Mortgage Term Loan/Overdraft Against
Property Back

Purpose
For purchase of equipments, appliances, required for profession
For purchase /repairs / Renovation of Shop / Office Block

  • Eligibility
    • Term loan against mortgage of property for any personal/ business purpose
  • Documents Required
    • KYC documents
    • Original title deeds / sale deed of the plot / flat
    • Latest copy of city survey record
    • Copy of sanction plan (corporation / NIT)
    • Latest corporation tax paid receipt
    • Copy of Deed of declaration (in case of flat)
    • Income proof
    • Certified copy of latest salary receipt for 3 months. (in case of salaried person)
    • Other relevant applicable documents.
  • Rate of Interest
  • Extent of loan
    • Term loan: To the maximum extent of five times of the annual income OR 50% of the value of mortgaged property, whichever is less, subject to repayment capacity of the Borrower and maximum upto banks exposure limit.
    • Overdraft: To the maximum extent of five times of the annual income OR 75% of the value of mortgaged property, whichever is less, subject to repayment capacity of the Borrower and maximum upto banks exposure limit.
  • Repayment
    • Facility can be sanctioned / operated as Term Loan or Overdraft or as per the requirement and/or as per sanctioned terms.
    • Overdraft - shall be renewed, every year, subject to satisfactory performance/ submission of financial papers, etc.
    • Term Loan - Maximum upto 7 years in monthly equated installments.
  • Security
    • • Registered / equitable mortgage of the immoveable property
      • preferably a constructed residential or commercial property.
      • Open NA plots duly fenced can be accepted in exceptional meritorious cases
    • • Guarantee from two suitable guarantors having good means / net worth.
  • Loan Charges
    • Processing / Scrutiny Charges : 1.15% of the loan amount or as per the sanctioned terms.
    • Share linking - Borrower will be required to purchase the shares of the Bank (as per sanction terms)
Other Loans facilities

172, Shraddhanand Peth,
South Ambazari Road,
Nagpur-440010
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0712 - 2221120, 2221686
+91 9158884855,
+91 9158884844, +91 9158884845
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