the NRI applicant.

INSURANCE

  • Property should be comprehensively insured for an amount not less than the value of the property (less cost of land), covering all risks with Bank clause.

 

**Conditions Apply**

**Contact our nearest Branch for more details**