Overview
Borrowers sometimes need funds faster than a fresh loan's usual documentation and processing time allows. To meet that need, the bank lends against immovable property already owned by the customer.
Eligibility
Individuals, professionals, self-employed persons, businessmen and industrialists — including proprietary concerns, partnership firms, and joint stock companies.
Income
Sufficient to comfortably repay the loan within the agreed period.
Loan Amount
Up to 2.5 times the applicant's annual income as per their Income Tax Returns.
Security
Mortgage of immovable property.
Guarantee
One or two solvent third-party guarantors.
Period of Loan
10 years for salaried persons; 7 years for others.