Secured Loans to Individual Members

Term Loan Against Property

This scheme provides Term Loans to individual members of the Bank against property for their genuine non-speculative financial needs.

Eligibility

Any individual member of the Bank.

Type of Facility

Term Loans

Loan Limit

Up to the exposure limit of the Bank, subject to the borrower’s repaying capacity and not exceeding 48 times the borrower’s monthly income.

Purpose

Any legitimate requirement of funds, except for speculative purposes.

Margin

  • 15% of the cost of repair / renovation.
  • Suitable margin on the value of mortgaged property in other cases.

Rate of Interest

As per Bank’s rules from time to time.

Other Charges

As per Bank’s rules from time to time.

Repayment

Maximum up to 120 equal monthly instalments with interest (including moratorium, if any).

Monthly instalment + other deductions should not normally exceed 60% of the applicant’s monthly income.

Security

Mortgage of immovable property or any other property owned by the borrower or surety.

Sureties

Two sureties of good means, as per Bank’s discretion.

Other Conditions

  • Income Proof Required:
    • Salary Certificate / Pay Slip / ITR / Affidavit (if income is below taxable limit).
    • For business / profession: Latest Financial Statements.
    • Same income proof is required for all sureties.
  • Estimate of repair / renovation cost must be submitted from a registered Architect.