Loan Against Mortgage of Immovable Property


Purpose
  • Any bonafide purpose other than speculative
Age of applicant
  • Entry age is 18 years and exit age is 70 years
Eligibility
  • Salaried: Permanent employees of Govt. / Pvt. / Public Ltd companies with min. 3 years completed service
  • Others: Self employed / Professionals / Traders / Business men who are Income Tax Assessees
Income Criteria
  • Salaried:Minimun salary of 15000/-
  • Others: Installment should not exceed 50% of Net profit and Depreciation amount
  • Agric. Income to the extent declared in IT return or as per Tahasildar certificate. Spouse income can be added
Take Home Pay
  • 40% - 50%
Location of Property
  • Property should be in urban or semi urban area or situated in identified centres
Margin
  • 100%
Security
  • Mortgage of property should be in urban or semi urban area or situated in identified centres
  • In case of property is owned jointly all the joint owners have to apply for loan or one of them can avail loan with NOC from other co-owners and co-owners to offer personal guarantee
Security coverage
  • 200%
Maximum Loan
  • 100 Lakhs
Repayment
  • 84 EMIs - No holiday period
Rate of Interest
  • 12.85%
Guarantee
  • Suitable guarantee from acceptable persons
  • In case of joint property the guarantee of co-owner should be obtained
  • Guarantee by spouse of owner of property is compulsory
Designed by Yaswanth Gupta Bondada & Raghav Vellore