Commercial Housing Loan
Facility: Term Loan
Eligibility: Individuals, Firms, Private Limited/Limited Companies, Societies, Trusts.
Age of the borrower: Between 21 years to 60 years
Purpose:
For construction of Commercial Building/Offices or for purchase of existing Commercial Houses, Flats for Self or for rental purpose.
Security :
Equitable Mortgage of House/Flat in urban areas unencumbered with clear title whose value should not be less than 200% of the loan amount (on completion).
Rate of Interest: 11.00% PA
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Loan Limit: Maximum Rs.500.00 Lacs
Interest method: Diminishing Method
Guarantor: Government Employee/ I.T Assessee
Repayment:
Repayable in 180 months from the date of completion of moratorium period or completion of building whichever is earlier.
Margin:
Margin should be invested by the borrower @ 40% of the total building cost and bank loan will be restricted to 60%.
Basic Documents:
» KYC documents of Borrowers and Guarantors.
» Copies of IT returns for last 3 years
» A/c statement for last one year.
» Title Deeds of the property offered as security.
» Other Documents As required.
Processing Fees: Nil
Terms & Conditions: As per Bank’s Loan Policy.