Corp Mortgage
1. Eligibility
Individuals in the age group of 18 - 60 years owning residential / commercial property [ land and/or building] and who are Income Tax Assessees.
In addition to Individuals, Proprietorship concerns, Partnership Firms & Companies may be considered for financing under the scheme, provided they are IT assessees. NRIs also may be financed under the scheme.
Salaried Persons with minimum net monthly income of Rs.20,000/- & others with minimum net annual income of Rs.2,50,000/- are eligible for loan under the scheme.
The income of close relative may be added, if he/she is a co-applicant. Where the property is in the name of a close relative, with/without income, he/she must join as co-applicant.
2. Purpose
To meet personal/domestic expenses & business requirements.
3. Nature of Facility
Loan shall be extended only as a running account in the form of Overdraft limit repayable on demand subjecct to annual review/renewal.
4. Loan Amount
Minimum loan under the scheme shall be Rs.2 lakhs per application
Maximum loan under the scheme shall be Rs.5 lakhs for Rural & Rs.10 lakhs for Semi Urban, & Rs.25 lakhs for Urban, Metro, & Port Town places.
The annual EMI (in respect of all loans including the proposed loan) shall not exceed 50% of Annual Net Income.
5. Margin
50% of the market value of the Property Mortgaged [As per the latest valuation report, not older than 6 month's, from the Approved Valuer of the Bank.]
6. Rate of Interest
For all tenors 14% p.a. with effect from 04.05.2009
7. Security
Equitable Mortgage of immovable property.
Note : In case the applicant or his/her spouse has availed housing loan with the Bank, continuing security of property already mortgaged shall be obtained by maintaining not less than 25% margin on the value of the house property for the outstanding balance in the Housing Loan and 50% towards proposed Corp Mortgage Loan.
8. Guarantee
Not Mandatory
9. Repayment
Loan shall be in the form of running account repayble on demand.
10. Service Charges
1.00% of the loan amount sanctioned .
14 comments:
very accurate information sir.very useful.In case , I find any adverse results, I will post it.
for futher information u can visit http://goo.gl/TsV16
Thanks for sharing this info.
The ideal loan against property can be found in discovering stability between your specifications and what the organization is providing. Loan against property attention levels differ from organization to organization with attractive rate of interest. By nearing several choices and evaluating their functions, we can create a better choice regarding which to select.
Hey…. I am much impressed from you works. Please gives related information time 2 time. So AllWealthDeals is a best and reputed loan provider in Delhi.
loan against property
Hi, I found your post really helpful loan against property in Gurgaon . It helped me all the way in completing my assignment, I am also giving a reference link of your blog in my case study. Thanks for posting such informative content. Keep posting.
Thanks for sharing the important information. Once you owned a property it pays you life time. Anyone who needed large amount of money for longer repayment period then loan against property would be much better option. Also you can use your property along with loan by repaying the monthly emi's. Easyloansindia is the best online loan provider in India, one can search and apply for any types of loans through their online application. Their website can provide you best option for Loan against property in India.
thanks for this posts...i found very helpful this blog..bt if u want to know more about this please visit: http://www.idbi.com/loan-against-property.asp
With the help of mortgage loanyou can fulfill your money requirement.
Hi, informative for Loan Against Property. Thanks for sharing.
Thank you for sharing such great information. It is informative, For More Details Visit: Loan against Property
Thank you for sharing such great information. It is informative, can you help me in finding out more detail on Loan against Property , i am interested and would like to know more about this field and wanted to understand the basics of Banking Services.
Thank you for sharing such great information. It is informative, For More Details Visit: http://www.idbi.com/loan-against-property.asp
Thank you so much for the informative article share with us
Loan Against Property
Mortgage Loan Software is very important when you are working in a mortgage industry. All the loan officers, mortgage brokers and loan processors need a way to organize and keep track of all their loans in their pipelines.
Thanks for sharing valuable Post Regarding Mortgage Loan it will help me . Can you help me to find out more details on loan against property.
Hi I like Your Blog. Your blog is really informative and helpful for all. Keep updating with newer post on Personal Loan For Aditi Technologies Employees.
Post a Comment