How to Get a Mortgage Loan | Mortgage Loan

Easy to avail loan against mortgage of residential house/ flat / commercial property.
Competitive interest rate.
Flexible loan repayment tenure.
Minimum documentation.
No Prepayment penalty.

Individual Customers
- who have satisfactory dealings with our Bank.
- Minimum age limit of the applicant: 18 years.
- May apply singly or jointly with other eligible individuals.
- New customers should be well introduced to the Bank with satisfactory OPL / market report on them.
NRI customers
- NRI customers can avail the loan with their resident close relatives as co-borrowers.
Employees of Bank
- Employees of Banks (PSU/ Private/ Foreign/ Co-Op banks) are also eligible.
Salaried Individuals
- The applicant has to produce documentary evidence regarding the Salary slips.
- The applicant should be in the employment for a minimum period of one year and confirmed in the service.
Other than Salaried Individuals
- The applicant has to produce documentary evidence regarding the annual income.
- The applicant/s should have been in the business /profession for the last minimum period of 3 years.
- The business account shall be exclusively maintained with our Bank and the entire business transactions / turnover shall be routed through our Bank.
No loans under the scheme to Companies/Firms/Business Establishments /Trusts / HUFs.

Loan can be availed by individuals for non-business purposes, any unforeseen expenses, urgent personal and medical needs etc.
Mortgage of residential house/ flat / commercial property in the name and possession of the borrower either self-occupied or vacant or fully/ partially tenanted are accepted as security.
Loan against Lease hold properties where lessor is Govt. authority and Leasehold rights permit mortgage, can also be permitted selectively.
Takeover of existing mortgage loan/s from other Banks/FI (Having satisfactory dealings with our Bank).
Loan Quantum*
- Upto 50% on the value of the property offered as security as per the valuation report of the banks panel-valuer.
- Rs. 7.50 Crores.
Salaried class :
- 96 times (For Low/Normal CRG grade customers) of last drawn monthly gross salary.
- 84 times (For Medium/High CRG grade customers) of last drawn monthly gross salary.
Non-Salaried Class :
- 8 times (For Low/Normal CRG grade customers) of cash accruals (Average of the last three preceding years annual cash accruals).
- 7 times (For Medium/High CRG grade customers) of cash accruals (Average of the last three preceding years annual cash accruals).

*whichever is less

Repayment tenure
- Maximum 180 months (as per the eligible norms).
Margin
- 50% of the value of security.
Security
- Equitable Mortgage of property acceptable to the Bank having clear marketable title.
- Minimum Value of the property should be 200% of loan amount.
Guarantee
- Personal Guarantee of spouse / legal heirs is to be mandatorily obtained.
Processing charges
- 0.50% of loan amount with a minimum of Rs.5000/-.
Documentation charges
- Rs.100/- per Lakh (Minimum of Rs. 1,000/- & Maximum of Rs. 25,000/-).

Stipulated Loan Application with 2 passport size photos of applicant /Co-applicants/ guarantor.
KYC documents of applicant /Co-applicants/ guarantor.
Proof of Identity
PAN CARD/Driver’s License/Voter ID /Passport/ Aadhar Card etc.
Proof of Residence
Driver’s License/Voter Id/Passport / Aadhar Card / Electricity Bill/Telephone Bill etc., /Business Proof related GST and others.
Salaried individuals
- Latest 6 months salary slips (including co-applicants).
- Proof of confirmed service : Form No.16 & ITR if any supported by Employee ID/Appointment Letter/ Confirmation in services evidencing duration of the employment/3 years IT Returns.
Business/Self-Employed individuals
- Balance Sheet and Profit & Loss account for past three assessment years.
- ITR filed for past three assessment years.
- Brief note on the nature of business.
- Proof of Business.
NRI applicants
- Copy of first 4 pages of passport and page with visa stamp, or IC/PIO card.
- Valid work permit.
- Copy of salary certificate duly attested by Indian Embassy/ Consulate/ Employer.
- Account statement/ passbook of overseas bank showing salary and savings.
- Notarized Power of Attorney, if applicant proposes to authorize a third party to execute the documents/ complete the mortgage formalities/ avail the loan instalments.
- Copy of the approved plan of building.
- Encumbrance Certificate for past 13 years.
- Khata Certificate/ Khata Extract.
- Upto date tax paid receipts of the property.
- Valuation report from Banks approved valuer.
Additional Documents in case of Takeover from Other Bank/ FI
- NOC from existing Banker regarding pre-closure.
- List of original documents held by Transferor Bank along with their attest copy.
- Copy of Sanction Letter.
- Statement of Loan Account from date of sanction.
- Any other documents as required by Bank.

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