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Suvidha Loan 

Loan against mortgage of immovable property

FOR PERSONAL NEEDS SUCH AS MARRIAGE RELATED EXPENSES, FOREIGN TRAVEL, MEDICAL EXPENSES ETC..  

1. Nature of Loan : Term Loan

2. Purpose : Consumer needs – General Purpose Loan

3. Eligibility : Individuals who are :

1. Should be an existing customer(s) of the bank with a satisfactory track record of  more than one year.
2. employees of Government, Quasi Government, reputed companies/establishments.
3. Professionals, self employed and others who are income tax assesses.
4. Engaged in agricultural and allied activities.
5. Net monthly income of Rs.15,000 for salaried persons or net annual income of Rs.1,50,000 in the case of others.
6. The income of the spouse may be added if he/she is a co-borrower.

4. Age Limit : The age of the borrower should not exceed 60   years at the time of sanction.

5. Amount of Loan : 24 times the net monthly income for salaried persons or 2 times the net annual income in case of others.

Minimum Rs.50,000 -  Maximum 1 Crore

6. Security : Equitable mortgage of non encumbered Residential /Commercial property in the name and possession of the borrower/spouse/close relatives (provided the property holders become guarantors for the relative loan)

7. Margin : 40 % of the market value of the property.

8. Repayment : Equated monthly installments within a maximum period of 120 months with a check off facility in the case of salaried persons/84 months where check off facility is not available.

9. Interest    click here for interest rates

10. Processing Fee : 2% of the loan amount. Max Rs. 50,000/-

11. Insurance : The property being mortgaged should be insured against the risk of fire/riots/ earthquakes/lightning/floods etc. in the joint names of the borrower and the Bank for the full market value of the property.

12. Papers to be submitted :

1. Application form
2. 2 passport size photographs
3. Copy of the income tax return for last 2 financial years duly acknowledged by ITO.
4. Latest salary slip showing all deductions.
5. TDS Certificate – Form 16 in the case of salaried persons
6. If property offered is an agricultural land converted as non-agricultural, copy of the relative order should be made available.
7. In the case of agriculturist a certificate of income issued by the village officer should be produced.
8. In the case of individuals engaged in trade/industry etc. wherever latest IT returns are not available, the annual income can be assessment based on the IT return for the preceding year and the last balance sheet

12. Documents to be submitted

1. Title deeds of the property proposed to be given as security.
2. Prior title deeds.
3. Latest tax receipts (both building and land)
4. Possession Certificate
5. Encumbrance certificate from the sub registrar for the last 15 years.
6. After availment of the loan, encumbrance certificate for 4 months after the date of mortgage is to be produced.

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Prasanthi

A clean Demand Loan Scheme specially designed for Pensioners

1. Pensioners

   All Central Civil, Defense, Railway, Telecom, KSRTC (Kerala State Road Transport Corporation), KSEB, KWA,Kerala Agricultural University, State and Bank Pensioners
   whose pension accounts are maintained at our branches. Pension accounts include
   those accounts to which Bank acts as the Pension Disbursing Officer and those
   accounts to which pension amounts are received from DPDO.

2. Age limit  

   Should not exceed 75 years at the time of sanction of loan.

3. Eligibility and Amount of Loan

   Age of pensioner upto 60 years - A maximum of 15 months pension with a ceiling of Rs.1,50,000.

   Age of pensioner over 60 years upto 65 years - A maximum of 12 months pension with a ceiling of Rs.1,25,000.

   Age of pensioner over 65 years upto 75 years - A maximum of 10 months pension with a ceiling of Rs.1,00,000.

4. Guarantee

   The spouse/nominee for family pension eligible for family pension should guarantee the loan or any other family member or a third party worth the loan amount.

5. Margin          Nil
6. Interest       click here for interest rates 
7. Repayment   Age upto 60 years  -  54 equal monthly installments
   
                      Age above 60 years and upto 65 years - 48 equal monthly installments
                  
                      Age above 65 years and upto 70 years - 36 equal monthly installments
   
8. Security        The nominee to the pension should be a guarantor.
9. Processing charges   0.5% of the limit, Minimum Rs.20/-
10. Papers to be submitted to the Bank

    Application form and two passport size photographs.

11. Documents to be executed