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.