Property Mortgage Loan/OD

To raise finance for business needs, working capital, purchase of commercial/residential premises, or personal requirements.

Interest RateAs per quantum of loan / policy fixed by the Board of Directors under the directives of the Reserve Bank of India from time to time.

Maximum AmountSubject to Bank's Exposure Limit

Maximum Tenure120 Months for Term Loan / 12 Months for Overdraft (renewable)

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Key Highlights

Finance for purchase of premises, business needs, and working capital

Term Loan up to 120 months or Overdraft up to 12 months, renewable

Margin: 40% of realizable value for existing property, 15% for new purchase

Hypothecation with first charge in favor of the Bank

Comprehensive insurance required on mortgaged property

Two personal sureties required; conditions as per eligibility

Banking association exclusive unless otherwise required

Penal charges of 2% p.a. on defaulted amount

Eligibility Criteria

Regular membership with 2.5% share linking as per RBI guidelines.

Borrower must have sufficient business income to service the loan / overdraft and pay monthly interest.

Borrower must have filed Income Tax Returns for the last three consecutive years or since business inception if less than three years.

Two personal sureties required; salaried employees with minimum net emoluments of ₹25000 per month, or business income of ₹4 Lakhs per annum. One surety may be acceptable if secured by collateral property.

Exclusive account operation with the Bank unless exceptional circumstances require otherwise.

Documents Required

Income proof of applicant and sureties

PAN Card copy of applicant and sureties

Balance Sheet, Profit & Loss account, and financial statements of the borrower

Computation of Income Statement

Property documents for mortgage

Valuation report for old property (if applicable)

Legal opinion and title search report

Memorandum & Articles of Association, Board Resolution (for companies)

Deed of Partnership with registration certificate (for partnership firms)

SSI / MSME Registration Certificate (if applicable)

Project report (if applicable)

Purpose proof

Business license

No Objection Certificate from existing financing banks (if applicable)

All KYC documents as per Bank policy

Security & Fees

Collateral / Security

Equitable Mortgage of commercial/residential property (Title Deed / Registered Mortgage Deed) with first charge in favor of the Bank. Full value insurance of property in joint name of Bank and Borrower required. Display of Bank's Mortgage Board at prominent place and free access for Bank inspection.

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Processing Fee

As per prescribed Bank's Service Charges

Check fees and charges

Visit the branch or call us for more details.