PURPOSE

Loan against Mortgage of immovable property in Urban and Semi urban centers for meeting business &/or personal needs.

ELIGIBILITY

Individuals/Business Enterprises having immovable property as above.

MINIMUM INCOME

Minimum Net annual Income Rs.200000/-only

MARGIN

NIL

NATURE OF LOAN & LOAN AMT.

MTL/Overdraft.

Minimum Rs.2 lac,Maximum Rs.10 lac. Total deductions including proposed Loan instalment should not be more than 50% of Gross income.

INTT. RATE

MTL – 12.5%p.a. [Qly Comp.]

O/D – 13% p.a. [Qly Comp.]

SECURITY

E.Mortgage of immovable property in the name & possession of the borrower valued at minimum 150% of Loan Amt.,in case of O/D 200%

REPAYMENT

T/L – 60 Equal Monthly instalments

O/D – Annually Renewal

UPFRONT FEE

0.60% of the loan amt.

DOCUMENTATION CHARGES

Rs.300/-

GENERAL

I] Adv. Cheques signed by the borrower alongwith the letter of deposit be obtained.

II] In case of loan for business purposes the same shall be over & above MPBF,as O/D Maxi.20%of Projected turnover or Rs.10lac WEL

III] Loan should not be allowed for speutative purposes

IV] Valuation of the I.P. will be done by approved valuer on the basis of rates notified by the Competent Authorities for the area

Ref.:-Cir. No.

05/06 dated 16.01.06