This scheme provides loan facility against mortgage of property at the rate of interest fixed by the Bank. The scheme is for people engaged in trade, commerce & business and also professionals & self employed, Prop. Firm, partnership firms, companies, NRIs and individuals with sufficient repaying capacity including salaried people and agriculturists. The product provides an opportunity to customers to borrow against a fixed asset (mortgage of property) at a short notice without much paper work/attendant hassles.

Purpose

a. To meet the credit needs of trade, commercial activity, other general business, Profession as also for their bonafide requirements.

b. To meet marriage or medical or educational expenses of family members including near relatives.

c. To undertake repairs/renovation/extension to the residence/commercial property.

d. Purchase of consumer durables.

e. To purchase/construct house/flat, purchase of plot.

f. To purchase 2/4 wheeler / heavy vehicles.

g. For going on pilgrimage/tours/excursions, etc.

h. Repayment of existing loans from other Banks

Procedure

submit application with the following necessary documents

a. The original document of the properties

b. Back documents of the property or its duly attested copies

c. Possession certificate of the property

d. Encumbrance certificate of the property for the last preceding 14 years without any breaks

e. Revenue Tax receipts of the property containing the name of the applicant, extended of property,survey number of the property etc.

f. Purchase certificate issued by the revenue authorities(if found necessary)

g. Copy of the identity card as per the KYC norms.

h. Location map 

i. Income proof

• After verification the Branch will submit the application to HO with their recommendation.

• After getting legal opinion HO will sanction the loan and issue orders.

Charges and other costs

• The charges levied are forms, insurance, notice, legal fee, valuation charge and miscellaneous charges.

Period

• Upto 60 months

Eligible amount

• Maximum Rs. 50,00,000/-

• percentage of share linking is 2.5 %

Repayment

• Monthly instalment.

• Customers are free to repay part amount of loan and/or accrued interest thereon at anytime. Interest is calculated on daily product basis on the amount of loan outstanding at the end of the day.

Rate of interest

• To see the interest rate please visit the page of Interest rate in this site. The overdue interest rate is 3% .