Purpose

• Construction/ Purchase of commercial properties like shop /shop in a shopping complex/ multi storied housing complex/ line-houses/PGs/Studio’s etc.

Eligibility

• Individuals who are salaried / professionals/ SE & NP /NRI /pensioner / companies/ firms who have adequate repayment capacity supported by Proof Viz Salary slips/Form 16 and Income Tax Returns.
• Property proposed for mortgage to stand in the name of applicants.
• Existing customers having satisfactory track record with the company as well as new customers based on their credentials in the market.

Margin

• Not less than 30% of the value of the security as per valuation report given by the Company’s Panel Valuer and certified by the Branch Manager.
• For treatment of margin money, cost of land shall be the higher of the two, viz., actual registered value as per sale deed or 90% of the present guideline value as reported by the sub registrar or in the web.
• Borrower should bring a minimum margin of 15% towards construction cost out of the total margin of 30%. Interalia the land cost should not exceed 15% of the project cost. Whenever actual land cost exceeds 15% of the project cost, then a revised project cost to be arrived at with 15% towards land portion and loan amount to be decided accordingly.

Security

• Mortgage of the property being financed.

Rate of interest

• Prevailing card rate.

Repayment

• Up to 15 years.