Flexi LAP

Flexi LAP (Flexible Loan against Property) where sanctioned loan can be availed in tranches with enhancement facility apply-for-product-leads

1

Purpose

To meet genuine personal or business needs of individuals.

2

Eligibility

Individuals who are salaried / professionals/ SE & NP/NRI /pensioner/ firms/ companies who have adequate repayment capacity supported by Proof Viz Salary slips/Form 16 and Income Tax Returns.

3

Disbursement

  • In one lump sum or in tranches, within 6 months. If not availed/ fully availed within 6 months, unavailed limit to be cancelled.
  • Further disbursements in 13th month and 25th month as enhancement.
4

Security

  • EMT of the Residential / Commercial property.
  • Sites allotted by Govt/Govt Development Authorities like DDA /BDA etc., and sites in layouts developed by Hsg. Co. Op. Societies formed by Central/ State Govt. employees Association having the requisite civic approvals, where securities are perfect i.e., with final sale deed/conveyance deed.
5

Rate of interest

Prevailing card rate.

6

Repayment

Up to 20 years by way of EMI. If disbursed in tranches, full EMI to start from 3rd month.
7

Other conditions

If borrower wishes to avail additional amounts / already pre-paid amount, he may avail up to 110% of loan amount after 12th month by way of enhancement of loans .likewise up to 125% after 24 months.


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