Salaried (Net Take-home pay)	Non-Salaried (Gross Total Income)
Rs.50000.00 p.m	Rs.500000.00 p.a

PURPOSE:

• To provide loans to direct owners of the property to meet their personal expenses or for business needs. The fund should be utilized only for non – speculative purposes. End use declaration to be obtained confirming application of funds.

Criteria in consideration of CIC scores:

Name of the CIC	Minimum Score
Transunion CIBIL	750

LOAN QUANTUM:

• Maximum loan value upto Rs.7.50 crore.
• Quantum of loan is decided based on the Net salary income / Net annual income and repayment capacity of applicant(s) based on Fixed Obligation to Income Ratio (55%) and also based on the nature and value of the security offered.

Repayment period:

• The loan is to be repaid in Equated Monthly installments fixed by the bank with maximum of 84 months to 120 months. The repayment installment commences from the date specified in the sanction letter. The liability of the bank will be extinguished only when the outstanding in the loan account becomes Nil, on payment of residual amount, if any.

Prepayment penalty:

• Floating rates: There is no prepayment charges (or) takeover penalty levied if the loan is taken over by other Banks
• Fixed rate loans: There is no prepayment penalty if loan is repaid from established (own) sources. A takeover penalty of 2.00% over and above the card rate will be charges on the outstanding balance.

Security:

• Security offered should be first and exclusive equitable mortgage of non – encumbered / non - agricultural property (Industrial /commercial/ residential with superstructure) standing in the name of the borrower or in the joint names subject to availability of collateral coverage of not less than 120 %(Min).
• No funding against vacant land. Residual age of the building should be more than 15 years.

LTV

LTV	Residential - 80% Commercial - 75% Industrial - 65% (In case the property is put to use for both residential/ commercial then higher LTV is applicable )

INSURANCE:

• Property should be comprehensively insured for an amount not less than the value of the property(less cost of land)by covering all risks with Bank clause.
• Life of the borrower should be mandatory insured(mandatory) to safe guard their family members from unforeseen liability in case of any event of death of the borrower.

DISBURSEMENT:

The loan will be disbursed only on the following conditions:

• All the security documents prescribed have been executed by the borrower/ co-applicant(in any)
• A valid mortgage (equitable mortgage) has been created in favour if the Bank as per the laws of the State.
• All necessary statutory compliances are in place.