Home  |  Tenders/Auction  |  Careers  |  About us  
हिंदी    Feed     SiteMap  
   home > Products Palette
All products << back <<

Ind Mortgage
Purpose / ObjectiveAny purpose including repairs, renovation of buildings, marriage, education, household festivals / functions, Medical or any bankable purpose other than speculative.
EligibilitySalaried class:
* Permanent Employees of Central / State Govt. / Quasi Govt. Bodies / Public Limited Companies / reputed Private Limited Companies with clear record of paying timely salaries.
* Applicant should have minimum completed service of 3 years
* Employees of Indian Bank and other Banks (PSU / Private / Foreign / Co-op) are also eligible.
Others:
* Self employed / Professionals / Traders / Businessmen including HUF, Sole Proprietary concern, Firms and Limited companies are eligible based on their income level and cash flow.
* NRI customers are also included subject to the condition that the end use is for bankable purpose, as permitted by RBI.
Amount of LoanSalaried Class:
Minimum Rs.1.00 lakh;
Maximum: Rs.200.00 lakhs: if the property is situated in Tier I, Tier II and other specified cities
Maximum: Rs.100.00 lakhs: if the property is situated in all other cities
For Salaried Class - Eligible Loan Amount:
(i) Repayment period < = 60 months
Max: 36 times of Latest Gross Monthly Salary*
(ii) Repayment period > 60 Months
Max: 48 times of Latest Gross Monthly Salary*
*The latest Gross Monthly salary shall reflect the regular salary. Any special payments like arrears, other bunched receipts etc shall be excluded.
(ii) Pensioners:
Minimum Rs.1.00 lakh.
Maximum: Rs.100.00 lakhs: if the property is situated in Tier I, Tier II and other specified cities
Maximum: Rs.50.00 lakhs: if the property is situated in all other cities
(iii) Other Individuals (including Pensioners) – Eligible Loan Amount
(i) Repayment period < = 60 months
Max: 3 times of Annual Income
(ii) Repayment period > 60 Months
Max: 4 times of Annual Income
Annual Income means the Average Income for the last 3 years based on Audited Financial Data / ITAO. In these cases also exceptional / non-recurring items like “income / profit on account of sale of property / assets” etc shall be excluded to duly calculate the regular repayment capacity.
(iii) For Professional & Self- Employed / Sole-Proprietorship Concern / Other Individuals (excluding salaried class & Pensioners):
Minimum Rs.1.00 lakh
Maximum: Rs.500.00 lakhs: if the property is situated in Tier I, Tier II and other specified cities
Maximum: Rs.100.00 lakhs: if the property is situated in all other cities
Professional / Self- Employed & Business Class – Eligible Loan Amount:
(i) Repayment period < = 60 months
Max: 3 times of Annual Cash Profit ( PAT + Depreciation) *
(ii) Repayment period > 60 Months
Max: 4 times of Annual Cash Profit ( PAT + Depreciation) *
* Annual Cash Profit means the Average Cash Profit for the last 3 years based on Audited Financial Data / ITAO. Exceptional / non-recurring items like “income / profit on account of sale of property / assets” etc., shall be excluded to duly calculate the regular repayment capacity.
The borrower / borrowing firm shall also furnish Financial / Cash Flow projections covering the entire repayment period indicating availability of sufficient „Cash Profit? to service the entire repayment obligations, that is, existing obligations as well as the proposed EMI commitments.
For Business Class (Firms / Companies etc) - Eligible Loan Amount:
Minimum Rs.1.00 lakh
Maximum: Rs.1000.00 lakhs: if the property is situated in Tier I, Tier II and other specified cities
Maximum: Rs.200.00 lakhs: if the property is situated in all other cities
Income Criteria(i) Salaried Class:
Minimum monthly Gross Income of Rs.25000/-
Spouse income may be included for eligibility (regular & backed by income proof), in such cases Spouse shall join as Co-applicant.
