Loan against Self Occupied Property for Personal needs
Term Loan/OD Facility
- Individuals in the age group of 18 - 65 years owning Unencumbered self-occupied residential property/ commercial property /or building in his/her own name for a period not less than 1 year
- Permanent Employees of Central/ State Govt./ Public Sector Undertakings (PSUs) (including Schools/Colleges/ Educational Institutions), Reputed Companies /MNCs, Individual Businessmen, professionals and Self employed individuals having minimum 2 years standing.
- Loan against third party property, open Plot, Property on Rental is strictly prohibited.
- The loans should not be used for speculative purposes
Minimum Annual Income
- Rs.5.00 Lakh (Last 2 years Average income) - Minimum past 2 year
ITR/Form 16 is Mandatory.
- Close relative/s (son, daughter, sister, brother, along with the spouse)
may join as co applicant/s for supplementing repayment capacity.
However, maximum of two co- applicants can join to supplement
- Cash accruals/Depreciation also may be added to income, in case of
borrowers other than salaried class.
For meeting personal needs
- Based on repaying capacity and subject to the ceilings given below.
- Minimum :- Rs.2.00 lakh
- Properties located at Metros :- Rs. 3.00 Crore
- Properties located at other centres :- Rs.1.00 Crore
40% of the Realizable value of the property
Click here to view the Interest Rate
Maximum Repayment period of 7 years or on borrower reaching the age of 75
years whichever is earlier.
Should not exceed 60% of gross monthly salary/ gross annual income
Mortgage of the property
Processing fee @ 0.50 % and Document charges @ 0.10% on the loan amount