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Commercial Property Loan

Eligibility:

  1. Individual who are salaried employees having minimum net salary of Rs.25000/- p.m.
  2. Professional, Self-Employed  and others having gross cash accruals of Rs.15000/- p.a. for atleast 3 years continuously
  3. Proprietorship / partnership Firms / Limited Liability Partnership / Pvt. Ltd. Cos./ Ltd. Cos. carrying on small business / Retail Trade / rendering specialized services having gross cash accruals of Rs. 150000/- p.a. These unit/s are in operation for last 3 years and making cash profit for last 2 years, at the above level.


Limit of loan:

Term Loan for Purchase of Commercial Asset: Up to Rs. 1000.00 lakhs


Basis of Advance

Term Loan for purchase of commercial asset up to Rs.500 lakhs:

 1) For salaried Individuals:
     a) 25 times of net salary in case of salaried person
     b) 70% of Realisable Value as per valuation done by Bank's approved valuer
     c) For purchase of commercial property: 80% of agreement value.

(a), (b), or (c) whichever is less.

Note: If property to be purchased is less than 3 years old - Criteria No.
(b) can be ruled off.

2) For non-salaried individuals: 
    a) For 5 times of Gross cash Accruals (Average of last 3 years or latest audited Gross cash accruals)
    b) 70% of Realisable value as per valuation done by Bank's approved valuer
    c) For purchase of commercial property: 80% of agreement value.

(a), (b), or (c) whichever is less.

Note: If property to be purchased is less than 3 years old - Criteria No. (b) can be ruled off.

C) For other purpose above Rs.500 lakhs ( Term Loan for Purchase of Commercial Assets):
Assessment to be made as a regular term loan/s limit on the basis of  DSCR

Repayment Period

Term Loan for purchase of commercial assets: 10 Years


Rate of Interest: w.e.f 01.09.2023

Floating PLR - 4.75% = 09.75% p.a.

Processing Fee:

0.25% of loan amount.

Shareholding:

2.50% of loan amount, Maximum Rs. 25000/-


Security:

  1. Mortgage of property

Documentation:

  1. Audited Financial statement for minimum last 3 years
  2. ITR with computation of income for at least last 3 years
  3. Bank Account statement for last 6 months.
  4. Documents for creating mortgage as per list provided by bank
  5. Self- Declaration for Asset Liability to be obtained duly verified by branch



MRTI / Credit Linked Health Plan (CLHP):

  1. MRTI / CLHP to be obtained in cases where the applicant is individual/ proprietary concern.


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