Mortgage Loan Corporation Bank

Sir I want to take loan from the Loan from the corporation bank for Purchase of housing site so can you please tell me that what is the eligibility and the quantum of loan

[Shaleen]

Qualification for Loan

You should be preferably the Bank’s customer.

In case of new customer, he should be well introduced to the bank with proper due diligence exercise.

Salaried Individuals confirmed in service.

Non salaried class engaged in business, Professional and self employed persons who are IT assessees and having minimum of 2 years satisfactory dealings with the bank.

The applicant should be eligible to apply to the local Development Authority as pe their rules for site/plot.

The applicant should undertake to construct the house in the allotted site/ plot with in a maximum period of five years.

Amount of loan

Maximum loan amount is Rs. 5 lakh or initial deposit payable whichever is less, but should not exceed:

Margin

For existing customers with 2 years satisfactory track record, and those who are drawing salary through the bank----> Margin is NIL.

For others –> 15% of the Application money.


Security

An undertaking from the borrower to deposit the allotment letter issued by Development authority with the bank.

Guarantee

Third party guarantee required.

Repayment

Within 12 months or 15 days from the date of refund whichever is earlier.

EMI/Notional interest as a percentage to net income is applicable as per guidelines