DENA BANK-MORTGAGE LOAN SCHEME

Make your idle property work for you

If you have free hold, un-encumbered, non-agricultural property, residential or commercial- you can fulfill all your needs with Dena Mortgage Loan. Be it to finance a marriage, higher education, a foreign trip or medical treatment.

You are eligible if:

You are 21 years of age.

· You are a salaried individual, professional, self-employed, agriculturist.

· You are an income tax assessee for at least 2 years.

· Your net monthly income is at least Rs. 12,000/-. Income of spouse (co-applicant) can be clubbed for enhanced eligibility.

Loan Amount:

· Minimum- Rs. 2 lakhs

· Upto- Rs. 100 lakhs

Margin:

50%

Rate of Interest:

Please Check out the Interest Rates Section to find latest Interest Rates applicable.

INTEREST CHARGED ON DAILY REDUCING BALANCE

Security:

Equitable mortgage of the property.

Process Fees:

1% of the sanctioned limit

Repayment:

Up to 120 EMIs.

The loan information is gathered from the bank's web site.

Photo Courtesy: Dena Bank.

CORPORATION BANK-MORTGAGE-LOAN AGAINST PROPERTY

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 .