Corp Professional - for acquiring Office premises by professionals
1. Purpose
To finance acquisition of office premises for self occupation and Furniture and Fixtures required for the office premises purchased under the Scheme.
2. Eligibility
Registered Medical Practitioners, practising Advocates, Chartered Accountants, Company Secretaries, consulting Engineers and Architects, etc., individually/jointly or as a partnership firm, having an established practice with a minimum experience of three years, in the age group of 25 to 55 years. The applicant should be an Income Tax Assessee with a minimum annual gross income of Rs.1.50 lakhs.
3. Quantum
Upto Rs.50 lakhs in Metro, Rs.25 lakhs in Urban/Port-town, Rs.10 lakhs in Semi-urban and Rs.5 lakhs in Rural places. The maximum loan amount determined based on financial viability and income/ repayment capacity of the professional.
4. Margin
15% of purchase consideration [the agreement value inclusive of stamp duty/ registration] in case of purchase of ready built premises [age not more than 5 years]
25 % in case the premise is more than 5 years old.
40 % for furniture and fixtures.
5. Rate of Interest
12.00% p.a. w.e.f. 01.04.2009
6. Security
The loan should be fully secured by the Equitable Mortgage of the Office Premises. Hypothecation of the furniture & fixtures financed under the scheme.
7. Guarantee
Third party guarantee is not mandatory.
8. Repayment
The entire loan amount is repayable in Equated Monthly Instalments within 84 months, with an initial moratorium upto 12 months.
9. Processing Charges
0.75% of loan amount subject to a minimum of Rs.5,000/-.
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