Individual: Income should be minimum Rs.1.20 Lacs per annum.
Joint Borrower: While computing quantum of loan in case of joint borrowers, income of all borrowers will be clubbed.
In case of firm/ Company, Net Cash generation (after adding back depreciation) is considered as income for calculation of loan amount and considering repayment capacity. However, the income will be taken as per audited balance sheet/ IT return of last financial year.
In case of firm, personal income of proprietor/ partners and in case of company personal income of Directors may be clubbed with the income of firm /Company if the source of income is different.
Minimum 21 years & maximum 70 years at the time of sanction of loan.
In case of Firms/ Companies/ Society/ Trust, it should be minimum five years old.
Eligibility (Nature of owned property)
Un encumbered Residential or Commercial Property free from all litigation (i.e. litigation with tenant or other occupant) in the name/s of borrower/s & situated at good residential or business centre will be covered in the Scheme. Property should be in the name of the proposed Borrower.
Loan will not be extended against property that have been developed / constructed for the purpose of sale.
Loan will not be extended against Agricultural Property.
Loan will not be extended against Partition Deed.
Open Land under this scheme can also be accepted on the condition that Land is identifiable, demarcated, situated in residential/ commercial area and easily marketable.
Any Purpose for meeting business/ personal needs but not for speculative Purpose. However, Loan / limit sanctioned to the companies / firms should be for existing business purpose only.
Loan Amount :
Minimum: Rs.5.00 Lac
Maximum: Rs 200.00* Lacs
For Salaried Persons: 36 times of monthly take home salary.
For others except agriculturist: 3 times of the net cash generation (after adding back depreciation) as per audited Bal. Sheet/ I.T Return of last Financial Year.
For Agriculturist: 3 times of the net annual income. The income will be assessed on the basis of value of produce less standard cost of production (as prescribed by NABARD/ DLCC from time to time) as per the cropping pattern adopted by the agriculturist.
Nature of Loan
Net monthly Income/Take Home Salary (taking in to account all existing & new deductions/EMI) should not be below 40% of the Gross Monthly Income/Salary.
50% of the valuation of property in case of Residential & Commercial Building.
60% of the valuation of property in case of open land.
Equitable Mortgage of Property against which loan is sanctioned.
Property to be mortgaged should be on first charge basis.
In case of credit facility in the name of firm/ company/ Trust/ society, personal guarantee of proprietor/ individual
major partners/ promoter directors/ Trustee/office bearer or authorized signatory to be obtained.
Maximum 108 Months (Equated Monthly Installment).
Repayment will start from next month of the date of disbursement.
Rate of interest
*Subject to change without prior notice.