ALL PURPOSE PERSONAL LOAN

ALL PURPOSE PERSONAL LOAN SECURED BY IMMOVABLE PROPERTY
RATE OF INTEREST:

Upto 25 Lakh : 11% p.a.
25 Lakh and above : 12% p.a.
50 Lakh and above : 11.50% p.a.
1 Crore and above : 10.50% p.a.
3 Crore and above : 9.50% p.a.
4.5 Crore and above : 9% p.a.
6 Crore and above : 9% p.a.

ELIGIBILITY
  1. Individual should be an Income Tax assessee.
  2. Property should be preferably in the name of borrower. In case the property is in the name of father, mother or wife, the property holder should be co-borrower in the loan account.
  3. Property will be located in Delhi only.
  4. Purpose of loan – Business.
LOAN AMOUNT

50% of Market value of property (Board can extend limit amount to 70% considering merits of the case).

REPAYMENT

Loan to be repaid in 180 installments.If loan amount is Rs.5 crore or more, then it should be repaid in 240 installments. Loan should be repaid by the time owner attains the age of 80 years (If co-applicant’s legal heir age is less than 50 years) otherwise 70 years whichever is earlier. EMI should be 50% of monthly income of borrowers including co-borrowers. The Board in deserving cases can extend EMI up to 60% at it’s sole discretion.

SECURITY
  1. Personal surety of members.
  2. Registered Mortgage of property.
  3. Valuation of property from Govt. / Bank approved valuer with photograph of the property.
  4. Legal Report of Property from bank’s advocate along with 12 years search report from Registrar’s record.
INSURANCE

Property should be fully insured with all risks and should be in joint names of Bank and borrower.

NOTE: RATE OF INTEREST GIVEN ABOVE ARE SUBJECT TO CHANGE