To Meet the general needs of the salaried class without any restriction except speculative purpose.
Scheme Code
Scheme Code
GA231
Eligibility
Eligibility
Confirmed employees of State or Central Government or reputed Pubic Limited Companies with minimum completed service of two years.
Maximum age at the time of availing loan is 55 years.
Minimum net annual income of the applicants should be Rs.2,00,000/
Salary is to be credited to the account with our Bank with standing instruction mandate for payment of EMI. Five post-dated cheques should be obtained.
Where salary is not drawn through our Bank an irrevocable ECS mandate.
The property for which loan is to be sanctioned should be "A" Khata property.
Loan Amount
Loan Amount
Maximum 36 times the net monthly income
The loan amount will be determined by the EMI/NMI ratio.
Maximum EMI/NMI ratio can be 50%. Minimum net annual income of the applicants should be Rs.2,00,000/.
Margin
Margin
50% of the Forced Sale Value of the property offered as Security.
Repayment
Repayment
84 Months. The total repayment obligation towards Term Loans including the EMI for the APML should not exceed 50% of the net monthly income.
Security
Security
Simple/Equitable Mortgage of properties in Semi Urban, Urban & Metro centres followed by RMOTD.
Loan against vacant sites should not be sanctioned.
The property/ies should be Non-Agricultural property/ies and enforceable under SARFAESI Act. The property should be free from encumbrances.