V Mortgage

 

V-MORTGAGE – Loan against Property

1

Purpose

Loan for meeting genuine needs of varied purposes other than speculative purpose.

2

Eligibility

 

Age: Individuals aged between 21 years and 75 years.

Salaried / Professionals / Self – employed / Businessmen / Proprietary concern / partnership firms / LLPs / Companies also against the property owned by the proprietor, partners, directors individually or against the property/ies in the name of partnership firm/LLP/Company.

Applicant should have IT returns with minimum Rs.3.00 Lakhs for last 2 years.

3

Nature of facility

Term Loan

4

Quantum of Loan

Minimum :  Rs.5 lakhs Maximum : NO LIMIT

 

Assessment of finance

A) Salaried persons - 48 months gross salary based on average gross salary of immediately preceding 24 months.

B) Other than salaried class-48 times monthly average income of immediately preceding two years

Annual Gross salary/ income:  

Net take home salary/ income after servicing the existing & proposed loans

Upto Rs.20 lakhs 

 40%

Above Rs.20 lakhs upto and inclusive of Rs.50 lakhs

 30%

Above Rs.50 lakhs

 20%

5

Margin

30% on the value of the property

6

Rate of interest

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7

Guarantor

Personal guarantee to be obtained from persons acceptable to the Bank.

If the property is in joint name, the co-owner should be taken as co-applicant. If the income of the spouse is reckoned for computation of loan amount and repayment, the spouse to join as co-applicant.

8

Security

Mortgage of Self occupied non-agricultural/non-industrial tenant free commercial/residential property acceptable to the bank having clear marketable title.

9

Processing fees/other charges

Processing charges : 0.75%+ST

Documentation charges :

0.15%+ST Min.Rs.750+ST and Max. of Rs.30000+ST

Inspection charges:

i) Above Rs.5000/-and upto Rs.25000/-:Rs.100+ST per inspection.

ii)           Above Rs.25000/-and upto and inclusive of Rs.2.00 lakhs: Rs.200+ST per inspection.

iii)          Above Rs.2.00 lakhs: Rs.250 +ST per inspection or actual expenses whichever is higher. 

10

Repayment

Max 120 Months

11

Application with checklist

Click Here for Application Form

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