Business/Mortgage Loans
- SME Loans
These are SME (Small and medium enterprises) loans provided to individuals for business enhancement purpose. The
customer has to provide the fully residential property and/or partly residential property as collateral to the loan.
Customers are eligible for a loan amount, up to a maximum of 60 % of the property value, subject to the credit
eligibility and technical valuation of the property, whichever is less.
- Loan Against Property (LAP)
These Loans are provided to individuals for Renovation/improvement/Furnishing of individual house. This is not
applicable for unapproved apartment construction. The customer has to provide the property, as collateral to the loan.
The land should be self-owned and property provided for this purpose shall be self-occupied and residential. Customers
are eligible for a loan amount, up to a maximum of 60 % of the property value as per technical valuation, subject to the
credit eligibility and technical valuation of the property, whichever is less
Quantum of Loan
The minimum loan amount is INR 5 lakhs and the maximum is INR 15 lakhs.
Eligibility
All salaried, self employed professionals and self employed non- professionals above 24 years of age and Resident of India and who are having a regular stream of income are eligible for Business/Mortgage loans. NRIS & PIOs are not eligible for Business/Mortgage loans.
Security
Self-occupied residential property bearing a clear title and free from all encumbrances.
Tenure of loan
Tenure of the loan will generally vary between 5 years and 15 years or till the age of retirement in case of the salaried class or till the attainment of 60 years in case of the others whichever is earlier.
Interest Rate
The Interest rate for Business/Mortgage loans will be in the range of 19.5% to 21.5% per annum.