Proof of income:
1. Latest Pay slip for last six months / Certificate from Employer
2. Latest Income Tax Form 16A / IT Returns / ITAO
3. Copy of Statement of account for a period of 6 months
(ii) P & SE, Other Individuals, Sole-proprietor & Other Business Class:
Minimum Annual Cash Profit (PAT + Depreciation) of Rs.3.00 lakhs OR Annual Taxable Income of Rs.3.00 lakhs based on latest ABS / ITAO.
Proof of Income:
1. Audited Balance Sheet for immediately preceding 3 years
2. Income Tax Returns for immediately preceding 3 years / ITAO
Age GroupSalaried Class Borrower:
Minimum entry level age: 18 years.
Exit Level age : 60 years (or date of retirement whichever is earlier)
P & SE / Other Individuals / Sole-proprietor:
This category includes individuals (not covered under other categories) also who have regular income through definite sources (that are verifiable & backed by income proof)
Minimum Entry level age : 18 years
Exit Level age : 70 years.
Pensioners:
Pensioners (who are drawing their pension through our branches) can be extended this mortgage loan facility based on their repayment capacity.
Margin40% of the Realisable Sale Value of the immovable property offered as security – if property is situated in Tier-I & II cities.
50% in case of properties situated in other places.
Processing fee1.178% on loan amount
Interest RatesPlease see the Lending Rates link on Bank website home page
RepaymentNot Exceeding 84 EMIs (No Holiday Period)
Prepayment charges* No pre-closure charges, if loan is closed out of own funds. * 2.30% on Balance outstanding or applicable Drawing Limit whichever is higher, if loan is closed by way of takeover by another Bank / Financial Institution
Security*Equitable Mortgage of Property offered as security.
*Equitable Mortgage to be registered (at Applicant’s cost) if there is a provision for the same in the State where property is located.
*Ind Mortgage Loan against Agricultural property or disputed property / property attached by Income Tax authorities not allowed.
*The property leased to Hospital, Nursing Homes, Old Age Homes, Orphanages, and Educational Institutions or to any other similar social sector infrastructure will not be accepted.
* CERSAI registration (at Applicant’s cost) to be done
(i) For Loans up to Rs 5 Lakhs - Rs 50 + ST
(II) For Loans above Rs 5 Lakhs – Rs 100 + ST
Documents to be submitted for processing the application1. Completed Application Form with passport size photograph.
2. Proof of Identity such as PAN Card / Voter’s ID/Passport/Driving License.
3. Proof of residence such as Recent Telephone Bill / Electricity Bill / Property Tax Receipt / Passport / Voter’s ID.
4. Proof of business address in respect of businessmen / industrialists.
5. Proof of Employment.
6. Salary Certificate.
7. Proof of other income like rent, interest on investment, if any.
8. Balance Sheet for the past three financial years in the case of Professionals, Businessmen & Self employed.
9. Income Tax / Wealth Tax (if applicable) Returns for the past 3 years.
10. Sale Deed.
11. Approved Building Plan.
12. Title Deed Documents for 30 years.
13. Proof of title in the Revenue Records. (Legal Opinion from Advocate & Valuation of property from Engineer will be arranged by Bank at applicant’s cost).
Property (offered as security) to be insured at borrower’s cost with Bank clause against fire, flood, earthquake, riot and other risks, which are normally covered by insurance companies.
Salient FeaturesAny bonafide purpose other than speculative purpose
InsuranceProperty (offered as security) to be insured at borrower’s cost with Bank clause against fire, flood, earthquake, riot and other risks, which are normally covered by insurance companies.



 
icon : Branch Network Branch Network
icon : Internet Banking Internet Banking
icon : ATM Network ATM Network
icon : IndPay Mobile Banking IndPay Mobile Banking
icon : Credit Cards Credit Card
icon :  Debit Cards Debit/ATM Card
icon : Prepaid Cards Prepaid Cards
  Newsroom  
 » Notifications
 » Deposit Rates
 » Lending Rates
 » Service Charges / Forex Rates
 Products Palette
 » Educational Loan
 Info
 » Basel-III Disclosures
 » Right to Information Act
 » Customer Centric Services
 » Best Practices Code
Home  |    Contact Us  |    Press-Release      Related Links       Downloads    IPV6    Disclaimer