Loan Against Property(LAP)

Mortgage Loans (ML)

1	Purpose	For meeting any genuine needs and purpose acceptable to the company and should not be for any speculative purpose.
2	Eligibility	Individuals who are salaried persons/ professionals/ businessmen /NRI /pensioner/ firms/ companies who have adequate repayment capacity supported by Proof Viz Salary slips/Form 16 and Income Tax Returns. Property (land& building) proposed for mortgage to stand in the name of applicant/s. Existing customers having satisfactory track record with the company as well as new customers based on their credentials in the market.
3	LTV	Up to 60% of market value of the property as per the valuation report given by the company’s panel valuer.
4	Security	Mortgage of the property being financed. Collateral on case-to-case basis.
5	Rate of interest	Prevailing card rate.
6	Repayment	Up to 10 years. In deserving cases up to 15 yrs. at the discretion of company.

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Purpose