Mortgage Loan

A multi-purpose loan that lets owners of residential or commercial property unlock its value for business expansion, household needs, education, ceremonies or home renovation.

Features

• Multi-purpose use of funds — business, household, education, ceremonies, renovation.
• Property (residential or commercial) held as security.

Interest Rate

• Fixed rate: 12% p.a., calculated on a monthly reducing balance.
• Pre-closure charge: 1% of the outstanding loan balance.

Loan Amount & Tenure

• Up to 50% of the property’s cost, subject to repayment capacity.
• Repayment up to a maximum of 10 years, subject to the borrower’s age / retirement date.

Eligibility

• Assessed on income, age, number of dependants, spouse’s / children’s income, assets, liabilities, occupational stability and savings history.

Margin / Security

• Mortgage of the property; title deeds, non-encumbrance certificate and property valuation required.

Documents Required

• Photographs, identity/address proof.
• Income proof: 3 months’ salary slips or 3 years’ ITR with CA computation.
• 6 months’ bank statements.
• KYC documents (PAN, debit card, etc.).
• Property title documents; loan agreement, guarantee deed, promissory notes.