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Eligibility : |
- Individual with independent and assured net monthly income (NMI) of Rs. 5000/- and age is over 21 to 65 years.
- Agriculturist having 7 acre land with Net Annual Income (NAI) of Rs. 60,000/- and age is over 21 to 65 years.
(Base for NAI is last year's net profit from Agricultural operation).
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Rate Of Int :
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See the Rate
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Repayment Period :
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For applicants upto 45 years of age : Maximum of 20 years (inclusive of moratorium period, if any).
For applicants over 45 years of age : Maximum of 15 years (inclusive of moratorium period, if any).
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Proposal Processing Charge:
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At present it is 0.5 % of loan amount.
When borrower request for in-principle approval after receipt of an application and processing charge it should be given.
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Margin :
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- For purchase of existing or construction of
new house/flat, extension of existing house,
Furniture & Consumer durables - 15%
- For Repairing / Renovation -20%
- For Purchase a plot of land - 30%
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Max & Min Loan:
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Maximum: Rs. 35.00 lacs
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For borrowers over 21 to 45 years of age.
60 NMI or 5 NAI. - For borrowers over 45 years of age
48 NMI and 4 NAI
- Total deduction including installment of this loan should not exceed 60% of GMI.
- EMI/ NMI Ratio should not exceed 57.5 for A and 50% for B
as above.
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Moratotium : | - No moratorium period for purchase of existing house/flat/tenament etc.
- upto maximum 18 months for construction of new house/flat/Tenament and extension/repair/renovation of existing house.
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Inst Period :
| For Others: Repayment should be made by way of Equated Monthly Installments.
For Agriculturists:
Repayment should be made by way of Equated half yearly or Equated yearly installments coinciding with harvesting of crop
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Security : |
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Equitable Mortgage of Property
- Third party guarantee
- Post Dated Check
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