| Limit per Borrower: | Maximum Limit Rs.60.00 Lacs |
| Margin : | Is Applicable from time to time |
| No. of EMIs: | Maximum 180 Months (B.O.D. reserves right to change according to repayment capacity of applicant). |
| Rate of Interest: | 8.00% to 10.50% |
| Guarantors: | Two guaranter (who holds property in surat district) |
Eligibility
- Applicant/s & Guarantor/s should complete age of majority as per Law of India
- Applicant and/or Guarantor/s required to have permanent residence in Surat district
- Facility Provide to Proprietorship Firm, Partnership Firm, Pvt & Public Ltd Co. Trust, Doctor, Chartered Accountant, Engineer and other Professional Person
- Limit on 30 % of Actual Latest Audited GST Turn Over OR 20 % of estimated/projected Turnover
- Collateral Security 125 % of limit required (Security Value /125% = Limit Amount)
- If Running Business than Project Finance up to 75 % and New Business than Project finance up to 50 %
Full value of insurance of Primary and Collateral Security with bank’s hypothecation charge must be submitted
- Calculation of limit on drawing power basis. Drawing power 70% of paid stock value & 60% to 75% of 90 Days Book Debts (As per statement submit in every six month).
Security: If propose mortgage property/IES is/are Commercial/Industrial Property,Bank will consider margin upto 75% to 80% of realisable value and 70% to 75% of market value
Tenure For Repayment: Yearly Review
Processing Fees :- Processing Fees 0.35 % on Sanction Amount + GST on PF
2. Repayment Capacity (Total Annual Income –Total Approx Annual Exp. –
Total Annual Loan Liabilities (EMI*12) = Total Approx Annual Savings.
(Approx finance up to 50 to 60 % on Total Approx Annual Savings)
3. Purchase of Residential Property, 80% loan amount of sale deed, satakhat, Construction cost will consider. Additional/ supplementary Finance Rs. 5 lacs to the owner of house/ flat only for repairs ,additions, alterations etc…. irrespective of whether the house/flat is owner occupied or tenement occupied offer obtaining such security as the banks may deem appropriate. BOD /loan committee have reserve right to consider loan amount.
4.Maximum Loan Amount & Margin: Individual housing loans up to a maximum of Rs.60 lacs per beneficiary of Dwelling unit. Subject to prudential exposure limits of RBI from time to time.
Period of Loans:
- Housing loan may be repayable within a maximum period of 20 yrs. Including Moratorium of repayment holiday.
- Processing Fees : – Processing Fees 0.50 % on Sanction Amount + GST on PF
- Moretorium: Home Loan for construction maximum 18 month and as per guideline of RBI from time to time.
- Till completion of consturction, or 18 months from the date of disbursement of first installment of the loan which ever is earlier.
Loans & Advances
- Housing Loan
- Personal Security Loan
- Vehicle Loan
- Commercial Vehicle Loan
- Used Vehicle Loan
- Traders(CC)/ Business(Wctl)
- OD Against Property
- Loan Against Property
- Loans against Fix Deposit
- OD Against Machinery Loan
- OD Against NSC/ KVP/ LP/ Policy/ IES of LIC
- Hypothecation Loan Against Machinery
- OD/Loan aginst Bank's own term Deposit Receipt
- OD Against Property/ Working Capital
- Loan Against Property for Commercial Property Purchase
Our Brochures
0261 2360433/34
Monday – Saturday: ex 2nd & 4th Sat
info@fincobank.com