Purpose:
⇒ For house repair: estimation for house repair
⇒ Business purpose: Business development /site purchase
Eligibility
⇒ Salaried employees/ Professionals/ Self-employed
⇒ Loans can be applied by Individuals either solely or jointly
⇒ Total deduction including deductions of LAP (installment & interest) to be meet from firm/company’s net cash accruals
⇒ Repayment Period
♦ Upto 15 years (years at the discretion of the bank)
Security
⇒ Mortgage of the property. The property to be mortgaged should be in the name of the applicant or his/her spouse or close relative as per Section 6 of the Companies Act 1956 or persons representing relationship such as Firm / Proprietor, Partnership / Partners, Company / Directors. The person / entity in whose name the property to be mortgaged to either co-borrower or guarantor.
⇒ Two Surety required.
DOCUMENTS REQUIRED: - Udyam registration Copy Licence copy /Licence copy Gst registration
Processing fees - 1% service charges on Loan A/c +18% GST
Share holding - 2.5% of loan amount
