PROPERTY LOAN
A Property Loan is a secured loan where the borrower pledges their property, such as residential or commercial real estate, as collateral to obtain funds. The loan amount is based on the value of the property, with flexible repayment options and competitive interest rates. Property loans provide a reliable way to access funds, using real estate as security for the loan. This option is ideal for individuals or businesses needing financial support while leveraging their property.
Loan Schemes
| Period | Rate of Interest(%) | Scheme |
|---|---|---|
| 12 Months | 13 | RFPL 1 |
| 24 Months | 14 | RFPL 2 |
| 36 Months | 15 | RFPL 3 |
| 60 Months | 16 | RFPL 4 |
| 120 Months | 18 | RFPL 5 |
Documents Required
- Latest Photo
- Address Proof (Election ID/ Aadhaar/ Passport/ Driving License)
- ID Proof (PAN Card)
- Proof of Income
- Property-related documents
- Proof of business (for self-employed applicants)
- Account statements for the last 6 months
Pre Closure Conditions
- Pre closure below 12 months - No discount
- Pre closure above 12 months - 1/3rd of the future finance charges may be allowed as discount.
Terms & Conditions
- Maximum Loan period: 120 months
- Delayed payment charges at 2% per month on defaulted amount, for delayed days to be charged.
- Legal scrutiny charges to be collected.
- Collection charges at Rs.200/- to be collected from 3rd defaulted EMI onwards, where actual collection is involved.
- Incidental charges-postage, photostat, site inspection, valuation fee etc. to be collected.
- Maximum loan amount shall be confined to 60% of the property value.
- In addition to the borrower, there should be one guarantor for all proposals.
- The property should be valued by an outside valuer for proposal above 3 lakhs.
- In addition to the outside valuer all properties, irrespective of loan amount, has to be verified and valued by the concerned Branch Manager together with the nearby Branch Manager.
- The processing fees of 2% - 4% of the loan amount will be charged up on the various schemes.
CIN No. U65923KL2011PTC029718
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