Scheme seeks to provide finance against mortgage of immovable property situated in Metro/ Urban/ Semi Urban centres. The scheme is designed to offer instant solutions relating to business needs or for personal needs such as, children's higher education, travel, daughter's marriage, medical emergencies, etc. Loan is, however, not available for speculative purpose.

Purpose

For personal & business needs

Eligibility

• Employees of Central/ State Govt/ Schools/ Colleges/ Public Sector Undertakings (PSUs), Reputed Corporates and other intcome tax assesses who are below the age of 60 years
• Business Enterprises having a satisfactory track record of
  • 3 years of cash profit; and
  • Net profit in the immediately preceding financial year

Income Criterion

For Individuals

• Minimum net monthly salary/ net annual income of Rs.10,000/ Rs.1,20,000/- for salaried and for other income tax assesses respectively
• Net annual income should be double that of total EMIs for the year

For Business Enterprises

• Minimum net annual income/ profit of Rs.1,20,000/-
• Net income/ profit should be 1.5 times that of total EMIs for the year

Amount of loan

Term Loan & Overdraft

Minimum Loan:- Rs. 1 Lac
Maximum Loan:- Rs.100 Lacs

Security

Non-encumbered residential house/ flat or Commercial or Industrial property (in the shape of building/ industrial shed) - self occupied or vacant.

Rate of interest

Less than 3 years - BPLR + 1.75%

3 years and above - BPLR + 1.75% + 0.50% (Term Premia)

Repayment

• Loan together with interest is repayable in maximum 84 equal monthly installments or upto the age of 65 years which ever is earlier
• Overdraft facility is to be renewed/ reviewed annually

Upfront Fee (in case of Term Loan)

0.90% of the loan amount (subject to a maximum of Rs.45,000/-) + Service Tax & Education Cess

Processing Fee (in case of General Overdraft Limit)

Upto Rs. 25,000/- - NIL

Above Rs. 25,000/- & upto Rs. 2 Lac - Rs. 270/- + Service Tax & Education Cess

Above Rs. 2 Lac - Rs. 225/- per lac or part thereof + Service Tax & Education Cess

Documentation Charges

Rs.900/- + Service Tax & Education Cess