Term Loan against the Fixed Asset security-(TL against Property)

The said type of the  loan is very useful to those person having their owned residential/commercial immovable properties. Loan can be obtained for business/personal reasons (ex. Marriage, Picnic, for purchase of property, other  business purpose),however the loan should  be used for which the loan demanded by the borrower. The proof of the utilization of borrowed amount should be obtained.

Eligibility criteria of Customer:-

• Age Limit :- Maximum 60 Years.
• Term & Other conditions:-
• Security Margin:- Loan sanctioned maximum 60% of the value of security .
• Period of Loan:-Maximum 60 Months ,Repayment term:-  By Equated Monthly Installment .
• Security:- Insurance Policy, NSC, Govt. of India Gold Bonds assignments .Pledge of the gold ornaments  or by  making  the registered /equitable mortgage of the immovable property offered by the customer for the loan.
• Loan Limit:- Up to the maximum amount of bank single credit exposure limit (Depending upon the repayment capacity of the borrower).Debt Service Coverage Ratio must be less than
• 1.60 % of the security valuation offered by borrower for the loan.
• Processing Fees:- As per bank rule.
• Membership :-Borrower should be the regular member of the bank, Two creditworthy banks regular members must have taken as guarantor for the said type of loan.
• Linking Shares:-@ 2.50% of loan.
• Penalty/Commitment Charges:- Borrower must have to use at least three months the sanctioned amount of loan otherwise remaining interest for that period will be recovered .
• Interest Rate - Click Here 

Loan Documents required:-

• Loan Form with the 2 guarantors & their previous 2 years financials.
• Necessary Registration Certificate, permission letters for the borrowers  business/profession..
• Title Search & valuation report  of the security from the banks  empanelled  Advocate & valuer.
• KYC documents ,pass port size photographs of borrower & two guarantors (self attested)
• Income Tax /GST assessment orders of the borrower & two  guarantors ,credit report of the borrower.
• Property documents offered  as security to loan.
• Insurance policy of the security should be obtained in the joint name of the bank & borrower.
• Othe necessary document needed depending on the purpose of loan for which the loan demand made by the borrower.