Loan for Commercial Property (LCP)

1.	Purpose	Construction/ Purchase of commercial properties like shop /shop in a shopping complex/ multi storied housing complex/ line-houses/PGs/Studio’s etc. Construction for Hospitals, schools, community hall, marriage or party hall is not a thrust area.
2	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 applicant/s. Existing customers having satisfactory track record with the company as well as new customers based on their credentials in the market.
3	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.
4	Security	Mortgage of the property being financed.
5	Rate of interest	Prevailing card rate.
6	Repayment	Up to 10 years.

Purpose