What is Mortgage Loan?

Personal needs such as marriages, higher education, business travel, medical emergencies or any unforeseen expenses

Secured overdraft may be allowed as liquidity finance

For taking benefit of lower interest rate, customers can also apply for takeover of existing mortgage loan/s from another Banks/FI

Mortage Loan Eligibility

Indian citizen (both resident and non-resident) having regular source of income and owning non-agricultural (residential / commercial/industrial) property.

• Minimum age – 18 years and maximum age – 75 years.
• Individuals may apply singly or jointly with other eligible individuals.
• QUANTUM OF LOAN
• Minimum of Rs.5 Lakh
• Maximum – Resident Indian – Rs.10 Crore and Non-Resident Indians – Rs.5 Crore

Mortgage Loan Margin

50% of the fair market value of the property mortgaged as per the latest valuation report.

Nature of Facility

Term Loan

Overdraft

Repayment

Term loan:
The maximum repayment tenure will be lowest of the following three:

• 15 years (180 months)
• Residual period till the borrower attains the age of 75 years
• 5 years prior to the residual life of the property

Overdraft:
Maximum tenor of 15 years (180 months)
The limit will reduce every month with fixed amount so as the total principal is repaid in the tenure of the loan
Interest will be calculated and debited every month on the basis of actual use of the limit and to be serviced monthly.
Account to be adjusted 5 years prior to the remaining life of the property

Moratorium

No moratorium allowed under the scheme

Security

Residential / Commercial property, which is in the name of the borrower(s).
Property should be located at metro/urban/Semi-urban areas coming within municipal limits only
All the co-owner(s) of the property need to join in as co-applicant(s).
Open Plot/Land not acceptable.

Guarantee

Third party guarantee is not mandatory for resident Indian.
Guarantee of a local resident Indian having means equivalent to that of the loan amount, is to be provided by the NRI applicant.

Insurance

Property should be comprehensively insured for an amount not less than the value of the property (less cost of land), covering all risks with Bank clause.